§ 36-9-29-28 — Flood control district construction fund

(a) The county treasurer shall keep all
proceeds from the sale of bonds under this chapter in a separate fund
designated as the "__________ flood control district construction
fund". The fund shall be used only to pay the costs listed in section
23(b) of this chapter. Any money remaining out of the proceeds of the
bonds after all of the costs are paid shall be paid into the district bond
fund established under section 30 of this chapter.
(b) The flood control board shall approve and order all payments
made from the flood control district construction fund, and shall
determine the amounts and times of the payments. However, a payment
to a contractor may not exceed eighty percent (80%) of the district
engineer's estimate of work done by the contractor, and the whole
amount of a contract may not be paid until all work to be done under
the contract has been accepted by the board as fully completed in
accordance with the plans and specifications.
[Pre-Local Government Recodification Citation: 19-4-18-15
part.]
As added by Acts 1981, P.L.309, SEC.105.