§ 36-9-36-41 — Installment payment procedure; proceeds constituting special fund for payment of improvement; diversion prohibited

(a) The disbursing officer of the unit shall do
the following:
(1) Receive the payment of assessment installments.
(2) Keep all accounts and give proper vouchers for the payment
of assessment installments.
(b) Proceeds arising from assessments for the payment of a
particular improvement may not be diverted to the payment of any
other improvement.
(c) The proceeds from assessments for the payment of a particular
improvement constitute a separate special fund for the following:
(1) The payment of contractors for the particular work, upon the
allowance of estimates by the works board.
(2) The security and payment of any bonds issued in anticipation
of the collection of the assessments for the improvement,
including debt service reserves to secure the payment of the
bonds.
(3) The payment of expenses incurred by the unit in performing
the unit's duties under this chapter, IC 36-9-37, IC 36-9-38, and
IC 36-9-39 (or under IC 36-9-18 through IC 36-9-21, before the
repeal of those provisions in 1993), including expenses, duties,
and costs associated with the issuance, sale, or payment of the
bonds.

Legislative History

As added by P.L.98-1993, SEC.7.