Indiana § 36-9-37-16 Negligent investment of special fund money; liability of municipality

Indiana Statutes

§ 36-9-37-16 — Negligent investment of special fund money; liability of municipality

Indiana·Title 36 LOCAL GOVERNMENT·Art. 9 TRANSPORTATION AND PUBLIC WORKS·Ch. 37 Barrett Law Funding for Municipalities

If a municipality negligently fails to invest
or reinvest the special fund in the manner prescribed by section 15 of
this chapter, the municipality is liable to the special fund for interest on
the fund, calculated at the rate of interest of the bonds issued on
account of the assessments. A holder of bonds upon which
prepayments have been made may compel compliance with section 15
of this chapter by mandamus or other appropriate remedy. However,
the failure of a bondholder to compel compliance does not relieve the
municipality or any of the municipality's officers from liability under
this chapter.

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If a municipality negligently fails to invest
or reinvest the special fund in the manner prescribed by section 15 of
this chapter, the municipality is liable to the special fund for interest on
the fund, calculated at the rate of interest of the bonds issued on
account of the assessments. A holder of bonds upon which
prepayments have been made may compel compliance with section 15
of this chapter by mandamus or other appropriate remedy. However,
the failure of a bondholder to compel compliance does not relieve the
municipality or any of the municipality's officers from liability under
this chapter.

Indiana § 36-9-37-16 (Negligent investment of special fund money; liability of municipality) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.