§ 36-9-37-30 — Payment of bonds at maturity

(a) Bonds issued in anticipation of the
collection of special assessments bear interest until the date of maturity
if sufficient money is available to pay the principal of and interest on
the bonds at that date.
(b) If sufficient money is not available to pay the principal of and
interest on the bonds, any available money that was assessed to pay the
bonds shall be paid to the holders of the bonds on a pro rata basis. The
unpaid balances of the principal of and interest on the bonds bear
interest until the delinquent assessments have been collected. The rate
of interest on the unpaid balances must be the same as the rate paid by
the bonds before their maturity.
(c) If the principal of and interest on the bonds are not paid in full
at their maturity, the bonds must be marked with the following:
(1) The date of payment.
(2) The amount of principal and interest paid.
(3) The balance unpaid.
(d) At every six (6) month period after the maturity of the bonds, the
delinquent collections for the payment of the principal of and interest
on the bonds and interest on the unpaid balances of the bonds shall be
paid on a pro rata basis. Each bond shall be marked with the following:
(1) The amount of principal and interest paid.
(2) The balance unpaid.
(3) The amount of interest paid on unpaid balances.

Legislative History

As added by P.L.98-1993, SEC.8.