§ 36-9-37-31 — Bonds; presentation for payment; receipts

Indiana § 36-9-37-31

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

Text

(a) A person who holds bonds issued in
anticipation of the collection of special assessments shall present the
bonds for payment and arrange for the payment of interest with
sufficient time before the maturity date or due date of the delinquencies
so that the municipal fiscal officer has time to process the payment.
(b) The bondholder shall file with the bonds a list setting forth the
following for the bonds:
(1) The roll numbers.
(2) The series numbers.
(3) The face values or unpaid balances.
(4) The total presented for payment.
(c) The municipal fiscal officer shall give a receipt to a bondholder
presenting bonds for payment or receiving a payment of interest. The
receipt holds the municipality responsible to the bondholders for the
following:
(1) The unpaid principal of and interest on the bonds that were
presented for payment.
(2) The unpaid balances of principal of and interest on those
bonds.

Legislative History

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