Indiana § 36-9-37-5 Assumption by municipality of responsibility for payment of bonds

Indiana Statutes

§ 36-9-37-5 — Assumption by municipality of responsibility for payment of bonds

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

(a)A municipality may assume primary responsibility for the full payment of principal and interest of all bonds issued under this chapter (or under IC 36-9-19 before its repeal in 1993) for the improvement.

(b)The following apply if the municipality assumes the responsibility under subsection (a) for the full payment of principal and interest:

(1)All payments of principal and interest shall be made by the municipal fiscal officer out of appropriations for the project.

(2)The municipality shall be reimbursed by the collection of special assessments under the Barrett Law.

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(a) A municipality may assume primary
responsibility for the full payment of principal and interest of all bonds
issued under this chapter (or under IC 36-9-19 before its repeal in
1993) for the improvement.
(b) The following apply if the municipality assumes the
responsibility under subsection (a) for the full payment of principal and
interest:
(1) All payments of principal and interest shall be made by the
municipal fiscal officer out of appropriations for the project.
(2) The municipality shall be reimbursed by the collection of
special assessments under the Barrett Law.

Indiana § 36-9-37-5 (Assumption by municipality of responsibility for payment of bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.