Indiana Statutes
§ 5-1-13-3 — Income from investment of proceeds of sale of bonds; application
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 1 BONDS AND OTHER OBLIGATIONS·Ch. 13 Disposition of Surplus Bond Proceeds
Notwithstanding any other law, income from the
investment of proceeds of the sale of bonds issued by any political
subdivision that are payable from property taxes shall be applied to the
improvement or the public purpose for which the bonds were issued or
shall be used to pay interest on the bonds and in no event may such
income be used for any other purpose except as provided in section 2
of this chapter.
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Legislative History
As added by P.L.24-1984, SEC.3.
Nearby Sections
15
§ 5-1-1-1
Validation§ 5-1-1-2
Repealed§ 5-1-10-1
Issuance; purpose; restrictions§ 5-1-11-7
Restrictions on powers§ 5-1-11.5-1
"ADM"§ 5-1-11.5-2
"Bonds"§ 5-1-11.5-3
Application to certain school corporations§ 5-1-12-1
"Municipal corporation" defined