§ 5-1-14-6 — Use of proceeds for costs of issuance of obligation, funding debt services reserves, or payment of interest; reimbursements

(a) Notwithstanding any other law, an issuer
may use proceeds of its obligations to pay the reasonable cost of
issuance of the obligations or to fund reasonably required debt service
reserves to secure the payment of the obligations.
(b) Notwithstanding any other law, an issuer may use proceeds of
the issuer's obligations to pay interest on the obligations for:
(1) a period not to exceed two (2) years from the date of issuance
of the obligations; or
(2) any longer period that is permitted by any other statute.
(c) Notwithstanding any other law, an issuer may reimburse itself
for preliminary costs incurred in financing any project or purpose from
proceeds of the obligations when issued.

Legislative History

As added by P.L.37-1988, SEC.6. Amended by P.L.35-1990, SEC.3; P.L.24-1995, SEC.22.