Indiana § 5-1-14-8 Money withheld by state comptroller as not creating debt for
constitutional purposes

Indiana Statutes

§ 5-1-14-8 — Money withheld by state comptroller as not creating debt for constitutional purposes

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 1 BONDS AND OTHER OBLIGATIONS·Ch. 14 Miscellaneous Provisions

If a statute provides that amounts due under a
loan to a political subdivision (as defined in IC 36-1-2) or a local public
improvement bond bank shall or may be withheld by the state
comptroller from other money payable to the political subdivision or
bond bank upon failure to make repayment of the loan, the requirement
or permission to withhold amounts due under the loan does not create
a debt of the political subdivision for purposes of the Constitution of
the State of Indiana.

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If a statute provides that amounts due under a
loan to a political subdivision (as defined in IC 36-1-2) or a local public
improvement bond bank shall or may be withheld by the state
comptroller from other money payable to the political subdivision or
bond bank upon failure to make repayment of the loan, the requirement
or permission to withhold amounts due under the loan does not create
a debt of the political subdivision for purposes of the Constitution of
the State of Indiana.

Indiana § 5-1-14-8 (Money withheld by state comptroller as not creating debt for constitutional purposes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.