§ 5-1-5-9 — Payment of bonds; sources of revenue

Indiana § 5-1-5-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 5: Refunding Bonds Generally

Text

When an issuing body has irrevocably set aside
for and pledged to the payment of revenue bonds to be refunded,
advance refunding bond proceeds and other moneys in amounts which
together with known earned income from the investment thereof are
sufficient in amount to pay the principal of and interest and any
redemption premiums on such revenue bonds as the same become due
and to accomplish the refunding as scheduled, the governing body may
provide that the advance refunding revenue bonds shall be payable
from any source which, either at the time of the issuance of the advance
refunding bonds or the revenue bonds to be refunded, might legally be
or have been pledged for the payment of the revenue bonds refunded
to the extent it may legally do so, notwithstanding the pledge of such
revenues for the payment of the outstanding revenue bonds being
refunded.
Formerly: Acts 1973, P.L.28, SEC.1.