§ 5-1-7-3 — Execution of contract; procedure

Indiana § 5-1-7-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 7: Redemption Bonds of Counties and Townships

Text

All contracts so entered into shall be executed in
duplicate and one (1) copy thereof shall be kept by the county auditor
and one (1) copy shall be delivered to the owner of such bond. At the
time of the execution of such contract, the county auditor shall register
all such matured bonds as may be presented for redemption, and all
such redemption bonds which are issued to redeem such matured bonds
and which are merged in any contract entered into in accordance with
the provisions of this chapter, in a record kept in the county auditor's
office for that purpose, showing the name and address of the owner of
the matured and redemption bond, the amount thereof, the rate of
interest, the number of the bond or other identification mark and the
amount of the annual payment, including both the partial payment on
the principal sum of the redemption bond and the interest which will
fall due and be payable on each of the ten (10) dates, respectively,
when the county has obligated itself to make such payment, and
appropriate entries shall be made in such record as the payments on
such redemption bond, principal and interest, are made.
[Pre-Local Government Recodification Citation:
17-3-82-3.]
As added by Acts 1980, P.L.8, SEC.12.