§ 5-1.4-5-4 — Required debt service reserve; appropriation to assure maintenance; application of funds; excess money

Indiana § 5-1.4-5-4

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 5: Reserve Fund

Text

(a) In order to assure the maintenance of the
required debt service reserve in any reserve fund, the legislative body
of the city may annually appropriate to the bank for deposit in one (1)
or more of the funds the sum, certified by the chairman of the board to
the legislative body, that is necessary to restore one (1) or more of the
funds to an amount equal to the required debt service reserve. The
chairman annually, before December 1, shall make and deliver to the
legislative body a certificate stating the sum required to restore the
funds to that amount. Nothing in this subsection creates a debt or
liability of the city to make any appropriation.
(b) All amounts received on account of money appropriated by the
legislative body of the city to any reserve fund shall be held and
applied in accordance with section 1(b) of this chapter. However, at the
end of each fiscal year, if the amount in any reserve fund exceeds the
required debt service reserve, any amount representing earnings or
income received on account of any money appropriated to the reserve
fund that exceeds the expenses of the bank for that fiscal year may be
transferred to the general fund of the city.

Legislative History

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.16.