Indiana § 5-19-1.5-5 Application of proceeds

Indiana Statutes

§ 5-19-1.5-5 — Application of proceeds

Indiana § 5-19-1.5-5

Title 5STATE AND LOCAL ADMINISTRATION

Art. 19FEDERAL AID

Ch. 1.5Grant Anticipation Notes

This text of Indiana § 5-19-1.5-5 (Application of proceeds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-19-1.5-5 (2026).

Text

It shall be the duty of the governing body to
apply the proceeds of any obligations issued pursuant to this chapter to
those items of cost for which the grant has been allocated by the
granting agencies, or as to revenue sharing funds, by the governing
body. The purchaser of any obligations shall not be liable for the proper
application of the proceeds, or to insure that the maximum amount of
the loan stays within the maximum limits as grant funds are from time
to time received by the borrower.
As added by Acts 1981, P.L.61, SEC.1.

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It shall be the duty of the governing body to
apply the proceeds of any obligations issued pursuant to this chapter to
those items of cost for which the grant has been allocated by the
granting agencies, or as to revenue sharing funds, by the governing
body. The purchaser of any obligations shall not be liable for the proper
application of the proceeds, or to insure that the maximum amount of
the loan stays within the maximum limits as grant funds are from time
to time received by the borrower.
As added by Acts 1981, P.L.61, SEC.1.