Indiana § 8-1-11.1-11 Surplus earnings; disposition

Indiana Statutes

§ 8-1-11.1-11 — Surplus earnings; disposition

Indiana § 8-1-11.1-11

Art. 1UTILITIES GENERALLY

Ch. 11.1Department of Public Utilities of Consolidated City

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Bluebook

Ind. Code § 8-1-11.1-11 (2026).

Text

Within sixty (60) days after the end of each
calendar year, if there be at any time any bonds outstanding issued on
account of said utility district, payable in whole or in part through a tax
levy against the property in said utility district, said board of directors
for utilities shall cause any surplus earnings arising from the operation
of any such utility property, which are not pledged to secure the
payment of any obligation of, or on account of said utility district, and
which are not, in the opinion of such board of directors, necessary to
provide against possible unfavorable results from operation, or to
provide for contemplated betterments, extensions, improvements, or
additions, to be paid over to the county treasurer and to be added to and
become a part of said utility district 

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Within sixty (60) days after the end of each
calendar year, if there be at any time any bonds outstanding issued on
account of said utility district, payable in whole or in part through a tax
levy against the property in said utility district, said board of directors
for utilities shall cause any surplus earnings arising from the operation
of any such utility property, which are not pledged to secure the
payment of any obligation of, or on account of said utility district, and
which are not, in the opinion of such board of directors, necessary to
provide against possible unfavorable results from operation, or to
provide for contemplated betterments, extensions, improvements, or
additions, to be paid over to the county treasurer and to be added to and
become a part of said utility district bond fund, and to be used for the
same purposes and in the same manner as funds derived from levy of
taxes, as in this chapter hereinbefore provided. In event there are no
such utility district bonds at the time outstanding, any such surplus
operating revenues not needed for the purposes aforesaid shall be paid
over to and become a part of the general funds of such city.
[Pre-Local Government Recodification Citation:
19-3-24-11.]
As added by Acts 1981, P.L.11, SEC.43.