Indiana § 8-1-11.1-20 Revenue obligations; issuance; authorized purposes

Indiana Statutes

§ 8-1-11.1-20 — Revenue obligations; issuance; authorized purposes

Indiana § 8-1-11.1-20

Art. 1UTILITIES GENERALLY

Ch. 11.1Department of Public Utilities of Consolidated City

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Bluebook

Ind. Code § 8-1-11.1-20 (2026).

Text

The board of directors for utilities may issue revenue obligations for any one or more of the following purposes:

(1)For the purpose of obtaining funds with which to pay for the acquisition of any utility property which any such city shall have acquired or shall have the right to and shall determine to acquire, or which any such city may have taken over as trustee for the inhabitants thereof, including any money required to be paid for the purpose of redeeming or extinguishing the capital stock of any utility whose property has been or may be so taken over and for the purpose of paying any outstanding obligations of any utility subject to which the property is or may be held in trust for the inhabitants thereof, or for the purpose of making necessary betterments, improvements, extensions

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The board of directors for utilities may issue
revenue obligations for any one or more of the following purposes:
(1) For the purpose of obtaining funds with which to pay for the
acquisition of any utility property which any such city shall have
acquired or shall have the right to and shall determine to acquire,
or which any such city may have taken over as trustee for the
inhabitants thereof, including any money required to be paid for
the purpose of redeeming or extinguishing the capital stock of any
utility whose property has been or may be so taken over and for
the purpose of paying any outstanding obligations of any utility
subject to which the property is or may be held in trust for the
inhabitants thereof, or for the purpose of making necessary
betterments, improvements, extensions or additions to any utility
property owned or held in trust by any such city, including all
costs necessarily incurred in connection with the acquisition of
any such property or taking it over in trust or the paying off of any
such indebtedness or the making of any such betterments,
improvements, extensions, or additions thereto.
(2) For the purpose of reimbursing the department of public
utilities, or its board of directors for utilities for funds borrowed,
expended or advanced for interim financing of the cost of any
utility property, or any betterments, improvements, extensions or
additions thereto.
(3) Subject to covenants and agreements with the holders of
outstanding obligations, for the purpose of funding or refunding
revenue obligations. If the board of directors for utilities
determines that it would be advantageous to the department of
public utilities to exchange funding or refunding obligations for
the revenue obligations being funded or refunded, such exchange
may be made, provided the actual interest cost is not increased.
[Pre-Local Government Recodification Citation:
19-3-24-20.]
As added by Acts 1981, P.L.11, SEC.43.