Indiana § 8-1-11.1-9 Disposition of bond revenues

Indiana Statutes

§ 8-1-11.1-9 — Disposition of bond revenues

Indiana § 8-1-11.1-9

Art. 1UTILITIES GENERALLY

Ch. 11.1Department of Public Utilities of Consolidated City

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Bluebook

Ind. Code § 8-1-11.1-9 (2026).

Text

All proceeds from the sale of bonds described
under section 8 of this chapter shall be kept as a separate and specific
fund to pay the cost of the acquisition of any utility property which the
city shall have the right to and shall determine to acquire or the
payment of obligations of any utility subject to which its property is
purchased, or the cost of making necessary betterments, improvements,
extensions, or additions to any utility property owned by the city, and
no part of the proceeds shall be used for any other purpose. Proceeds
shall be deposited at interest with the depository or depositories of
other public funds of the city, and all interest collected belongs to the
fund. Any surplus of funds remaining out of the proceeds of a bond
after all costs and expenses are fully paid sh

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All proceeds from the sale of bonds described
under section 8 of this chapter shall be kept as a separate and specific
fund to pay the cost of the acquisition of any utility property which the
city shall have the right to and shall determine to acquire or the
payment of obligations of any utility subject to which its property is
purchased, or the cost of making necessary betterments, improvements,
extensions, or additions to any utility property owned by the city, and
no part of the proceeds shall be used for any other purpose. Proceeds
shall be deposited at interest with the depository or depositories of
other public funds of the city, and all interest collected belongs to the
fund. Any surplus of funds remaining out of the proceeds of a bond
after all costs and expenses are fully paid shall be paid into and become
a part of the utility district bond fund.
[Pre-Local Government Recodification Citation:
19-3-24-9.]
As added by Acts 1981, P.L.11, SEC.43. Amended by
P.L.136-2018, SEC.63.