Indiana § 8-1.5-2-24 Revenue bonds; money set aside for payment of interest and principal

Indiana Statutes

§ 8-1.5-2-24 — Revenue bonds; money set aside for payment of interest and principal

Indiana § 8-1.5-2-24

Art. 1.5MUNICIPAL UTILITIES

Ch. 2Transfer, Acquisition, and Improvement of Utilities by

This text of Indiana § 8-1.5-2-24 (Revenue bonds; money set aside for payment of interest and principal) 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 § 8-1.5-2-24 (2026).

Text

(a)The board of a municipally owned utility, as defined by IC 8-1.5-3-2, shall, at least semiannually, set aside from the net earnings a sufficient amount to pay the interest and principal, as they become due, on revenue bonds issued in payment for the utility or for its improvement. This money may not be used for any other purpose.

(b)The commission shall approve the amount set aside for the payment of the interest and principal when the commission approves the rates and charges of the municipality. As added by Acts 1982, P.L.74, SEC.1.

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(a) The board of a municipally owned utility,
as defined by IC 8-1.5-3-2, shall, at least semiannually, set aside from
the net earnings a sufficient amount to pay the interest and principal,
as they become due, on revenue bonds issued in payment for the utility
or for its improvement. This money may not be used for any other
purpose.
(b) The commission shall approve the amount set aside for the
payment of the interest and principal when the commission approves
the rates and charges of the municipality.
As added by Acts 1982, P.L.74, SEC.1.