Indiana § 8-1.5-2-25 Special utility account; establishment by municipality; use

Indiana Statutes

§ 8-1.5-2-25 — Special utility account; establishment by municipality; use

Indiana § 8-1.5-2-25

Art. 1.5MUNICIPAL UTILITIES

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

This text of Indiana § 8-1.5-2-25 (Special utility account; establishment by municipality; use) 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 § 8-1.5-2-25 (2026).

Text

(a)The municipal legislative body, after providing for the:

(1)payment of operation and maintenance expenses of the utility;

(2)payment of the interest and principal on revenue bonds and creation of reserves for them;

(3)payment of the interest and principal on general obligation bonds and creation of reserves for them; and

(4)payment of assessed taxes; shall set aside a sufficient remainder of the earnings into a separate and special account to be identified as the special utility account, to be used and applied in the extension, replacement in whole or in part, repair, and operation and maintenance of the utility.

(b)The remaining earnings may be applied to:

(1)the general fund of the municipality in accordance with IC 8-1.5-3-11, outstanding bond ordinances, and contract provisio

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The municipal legislative body, after
providing for the:
(1) payment of operation and maintenance expenses of the utility;
(2) payment of the interest and principal on revenue bonds and
creation of reserves for them;
(3) payment of the interest and principal on general obligation
bonds and creation of reserves for them; and
(4) payment of assessed taxes;
shall set aside a sufficient remainder of the earnings into a separate and
special account to be identified as the special utility account, to be used
and applied in the extension, replacement in whole or in part, repair,
and operation and maintenance of the utility.
(b) The remaining earnings may be applied to:
(1) the general fund of the municipality in accordance with IC 8-1.5-3-11, outstanding bond ordinances, and contract provisions
under IC 8-1-2.2;
(2) the payment of the interest on a loan made for utility
construction; or
(3) the creation of a sinking fund for the liquidation of the debt;
as the legislative body determines.
As added by Acts 1982, P.L.74, SEC.1.