Indiana § 8-1.5-4-11 Bonds and interest issued against special redemption fund

Indiana Statutes

§ 8-1.5-4-11 — Bonds and interest issued against special redemption fund

Indiana § 8-1.5-4-11

Art. 1.5MUNICIPAL UTILITIES

Ch. 4Department of Waterworks in Certain Municipalities

This text of Indiana § 8-1.5-4-11 (Bonds and interest issued against special redemption fund) 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 § 8-1.5-4-11 (2026).

Text

(a)The bonds and the interest issued against the special redemption fund:

(1)are a valid claim of the holders only against that fund and the fixed proportion or amount of the revenues pledged to that fund; and

(2)are exempt from taxation in Indiana as provided by IC 6-8-5.

(b)The bonds may be issued either as registered bonds or as coupon bonds payable to bearer. Coupons and bearer bonds may be registered as to principal in the holder's name on the books of the municipality, registration being noted on the bond by the municipal clerk or other designated officer, after which no transfer is valid unless made on the books of the municipality by the registered holder and similarly noted on the bonds. Any bond so registered as to principal may be discharged from registration by being transf

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(a) The bonds and the interest issued against
the special redemption fund:
(1) are a valid claim of the holders only against that fund and the
fixed proportion or amount of the revenues pledged to that fund;
and
(2) are exempt from taxation in Indiana as provided by IC 6-8-5.
(b) The bonds may be issued either as registered bonds or as coupon
bonds payable to bearer. Coupons and bearer bonds may be registered
as to principal in the holder's name on the books of the municipality,
registration being noted on the bond by the municipal clerk or other
designated officer, after which no transfer is valid unless made on the
books of the municipality by the registered holder and similarly noted
on the bonds. Any bond so registered as to principal may be discharged
from registration by being transferred to bearer, after which it is
transferable by delivery but may be again registered as to principal as
before. The registration of the bonds as to the principal does not
restrain the negotiability of the coupons by delivery, but the coupons
may be surrendered and the interest made payable only to the registered
holder of the bonds. If the coupons are surrendered, the surrender and
cancellation shall be noted on the bond, and interest on the bond is then
payable to the registered holder on order in cash or at his option by
check or draft payable at the place or one (1) of the places where the
coupons were payable.
(c) Bonds shall be sold in accordance with IC 5-1-11.
As added by Acts 1982, P.L.74, SEC.1.