Indiana § 8-1.5-4-8 Revenues set aside for payment of bonds

Indiana Statutes

§ 8-1.5-4-8 — Revenues set aside for payment of bonds

Indiana § 8-1.5-4-8

Art. 1.5MUNICIPAL UTILITIES

Ch. 4Department of Waterworks in Certain Municipalities

This text of Indiana § 8-1.5-4-8 (Revenues set aside for payment of bonds) 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 § 8-1.5-4-8 (2026).

Text

(a)The fixed proportion set aside for the payment of the principal and interest of the authorized bonds shall, from month to month, as accrued and received, be set apart and paid into a special account identified as "the bond and interest redemption account".

(b)In fixing and determining the amount that is to be set aside for the payment of the principal and interest of the authorized bonds, the board may provide that the amount to be set aside and paid into the bond and interest redemption account for any year or years should not exceed a fixed sum, which must be at least sufficient to provide for the payment of the interest and principal of the bonds maturing and becoming payable in each year, together with a surplus or margin of ten percent (10%) in excess.

(c)If a surplus created in

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

(a) The fixed proportion set aside for the
payment of the principal and interest of the authorized bonds shall,
from month to month, as accrued and received, be set apart and paid
into a special account identified as "the bond and interest redemption
account".
(b) In fixing and determining the amount that is to be set aside for
the payment of the principal and interest of the authorized bonds, the
board may provide that the amount to be set aside and paid into the
bond and interest redemption account for any year or years should not
exceed a fixed sum, which must be at least sufficient to provide for the
payment of the interest and principal of the bonds maturing and
becoming payable in each year, together with a surplus or margin of ten
percent (10%) in excess.
(c) If a surplus created in the bond and interest redemption account
exceeds the interest and principal of any bonds becoming payable
during the current calendar, operating, or fiscal year and during the
next calendar, operating, and fiscal year, the board may transfer any
excess over the surplus to either the operation and maintenance
account, or the depreciation account, as the board may designate.
As added by Acts 1982, P.L.74, SEC.1.