Indiana § 8-10-1-14 Use of proceeds of revenue bonds; replacement of lost or destroyed
bonds

Indiana Statutes

§ 8-10-1-14 — Use of proceeds of revenue bonds; replacement of lost or destroyed bonds

Indiana·Art. 10 PORTS·Ch. 1 Ports of Indiana─Organization

The proceeds of the bonds of each issue shall
be used solely for the payment of the cost of the port or project for
which such bonds shall have been issued, and shall be disbursed in
such manner and under such restrictions, if any, as the ports of Indiana
may provide in the resolution authorizing the issuance of such bonds
or in the trust agreement mentioned in this chapter securing the same.
If the proceeds of the bonds of any issue, by error of estimates or
otherwise, shall be less than such cost, additional bonds may in like
manner be issued to provide the amount of such deficit, and, unless
otherwise provided in the resolution authorizing the issuance of such
bonds or in the trust agreement securing the same, shall be deemed to
be of the same issue and shall be entitled to payment from

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The proceeds of the bonds of each issue shall
be used solely for the payment of the cost of the port or project for
which such bonds shall have been issued, and shall be disbursed in
such manner and under such restrictions, if any, as the ports of Indiana
may provide in the resolution authorizing the issuance of such bonds
or in the trust agreement mentioned in this chapter securing the same.
If the proceeds of the bonds of any issue, by error of estimates or
otherwise, shall be less than such cost, additional bonds may in like
manner be issued to provide the amount of such deficit, and, unless
otherwise provided in the resolution authorizing the issuance of such
bonds or in the trust agreement securing the same, shall be deemed to
be of the same issue and shall be entitled to payment from that same
fund without preference or priority of the bonds first issued. If the
proceeds of the bonds of any issue shall exceed the cost of the port or
project for which the same shall have been issued, the surplus shall be
deposited to the credit of the sinking fund for such bonds. Prior to the
preparation of definitive bonds, the ports of Indiana may, under like
restrictions, issue interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds shall
have been executed and are available for delivery. The ports of Indiana
may also provide for the replacement of any bonds which shall become
mutilated or shall be destroyed or lost. Bonds and any other
instruments or the security for the bonds and other instruments that are
authorized by this article may be issued under the provisions of this
article without obtaining the consent of any officer, department,
division, commission, board, bureau, or agency of the state, and
without any other proceedings or the happening of any other conditions
or things than those proceedings, conditions, or things which are
specifically required by this chapter.
Formerly: Acts 1961, c.11, s.14. As amended by P.L.66-1984,
SEC.5; P.L.224-2003, SEC.214 and P.L.271-2003, SEC.14;
P.L.98-2008, SEC.24.

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