§ 8-16-1-15 — Payment of interest or principal

(a) In any resolution or trust agreement
providing for the issuance of revenue bonds pursuant to section 14 of
this chapter, the authority may further covenant and agree that moneys
deposited in the Indiana interstate bridge fund from revenues of other
bridges as reimbursement to such fund will be used to pay the interest
on or principal of such bonds due but unpaid if, at any time, the
available revenues of the bridge to be constructed or acquired by
purchase from the proceeds of such bonds are not sufficient to pay such
interest or principal. Any coupons or bonds so paid from moneys in the
Indiana interstate bridge fund shall be held uncancelled by the
authority as a part of the Indiana interstate bridge fund until the amount
represented by such coupons or bonds is reimbursed to the fund as
provided in this section. Any revenues of the bridge constructed or
acquired by purchase from the bond issue of which the coupons or
bonds held in the Indiana interstate bridge fund are a part and which
are received thereafter and are not required to pay the cost of
maintaining, repairing, and operating such bridge or to pay principal
and interest on other bonds of the issue or to maintain the sinking fund
or any other reserves, if any, at the level prescribed in the resolution or
trust agreement, shall be applied to reimbursement of the Indiana
interstate bridge fund in an amount not exceeding the amount
represented by such coupons or bonds. Such revenues shall be applied
first to coupons and then to bonds and in each case in their numerical
order. Whenever the Indiana interstate bridge fund is reimbursed for
the amount of any coupon or bond, such coupon or bond shall be
cancelled. A coupon or bond shall not bear interest for the period held
as part of the Indiana interstate bridge fund and the fund shall be
deemed to be fully reimbursed for any coupon or bond when it receives
the face amount of any such coupon or bond.
(b) If the authority agrees and covenants as provided in this section
in connection with more than one (1) issue of revenue bonds, a bond
issue bearing an earlier date than another bond issue shall have priority
as to payment of principal and interest from the Indiana interstate
bridge fund. However, so long as the revenues of any bridge are
sufficient to pay principal and interest due and owing on the bonds
issued for the purpose of constructing or acquiring such bridge, moneys
in the Indiana interstate bridge fund may be used as provided in this
section to pay the principal and interest on any other bond issue even
though such bond issue bears a subsequent date.
(c) Nothing contained in this section shall be construed as
permitting the use of money in said fund derived from state
appropriations for these purposes, and the books of account of the
authority that disclose the amounts in said fund from various sources
shall be open for inspection by the general public. Any expenditures
from the Indiana interstate bridge fund pursuant to section 18 of this
chapter shall first be made from money in said fund derived from
sources other than reimbursement from revenues of other bridges.
Formerly: Acts 1939, c.79, s.10a; Acts 1963, c.274, s.1. As
amended by Acts 1980, P.L.74, SEC.271; P.L.109-1983,
SEC.42.