§ 8-16-1-18 — Indiana interstate bridge fund

Indiana § 8-16-1-18

• Jurisdiction: Indiana
• Art. 16: BRIDGES AND TUNNELS
• Ch. 1: Operation and Financing of State Bridges to Adjoining

Text

(a) A special and distinct fund is created to be
known as the Indiana interstate bridge fund. Such fund shall be:
(1) held in the name of the authority; and
(2) administered by the authority.
All expenditures therefrom shall be made by the authority.
(b) Except as provided in section 15 of this chapter, expenditures
from the fund shall be made only for the purpose of:
(1) paying the cost of constructing or acquiring, by purchase or
condemnation, highway bridges and the approaches thereto,
which may be constructed or acquired by authority of this chapter;
or
(2) paying the cost of enlarging, extending, or improving any such
bridge or the approaches thereto.
The costs specified in subdivisions (1) and (2) shall include the
expense of all engineering, architectural, legal, and other expert service
rendered to the authority and other preliminary and incidental
expenses. Such payments may be made as such costs are incurred or
such services rendered.
(c) Any income from such fund or any part of the principal not
pledged to the payment of bonds issued by the authority may be used
for the purposes set forth in section 4 of this chapter, and the fund shall
be reimbursed for any such expenditures out of the proceeds of any
bonds issued for the construction or acquisition of any bridge on
account of which such expenditures were made.
Formerly: Acts 1939, c.79, s.13a; Acts 1947, c.340, s.1; Acts
1963, c.274, s.2; Acts 1971, P.L.100, SEC.3. As amended by Acts
1980, P.L.74, SEC.274; P.L.109-1983, SEC.45.