§ 8-16-2-6 — Bond sales

Indiana § 8-16-2-6

• Jurisdiction: Indiana
• Art. 16: BRIDGES AND TUNNELS
• Ch. 2: Interstate Toll Bridges

Text

When so executed, such bonds shall be sold as
now provided by law for the sale of other county bonds, except that, in
addition to any other notice required by law, such bonds shall be
advertised in a public newspaper of general circulation published at the
city of Indianapolis, Indiana; and the proceeds derived from the sale of
such bonds shall be forthwith paid over by the county treasurer of such
county to the treasurer of state of the state of Indiana, and shall become
a part of the state highway funds of said state, to be used in the
construction of such bridge and for no other purpose: Provided, That
if the proceeds derived from the sale of such bonds shall amount to
more than one-fourth of the actual cost of the construction of such
bridge, the excess of such proceeds over and above one-fourth of the
actual cost of the construction of such bridge shall, at the completion
of such bridge, be repaid by the treasurer of state of the state of Indiana
to such county and shall be used by such county in the payment of such
bonds and the interest thereon and for no other purpose: Provided,
further, That if, for any cause whatsoever, all or any part of said
proceeds derived from the sale of any such bonds of such county shall
not be actually used in the construction of such bridge, all of said
proceeds not so used shall be repaid to such county and shall be used
by it in the payment of such bonds and the interest thereon and for no
other purpose; and if, at any time, the completion of any such bridge
shall be abandoned, or shall be permanently or perpetually enjoined by
decree of any court, from which no appeal is taken within the time of
appeal allowed by law, and thereafter prosecuted with due diligence,
or if the completion of such bridge be rendered impracticable by
natural causes or otherwise, then in any such event all funds derived
from the sale of county bonds hereunder and placed with the treasurer
of state, as herein provided, to be used as a part of the state highway
funds of the state in the construction of such bridge, and not so used,
shall thereupon, together with any and all depository interest which
shall have accrued on such fund while in the possession of the treasurer
of state, be returned at once by the treasurer of state to the said county,
and shall be used by it in payment of such bonds so issued by it as
aforesaid and the interest thereon and for no other purpose.
Formerly: Acts 1927, c.10, s.6.