§ 8-17-1-13 — Bond issue; interest

Indiana § 8-17-1-13

• Jurisdiction: Indiana
• Art. 17: COUNTY ROADS─ADMINISTRATION AND
• Ch. 1: County Unit Law

Text

(a) For the purpose of raising money to pay
for the construction, reconstruction, or improvement of a highway,
bridge, or tunnel, the county may issue bonds under IC 8-18-22, not to
exceed the estimated costs of construction, reconstruction, or
improvement and all expenses incurred and damages allowed before
the letting of the contracts, and a sum sufficient to pay the per diem of
the engineer and superintendent during construction and all costs of the
financing incident to the issuance of bonds. The issue of bonds must
also provide for a sufficient sum to pay for any extras or changes not
contemplated in the original plans, specifications, and contract that the
executive considers necessary, and that might be omitted by the
engineer who drew the plans or specifications.
(b) The proceeds shall be kept as a separate and specific fund to pay
for the improvement or construction, reconstruction, or improvement
of the particular road for which they were issued. The proceeds shall be
paid by the treasurer to the contractor, upon warrant of the auditor, as
directed by the executive. The contractor shall be paid in accordance
with IC 36-1-12. If there is a surplus left from the sale of the bonds
after the road is complete, the surplus shall be transferred to a fund for
the construction, reconstruction, or improvement of any other highway
in the county and shall not be used for any other purpose. All funds
shall be kept in the public depositories of the county and the interest
added to the fund.
Formerly: Acts 1919, c.112, s.14. As amended by Acts 1981,
P.L.11, SEC.59; P.L.86-1988, SEC.77; P.L.113-1989, SEC.4.