Indiana Statutes
§ 8-18-21-12 — Proceeds of bonds or loans; application; lien
(a)The proceeds of any bonds issued or
loans made under this chapter shall first be applied to the
reimbursement of all amounts advanced for preliminary expenses under
this chapter. The proceeds shall then be applied solely to the payment
of the costs for which the bonds are issued or the loan is negotiated,
including incidental expenses and interest during construction.
(b)The bondholders, lenders, or trustees under this chapter have a
lien upon the proceeds of the bonds or the loan until those proceeds are
applied as prescribed by this section.
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Legislative History
As added by P.L.386-1987(ss), SEC.21.
Nearby Sections
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§ 8-1-1-11
Staff of commission§ 8-1-1-12
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Repealed