Indiana § 8-18-21-12 Proceeds of bonds or loans; application; lien

Indiana Statutes

§ 8-18-21-12 — Proceeds of bonds or loans; application; lien

Indiana § 8-18-21-12

Art. 18COUNTY ROADS─FINANCING AND BONDING

Ch. 21County Toll Road Financing

This text of Indiana § 8-18-21-12 (Proceeds of bonds or loans; application; lien) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 8-18-21-12 (2026).

Text

(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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(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.