Indiana § 8-18-21-2 Preliminary expenses; payment; charge against bonds

Indiana Statutes

§ 8-18-21-2 — Preliminary expenses; payment; charge against bonds

Indiana·Art. 18 COUNTY ROADS─FINANCING AND BONDING·Ch. 21 County Toll Road Financing

All necessary preliminary expenses that must be paid by the board of directors of a toll road authority before the issuance and delivery of bonds or the negotiation of a loan under this chapter, including expenses incurred in:

(1)making surveys;

(2)estimating costs and receipts;

(3)employing engineers or other employees;

(4)giving notices; and

(5)taking options; may be paid out of money provided by the county and county seat, or either of them, from money on hand or derived from taxes levied for that purpose. The fund or funds from which the payments are made shall be fully reimbursed by the board out of the first proceeds of the sale of bonds or the loan negotiated by the authority before any other disbursements are made from those proceeds. The amount advanced to pay preliminary exp

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All necessary preliminary expenses that must
be paid by the board of directors of a toll road authority before the
issuance and delivery of bonds or the negotiation of a loan under this
chapter, including expenses incurred in:
(1) making surveys;
(2) estimating costs and receipts;
(3) employing engineers or other employees;
(4) giving notices; and
(5) taking options;
may be paid out of money provided by the county and county seat, or
either of them, from money on hand or derived from taxes levied for
that purpose. The fund or funds from which the payments are made
shall be fully reimbursed by the board out of the first proceeds of the
sale of bonds or the loan negotiated by the authority before any other
disbursements are made from those proceeds. The amount advanced to
pay preliminary expenses under this section is a first charge against the
proceeds resulting from the sale of the bonds or the negotiation of the
loan until that amount has been repaid.

Indiana § 8-18-21-2 (Preliminary expenses; payment; charge against bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.