§ 8-5-15-11 — Proceeds of bonds; issuance of interim receipts or temporary bonds; mutilated, destroyed, or lost bonds

Indiana § 8-5-15-11

• Jurisdiction: Indiana
• Art. 5: COMMUTER RAILWAYS
• Ch. 15: Commuter Transportation Districts

Text

(a) The proceeds of the bonds of each issue:
(1) shall be used solely for the payment of the cost of the railroad
project for which the bonds have been issued; and
(2) shall be disbursed in such manner and under such restrictions,
if any, as the board may provide in the resolution authorizing the
issuance of the bonds or in the trust agreement securing the same.
(b) If the proceeds of the bonds of any issue, by error of estimates
or otherwise, are less than the cost of the railroad project for which they
have been issued, additional bonds may in like manner be issued to
provide the amount of the deficit, and, unless otherwise provided in the
resolution authorizing the issuance of the bonds or in the trust
agreement securing the bonds, the additional bonds shall be considered
to be of the same issue and entitled to payment from that same fund
without preference or priority of the bonds first issued.
(c) If the proceeds of the bonds of any issue exceed the cost of the
railroad project for which they have been issued, the surplus shall be
deposited to the credit of the sinking fund for those bonds.
(d) Before the preparation of definitive bonds, the board may, under
like restrictions, issue interim receipts or temporary bonds, with or
without coupons, exchangeable for definitive bonds when the bonds
have been executed and are available for delivery. The board may also
provide for the replacement of any bonds that are mutilated, destroyed,
or lost.

Legislative History

As added by P.L.64-1984, SEC.7.