Indiana § 8-5-15-5.7 Commuter transportation system bond fund; reserve; surplus

Indiana Statutes

§ 8-5-15-5.7 — Commuter transportation system bond fund; reserve; surplus

Indiana § 8-5-15-5.7

Art. 5COMMUTER RAILWAYS

Ch. 15Commuter Transportation Districts

This text of Indiana § 8-5-15-5.7 (Commuter transportation system bond fund; reserve; surplus) 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 § 8-5-15-5.7 (2026).

Text

7.

(a)If there are bonds outstanding issued pursuant to section 5.4 of this chapter, the treasurer of the board shall deposit in a separate and distinct fund called the commuter transportation system bond fund all amounts distributed to the district from the commuter rail service fund (IC 8-3-1.5-20.5) and the electric rail service fund established by IC 8-3-1.5-20.6.

(b)"Bond fund requirement" means the total of the following:

(1)the principal of and interest on all outstanding bonds issued pursuant to this chapter becoming due in the next twelve (12) months; plus

(2)as a reserve for such payment the amount provided in the resolutions or trust agreements pursuant to which such bonds are issued which reserve shall not in any event exceed an amount equal to two (2) times the maximum amo

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7. (a) If there are bonds outstanding issued
pursuant to section 5.4 of this chapter, the treasurer of the board shall
deposit in a separate and distinct fund called the commuter
transportation system bond fund all amounts distributed to the district
from the commuter rail service fund (IC 8-3-1.5-20.5) and the electric
rail service fund established by IC 8-3-1.5-20.6.
(b) "Bond fund requirement" means the total of the following:
(1) the principal of and interest on all outstanding bonds issued
pursuant to this chapter becoming due in the next twelve (12)
months; plus
(2) as a reserve for such payment the amount provided in the
resolutions or trust agreements pursuant to which such bonds are
issued which reserve shall not in any event exceed an amount
equal to two (2) times the maximum amount of principal and
interest coming due of such bonds in any subsequent year by
reason of stated maturities, scheduled mandatory prepayments or
by operation of any mandatory prepayments or by operation of
any mandatory sinking fund (assuming for the purpose of the
foregoing that all such bonds which are subject to mandatory
redemption or prepayment are redeemed or prepaid in accordance
with the requirements of such mandatory redemption or
prepayment and further assuming that such bonds are otherwise
redeemed or prepaid prior to maturity).
(c) Amounts in the commuter transportation bond fund up to the
bond fund requirement shall be applied to the payment of principal of
such bonds and the interest thereon and to no other purpose
whatsoever. Any amount in the bond fund which exceeds the bond fund
requirement may be expended by the board for any purpose authorized
by this chapter.
(d) The reserve shall be held as a separate subaccount within such
bond fund. To the extent authorized and directed in any resolution of
the board or in any trust agreement providing for the issuance of bonds
pursuant to this chapter, proceeds of such bonds may be deposited in
such reserve subaccount. However, the amount so deposited when
added to any amount then in such subaccount shall not exceed the
maximum amount required to be in such subaccount as above
provided.
As added by Acts 1981, P.L.67, SEC.10. Amended by
P.L.385-1987(ss), SEC.7.