Indiana Code 20-27-4-3. Security agreements; appropriation
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Sec. 3. Before a security agreement is executed, an appropriation for the amount of the purchase price must be made. The appropriation is made in the same manner as any other appropriation, except that the amount of the appropriation is not limited by the amount of funds available at the time of the execution or the amount of funds to be raised by a tax levy effective at the time of the execution. A petition to borrow, a notice to taxpayers, or other formality is not necessary, except:
(2) as may be required by law for the issuance of general obligation bonds.
(1) as specifically provided in this chapter; and
Terms Used In Indiana Code 20-27-4-3
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-6-3.]
As added by P.L.1-2005, SEC.11.