Indiana Code 20-40-9-7. Use of money
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Terms Used In Indiana Code 20-40-9-7
- debt service: includes bonds and coupons, civil bond obligations, lease rental contracts, and interest cost on emergency and temporary loans. See Indiana Code 20-40-9-1
- fund: refers to a debt service fund established under section 4 of this chapter. See Indiana Code 20-40-9-2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Sec. 7. Money in the fund may not be used for payment of debt service, lease payments, or similar obligations for a controlled project that is approved by the voters in a referendum under IC 6-1.1-20.
[Pre-2006 Recodification Citations: subsection (a) formerly 21-2-4-2(7); subsection (b) formerly 21-2-4-2 part.]
As added by P.L.2-2006, SEC.163. Amended by P.L.286-2013, SEC.118; P.L.244-2017, SEC.81; P.L.140-2018, SEC.14; P.L.201-2023, SEC.184.