Sec. 12. Unless there are bonds outstanding under this chapter, any tax revenues received by the board from the treasurer of the state as provided by law shall be deposited in a separate and distinct fund called the “capital improvement fund”. Any money in the fund may be expended by the board without the necessity of an appropriation to pay:

(1) operating expenses and maintain reasonable reserves;

Terms Used In Indiana Code 36-10-8-12

  • 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
  • Board: refers to a capital improvement board of managers subject to or created under this chapter. See Indiana Code 36-10-8-2
(2) for services of architects, engineers, accountants, attorneys, and consultants;

(3) for all or part of the cost of a capital improvement;

(4) the principal on, or interest of, any bonds issued under this chapter that cannot be paid from money in the capital improvement bond fund; or

(5) for any other purpose that has been budgeted and approved under section 8 of this chapter.

As added by Acts 1982, P.L.218, SEC.3.

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