Sec. 10. (a) Unless there are bonds or notes outstanding under this chapter and secured in whole or in part by money deposited in the capital improvement bond fund, the proceeds of excise taxes received from the treasurer of the state shall be deposited in a separate and distinct fund called the “capital improvement fund”. The gross income received by the board from the operation of capital improvements under this chapter shall be deposited in the capital improvement fund, regardless of whether or not there are any bonds or notes outstanding. Any money in the fund may be expended by the board without the necessity of an appropriation to pay or provide for the payment of operating expenses. Money in the fund may also be used by the board without appropriation or approval to pay the principal on, or interest of, any bonds or notes issued under this chapter that cannot be paid from funds in the capital improvement bond fund or may be used for the payment of the principal of, redemption premium, if any, for, and interest on any bonds or notes issued under this chapter, upon prior redemption, or for all or part of the cost of a capital improvement.

     (b) The board may covenant in any resolution, ordinance, or trust agreement providing for the issuance of bonds or notes as to the order of application of money deposited in the capital improvement fund, including the holding or disposing of any surplus in that fund.

Terms Used In Indiana Code 36-10-9-10

  • 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 created under this chapter. See Indiana Code 36-10-9-2
  • Bonds: means bonds issued under section 12 or section 15 of this chapter and, except as used in section 12 of this chapter or unless the context otherwise requires, lease agreements entered into under section 6(15) of this chapter. See Indiana Code 36-10-9-2
  • Excise taxes: refers to the excise taxes imposed by IC 6-9-8, IC 6-9-12, and IC 6-9-13. See Indiana Code 36-10-9-2
  • issuance: means in the case of lease agreements "execute" "executed" or "execution" respectively. See Indiana Code 36-10-9-2
  • Net income: means the gross income from the operation of a capital improvement after deducting the necessary operating expenses of the board. See Indiana Code 36-10-9-2
  • Notes: means notes issued under section 21 of this chapter. See Indiana Code 36-10-9-2
  • Operating expenses: means :

    Indiana Code 36-10-9-2

     (c) The net income from the operation of capital improvements under this chapter shall be transferred from the capital improvement fund to the capital improvement bond fund to the extent of any deficiency in the amount required to be in the capital improvement bond fund.

As added by Acts 1982, P.L.77, SEC.28.

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