Sec. 21. (a) After an improvement and maintenance district is established under this chapter, the legislative body may establish an improvement and maintenance district fund (referred to in this chapter as the “fund”).

     (b) The following shall be deposited in the fund:

Terms Used In Indiana Code 36-7-15.5-21

  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) Money resulting from the assessment levy imposed in accordance with this chapter.

(2) Any appropriation made by the legislative body.

(3) Financial contributions from the state or any municipal corporation received under section 16 of this chapter.

(4) Financial contributions from any source.

     (c) Expenditures from the fund may be made only by appropriation of the legislative body.

     (d) Money in the fund may not be expended for any activity other than those set forth in the resolution establishing the improvement and maintenance district.

     (e) Money in the fund shall be deposited with the depository for other public funds of the city in accordance with the statutes concerning the deposit of public funds, unless they are invested under IC 5-13. All interest collected belongs to the fund.

As added by P.L.194-1988, SEC.1.

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