Sec. 26. To the extent prescribed by the board, and subject to the terms and conditions established by the board, any money credited to the credit account may be used by the commission, and, if desired by the board, irrevocably pledged by the board, to further secure bonds or a lease agreement issued or entered into under this chapter. Further security includes, the following:

(1) Holding money in the credit account and pledging sums to payment of debt service on bonds issued under or lease rentals payable under this chapter, or maintenance of debt service reserves.

Terms Used In Indiana Code 36-7-26-26

  • board: refers to the state board of finance created in Indiana Code 36-7-26-5
  • commission: refers to a redevelopment commission established under IC 36-7-14. See Indiana Code 36-7-26-6
  • 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
  • net increment: means , for a particular state fiscal year, the product of:

    Indiana Code 36-7-26-12

(2) Transferring money from the credit account to the net increment account or, if desired by the board, to the commission to enable the commission to finance local public improvements.

(3) Payment of bond insurance premiums or other credit enhancement fees and expenses.

As added by P.L.35-1990, SEC.63.

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