Sec. 22. (a) All proceeds from the sale of bonds under section 18 of this chapter shall be kept as a separate and specific fund to pay the expenses incurred in connection with the property acquisition, redevelopment, and economic development of the military base reuse area. The fund shall be known as the military base reuse district capital fund.

     (b) All gifts or donations that are given or paid to the reuse authority or to the unit for military base reuse purposes shall be promptly deposited to the credit of the military base reuse district general fund unless otherwise directed by the grantor. The reuse authority may use these gifts and donations for the purposes of this chapter.

As added by P.L.26-1995, SEC.14.

Terms Used In Indiana Code 36-7-30-22

  • bonds: means bonds, notes, evidences of indebtedness, or other obligations issued by the reuse authority in the name of the unit. See Indiana Code 36-7-30-1
  • Grantor: The person who establishes a trust and places property into it.
  • military base: means a United States government military base or other military installation that is scheduled for closing or is completely or partially inactive or closed. See Indiana Code 36-7-30-1
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • reuse authority: means a military base reuse authority established under section 3 of this chapter. See Indiana Code 36-7-30-1
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