Indiana Code 36-9-11.1-17. Deposits of department funds; separate account books and special accounts
(b) Separate books of account shall be kept for each parking facility so long as there remain outstanding any bonds issued on account of the acquisition or improvement of the facility. All net revenues derived from any parking facility that are pledged to the payment of the interest on and principal of certain bonds shall be deposited in a separate special account appropriately set up and designated. The money in these accounts shall be used solely for the payment of the interest on and principal of the respective bonds as they fall due, and for no other purposes, until the account contains an amount sufficient to pay the interest on and principal of all bonds payable during the then current calendar year and the interest on and principal of the bonds that will become due during the next succeeding calendar year. Any amount in excess of the amount required for that purpose may be used in the purchase of bonds of that issue, if they can be purchased at less than the then current redemption price, or if not, then for the redemption of outstanding bonds of that issue in accordance with their provisions, all as directed by the board.
As added by Acts 1982, P.L.77, SEC.13. Amended by P.L.127-2017, SEC.298.
Terms Used In Indiana Code 36-9-11.1-17
- Board: refers to the board of transportation of the consolidated city, subject to IC 36-3-4-23. See Indiana Code 36-9-11.1-3
- Department: refers to the department of transportation of the consolidated city, subject to IC 36-3-4-23. See Indiana Code 36-9-11.1-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5