Sec. 97. (a) A bond redemption fund is established for each construction or reconstruction project for which the board authorizes the sale of bonds. The fund consists of all assessments paid by the owners assessed as benefited by the construction or reconstruction, and may be used only to redeem:

(1) the bonds issued to finance the construction or reconstruction; or

Terms Used In Indiana Code 36-9-27-97

  • Board: refers to the drainage board of a county. See Indiana Code 36-9-27-2
  • Reconstruction: means work on a drain as described in section 34(b) of this chapter to correct any of the problems with the drain that are enumerated in that section up to and including the discharge portion of the drain. See Indiana Code 36-9-27-2
(2) any installment note given in lieu of bonds.

     (b) The county auditor shall maintain a separate ledger sheet for all assessments to be received into each bond redemption fund.

[Pre-Local Government Recodification Citation: 19-4-7-3.]

As added by Acts 1981, P.L.309, SEC.101.

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