Indiana Code 5-1-5-7. Safekeeping and application of bond proceeds
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Terms Used In Indiana Code 5-1-5-7
- Advance refunding bonds: means bonds issued for the purpose of refunding bonds first subject to redemption or maturing after the date of the advance refunding bonds. See Indiana Code 5-1-5-1
- Bond: means any revenue bond, general obligation bond, or advance refunding bond. See Indiana Code 5-1-5-1
- Contract: A legal written agreement that becomes binding when signed.
- Governing body: means the council, commission, board of commissioners, board of directors, board of trustees, or other legislative body in which the legislative powers of the issuing body are vested. See Indiana Code 5-1-5-1
Sec. 7. The governing body may contract with respect to the safekeeping and application of the advance refunding bond proceeds and other funds included therewith and the income therefrom. The governing body may provide in the refunding plan that until such moneys are required to redeem or retire revenue bonds to be refunded, the refunding bond proceeds and other available funds, and the income therefrom shall be used to pay and secure the payment of the principal of and interest on the advance refunding bonds. The governing body may additionally pledge for the payment of such refunding bonds any revenues which might legally be pledged for the payment of revenue bonds of the issuer of the type being refunded. Provisions must be made by the governing body for moneys sufficient in amount to accomplish the refunding as scheduled.
Formerly: Acts 1973, P.L.28, SEC.1.