Indiana Code 8-1-11.1-23. Temporary loans authorized
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Terms Used In Indiana Code 8-1-11.1-23
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- revenue obligations: shall mean any obligations, including bonds, notes, temporary, interim or permanent certificates of indebtedness, debentures or other obligations payable out of the income and revenues derived from utility property. See Indiana Code 8-1-11.1-19
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 23. For the purpose of providing necessary funds with which to pay the cost of acquiring any utility property, or paying off any indebtedness of or upon any utility property, so acquired, or to pay for interim costs of construction prior to long term financing, including the costs of any betterments, improvements, additions or extensions, or to pay the expenses of operation of any such utility property the board of directors for utilities may also make temporary loans, which shall mature within one (1) year from date of issuance, in the form of certificates of indebtedness, which shall be a charge solely against the income and revenue of the utility, or upon the proceeds of revenue obligations to be issued, or any combination thereof.
[Pre-Local Government Recodification Citation: 19-3-24-23.]
As added by Acts 1981, P.L.11, SEC.43.