Sec. 9. All proceeds from the sale of bonds described under section 8 of this chapter shall be kept as a separate and specific fund to pay the cost of the acquisition of any utility property which the city shall have the right to and shall determine to acquire or the payment of obligations of any utility subject to which its property is purchased, or the cost of making necessary betterments, improvements, extensions, or additions to any utility property owned by the city, and no part of the proceeds shall be used for any other purpose. Proceeds shall be deposited at interest with the depository or depositories of other public funds of the city, and all interest collected belongs to the fund. Any surplus of funds remaining out of the proceeds of a bond after all costs and expenses are fully paid shall be paid into and become a part of the utility district bond fund.

[Pre-Local Government Recodification Citation: 19-3-24-9.]

As added by Acts 1981, P.L.11, SEC.43. Amended by P.L.136-2018, SEC.63.