2019 Indiana Code
Title 36. Local Government
Article 7. Planning and Development
Chapter 26. Economic Development Project Districts
36-7-26-26. Credit account; use of funds
Sec. 26. To the extent prescribed by the board, and subject to the terms and conditions established by the board, any money credited to the credit account may be used by the commission, and, if desired by the board, irrevocably pledged by the board, to further secure bonds or a lease agreement issued or entered into under this chapter. Further security includes, the following:
(1) Holding money in the credit account and pledging sums to payment of debt service on bonds issued under or lease rentals payable under this chapter, or maintenance of debt service reserves.
(2) Transferring money from the credit account to the net increment account or, if desired by the board, to the commission to enable the commission to finance local public improvements.
(3) Payment of bond insurance premiums or other credit enhancement fees and expenses.
As added by P.L.35-1990, SEC.63.
