Sec. 11. The proceeds of sale of any bonds for a project shall be applied solely to:
(1) the building of the project; and
(2) the payment of principal and interest of the bonds if a surplus should exist after completion and full payment for the erection and construction of the project.
[Pre-2007 Higher Education Recodification Citation: 20-12-53-1(c).]
As added by P.L.2-2007, SEC.276.
Structure Indiana Code
Article 35. State Educational Institutions: Revenue Bonds and Other Financing Arrangements
Chapter 4. Indiana State University; Dormitories
21-35-4-1. Applicability of Chapter
21-35-4-2. Application of Chapter; Student Housing
21-35-4-3. Issuance of Bonds for the Erection and Construction of Dormitories
21-35-4-4. Bonds for a Project; Maximum Amount
21-35-4-5. Estimations and Findings of Costs
21-35-4-6. Bonds for a Project; Denomination, Maturation, and Interest Rates
21-35-4-7. Bonds for a Project; Sale
21-35-4-8. Bonds for a Project; Principal and Interest
21-35-4-9. Net Income of Project; Principal and Interest on Bond