Indiana Code
Chapter 8. Capital Improvement Boards in Certain Counties
36-10-8-12. Capital Improvement Fund; Deposit of Tax Revenues; Expenditures

Sec. 12. Unless there are bonds outstanding under this chapter, any tax revenues received by the board from the treasurer of the state as provided by law shall be deposited in a separate and distinct fund called the "capital improvement fund". Any money in the fund may be expended by the board without the necessity of an appropriation to pay:
(1) operating expenses and maintain reasonable reserves;
(2) for services of architects, engineers, accountants, attorneys, and consultants;
(3) for all or part of the cost of a capital improvement;
(4) the principal on, or interest of, any bonds issued under this chapter that cannot be paid from money in the capital improvement bond fund; or
(5) for any other purpose that has been budgeted and approved under section 8 of this chapter.
As added by Acts 1982, P.L.218, SEC.3.

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