Sec. 9. (a) A municipality that operates one (1) or more parking facilities financed in whole or in part by the issuance of revenue bonds shall maintain insurance of the kinds and in the amounts ordinarily carried by persons operating similar facilities.
(b) All insurance proceeds received due to damage to a parking facility must be:
(1) used in replacing the property damaged; or
(2) deposited in the fund or account for the payment of the principal of and interest on the revenue bonds.
[Pre-Local Government Recodification Citations: 19-5-11-11 part; 19-5-13-13 part.]
As added by Acts 1981, P.L.309, SEC.84.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 11. Municipal Parking Facilities
36-9-11-1. Application of Chapter
36-9-11-2. Declaration of Public Purpose
36-9-11-3. Powers of Municipality
36-9-11-4. Surveys and Studies; Submission of Recommendations to Safety Board and Legislative Body
36-9-11-5. Preparation and Approval of Plans; Notice and Hearing; Appeals
36-9-11-6. Powers of Works Board; Payment of Expenses; Contracts
36-9-11-7. Rates and Charges; Adoption of Operating Rules; Employees' Bonds
36-9-11-8. Acquisition and Use of Property
36-9-11-10. Tax Liability and Exemptions
36-9-11-12. Leases; Authorization
36-9-11-13. Leases; Procedure; Approval by Legislative Body
36-9-11-14. Lease of Space and Air Rights; Deposit of Rentals
36-9-11-17. Actions by Bondholders; Appointment of Receivers
36-9-11-18. Parking Facilities; Records and Accounts When Revenue Bonds Are Issued
36-9-11-19. Deposit of Revenues From Parking Facilities
36-9-11-20. Pledge of Revenues; Authorization
36-9-11-21. Pledge of Revenues; Deposits; Irrevocability
36-9-11-22. Bond Revenues and Revenues Pledged to Pay Bonds Considered Trust Funds