Sec. 18. (a) Whenever all bonds and other obligations of any particular parking facility have been fully paid and discharged, any surplus in any fund allocated for that purpose reverts to the general fund of the department. The fund may be used to make up and pay any deficiency that may occur in any other fund for the payment of the bonds and interest issued for any other parking facility under the control of the department. This use of the general fund may continue until all outstanding bonds on all parking facilities have been fully paid.
(b) The board may also pay to the consolidated city in any year, from any available balance in the general fund of the department, such sum as it considers reasonable and that may be available to compensate the city for its loss of revenue in the annual taxes assessable on property of the estimated current and equivalent value of that acquired for all parking facilities, so long as they remain free of taxes.
As added by Acts 1982, P.L.77, SEC.13.
Structure Indiana Code
Article 9. Transportation and Public Works
Chapter 11.1. Parking Facilities in Marion County
36-9-11.1-1. Application of Chapter
36-9-11.1-2. Public Uses and Purposes; Eminent Domain
36-9-11.1-4. Pecuniary Interest; Board or Employee
36-9-11.1-5. Powers and Duties of Board
36-9-11.1-6. Preparation of Plat and Data; Resolution of Board
36-9-11.1-7. Approval of Resolution and Plans; Acquisition of Site
36-9-11.1-9. Options or Contracts for Land; Previously Acquired Property
36-9-11.1-10. Eminent Domain; Powers and Duties of Department and Board
36-9-11.1-11. Tax Exemption of Property, Funds, and Receipts; Leases or Sales for Private Use
36-9-11.1-13. Sale or Lease of Space and Air Rights; Treatment of Proceeds
36-9-11.1-14. Funds for Expenses of Department Before Issuance of Bonds or Receipt of Revenues
36-9-11.1-15. Revenue Bonds; Issuance; Proceeds
36-9-11.1-16. Rights of Bondholders; Lien; Enforcement Proceedings; Default
36-9-11.1-17. Deposits of Department Funds; Separate Account Books and Special Accounts
36-9-11.1-18. Payments to and From General Fund of Department
36-9-11.1-19. Annual Operating and Income Statement of Facility