Sec. 7. The governing body may contract with respect to the safekeeping and application of the advance refunding bond proceeds and other funds included therewith and the income therefrom. The governing body may provide in the refunding plan that until such moneys are required to redeem or retire revenue bonds to be refunded, the refunding bond proceeds and other available funds, and the income therefrom shall be used to pay and secure the payment of the principal of and interest on the advance refunding bonds. The governing body may additionally pledge for the payment of such refunding bonds any revenues which might legally be pledged for the payment of revenue bonds of the issuer of the type being refunded. Provisions must be made by the governing body for moneys sufficient in amount to accomplish the refunding as scheduled.
Formerly: Acts 1973, P.L.28, SEC.1.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 5. Refunding Bonds Generally
5-1-5-2. Issuance of Bonds to Refund Outstanding Bonds
5-1-5-2.5. Issuance of Refunding Bonds by an Eligible School Corporation
5-1-5-3. Exchange for Outstanding Bonds
5-1-5-5. Principal Amount; Reserves to Secure Bonds
5-1-5-6. Proceeds of Refunding Bonds; Disposition
5-1-5-7. Safekeeping and Application of Bond Proceeds
5-1-5-8. Trust Indenture to Secure Bonds
5-1-5-9. Payment of Bonds; Sources of Revenue
5-1-5-10. Irrevocable Pledge to General Obligation Bond; Effect
5-1-5-11. Issuance; Separate or in Combination
5-1-5-12. Law Governing Issuance
5-1-5-14. Cumulative Effect of Chapter
5-1-5-16. Advance Refunding Bonds; Issuance