Sec. 12. The current receipts and all other moneys derived from the operation of any such utility property shall be expended by said board of directors upon vouchers in a form to be determined by them, and any such funds shall be deposited in such bank or banks as may be determined by said board to the credit of said board of directors for utilities, and any interest earned on any such deposits shall be added to the principal thereof. No appropriation in any form shall be necessary for the expenditure of any of such current income or for the expenditure of the proceeds of any sale of bonds, or of any other obligations, as authorized under this chapter, but all funds arising under this chapter shall be deemed appropriated for the respective purposes set forth in this chapter and shall be under the control of the board of directors for utilities as provided in this chapter, and said board of directors shall have full, complete and exclusive authority to expend such funds for the purposes set forth in this chapter.
[Pre-Local Government Recodification Citation: 19-3-24-12.]
As added by Acts 1981, P.L.11, SEC.43. Amended by P.L.136-2018, SEC.64.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 1. Utilities Generally
Chapter 11.1. Department of Public Utilities of Consolidated City
8-1-11.1-2. Board of Directors; Appointment of Officers; Compensation; Meetings; Employee Bonds
8-1-11.1-3. Board of Directors; Powers and Duties
8-1-11.1-3.5. Retirement, Survivor, or Other Benefits; Increase
8-1-11.1-4. Directors or Trustees; Adverse Interest in Contracts
8-1-11.1-5. Actions to Protect Rights of Cities
8-1-11.1-6. Utility Districts; Creation
8-1-11.1-7. Expenses; Procedure for Payment
8-1-11.1-9. Disposition of Bond Revenues
8-1-11.1-10. Tax Levy to Pay for Bonds; Utility District Bond Fund
8-1-11.1-11. Surplus Earnings; Disposition
8-1-11.1-12. Expenditures of Current Income; Vouchers
8-1-11.1-13. Separate Books of Account for Separate Utilities
8-1-11.1-14. Quarterly Accounting and Report to City Controller
8-1-11.1-15. Board of Directors Free From Control of Department of Local Government Finance
8-1-11.1-17. Examination and Audit of Books and Accounts
8-1-11.1-18. Application of Chapter to Currently Held or Acquired Utilities
8-1-11.1-19. "Revenue Obligations" Defined
8-1-11.1-20. Revenue Obligations; Issuance; Authorized Purposes
8-1-11.1-21. Security for Revenue Obligations; Issuance of Additional Obligations Authorized
8-1-11.1-22. Resolution Authorizing Revenue Obligations; Trust Indenture; Terms of Obligations
8-1-11.1-23. Temporary Loans Authorized
8-1-11.1-25. Revenue Obligations; Eligible Investments; Deposit of Securities