Sec. 9. (a) The proportion set aside to the depreciation account shall be expended in making good depreciation in the waterworks or in new construction, extensions, or additions to the property of the waterworks.
(b) Any accumulations in the depreciation account may be invested by the board, and if invested, the income from the investment shall be carried in the depreciation account. The board may invest the funds in accordance with IC 5-13-9.
As added by Acts 1982, P.L.74, SEC.1. Amended by P.L.19-1987, SEC.21.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 1.5. Municipal Utilities
Chapter 4. Department of Waterworks in Certain Municipalities
8-1.5-4-0.3. Effective Date of Certain Amendments Made to Section 14 of This Chapter
8-1.5-4-1. Application of Chapter
8-1.5-4-2. Department of Waterworks; Establishment; Board of Directors
8-1.5-4-3. Special Taxing District
8-1.5-4-4. Board; Powers and Duties
8-1.5-4-7. Revenues Set Aside for Operation and Maintenance
8-1.5-4-8. Revenues Set Aside for Payment of Bonds
8-1.5-4-9. Revenues Set Aside for Depreciation Account
8-1.5-4-10. Secured Debt or Charge
8-1.5-4-11. Bonds and Interest Issued Against Special Redemption Fund
8-1.5-4-12. Bonds; Additional Issue or Issues for Extension, Addition, or Improvement
8-1.5-4-13. Bonds; Application of Proceeds; Default
8-1.5-4-14. Services Rendered to Municipality; Payment
8-1.5-4-15. Construction, Extension, or Improvement; Procedure
8-1.5-4-18. Special Taxing District Bonds of the Waterworks District; Issuance