Sec. 12. (a) The proceeds of any bonds issued or loans made under this chapter shall first be applied to the reimbursement of all amounts advanced for preliminary expenses under this chapter. The proceeds shall then be applied solely to the payment of the costs for which the bonds are issued or the loan is negotiated, including incidental expenses and interest during construction.
(b) The bondholders, lenders, or trustees under this chapter have a lien upon the proceeds of the bonds or the loan until those proceeds are applied as prescribed by this section.
As added by P.L.386-1987(ss), SEC.21.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 18. County Roads─financing and Bonding
Chapter 21. County Toll Road Financing
8-18-21-1. Application of Chapter
8-18-21-2. Preliminary Expenses; Payment; Charge Against Bonds
8-18-21-3. Powers of Board of Directors
8-18-21-4. Counties With Consolidated Cities; Approval
8-18-21-5. Revenue Bonds; Issuance; Source of Payment
8-18-21-6. Revenue Bonds; Resolution; Interest; Maturity
8-18-21-7. Revenue Bonds; Redemption Before Maturity; Resolution; Contents; Negotiable Instruments
8-18-21-8. Revenue Bonds; Execution; Notice of Sale; Sale
8-18-21-10. Loans; Resolutions; Notice
8-18-21-12. Proceeds of Bonds or Loans; Application; Lien
8-18-21-13. Review of Annual Operating Budget
8-18-21-14. Tax Exemption; Property and Revenue of Authority
8-18-21-15. Tax Exemption; Bonds and Securities
8-18-21-16. Handling and Expenditure of Authority Money; Surety Bonds