Indiana Code
Chapter 2.1. Railroad Grade Crossing Separations
8-6-2.1-30. Proceeds From Sale of Bonds

Sec. 30. All proceeds from the sale of bonds issued under section 29 of this chapter, together with all money collected from benefit assessments, or from the sale of assessment bonds, shall be kept as a separate and specific fund, entitled grade separation or railroad relocation and reconstruction fund, to pay the city's portion of the total cost of the grade separation improvement, and no part of the fund may be used for any other purpose. The fund shall be deposited with the depository or depositories of other public funds of the city. Any surplus remaining in the fund, after all the city's portion of the total cost is fully paid, shall be paid into and become a part of the grade separation or railroad relocation and reconstruction bond fund as referred to in section 31 of this chapter.
[Pre-Local Government Recodification Citation: 19-5-14-30.]
As added by Acts 1980, P.L.8, SEC.70.

Structure Indiana Code