Insurance funds; appropriations
Sec. 7. Notwithstanding the other provisions of this chapter, the
fiscal officer of a political subdivision may appropriate funds
received from an insurance company if:
(1) the funds are received as a result of damage to property of
the political subdivision; and
(2) the funds are appropriated for the purpose of repairing or
replacing the damaged property.
However, this section applies only if the funds are in fact expended
to repair or replace the property within the twelve (12) month period
after they are received.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.173-2003,
SEC.8.
Last modified: May 28, 2006