Town use of revenue; pledges to pay obligations
Sec. 9. (a) Except as provided in subsection (b), money in the
fund established under section 8 of this chapter shall be used by the
town for the financing, construction, operation, or maintenance of the
following:
(1) Sanitary sewers or wastewater treatment facilities.
(2) Park or recreational facilities.
(3) Drainage or flood control facilities.
(4) Water treatment, storage, or distribution facilities.
(b) The fiscal body of the town may pledge money in the fund to
pay bonds issued, loans obtained, and lease payments or other
obligations incurred by or on behalf of the town or a special taxing
district in the town to provide the facilities described in subsection
(a).
(c) Subsection (b) applies only to bonds, loans, lease payments,
or obligations that are issued, obtained, or incurred after the date on
which the tax is imposed under section 3 of this chapter.
(d) A pledge under subsection (a) is enforceable under
IC 5-1-14-4.
As added by P.L.35-1990, SEC.24. Amended by P.L.214-2005,
SEC.41.
Last modified: May 28, 2006