Sec. 5. (a) A municipality may assume primary responsibility for the full payment of principal and interest of all bonds issued under this chapter (or under IC 36-9-19 before its repeal in 1993) for the improvement. (b) The following apply if the municipality assumes the responsibility under subsection (a) for the full payment of principal and interest: (1) All payments of principal and interest shall be made by the municipal fiscal officer out of appropriations for the project. (2) The municipality shall be reimbursed by the collection of special assessments under the Barrett Law.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.