The fund consists of all assessments paid by the owners assessed as benefited by the construction or reconstruction, and may be used only to redeem:(1) the bonds issued to finance the construction or reconstruction; or(2) any installment note given in lieu of bonds.(b) The county auditor shall maintain a separate ledger sheet for all assessments to be received into each bond redemption fund.[Pre-Local Government Recodification Citation: 19-4-7-3.]As added by Acts 1981, P.L.309, SEC.101.
Indiana Legal Code