(a) Bonds issued in anticipation of the collection of special assessments bear interest until the date of maturity if sufficient money is available to pay the principal of and interest on the bonds at that date.(b) If sufficient money is not available to pay the principal of and interest on the bonds, any available money that was assessed to pay the bonds shall be paid to the holders of the bonds on a pro rata basis. The unpaid balances of the principal of and interest on the bonds bear interest until the delinquent assessments have been collected. The rate of interest on the unpaid balances must be the same as the rate paid by the bonds before their maturity.(c) If the principal of and interest on the bonds are not paid in full at their maturity, the bonds must be marked with the following:(1) The date of payment.(2) The amount of principal and interest paid.(3) The balance unpaid.(d) At every six (6) month period after the maturity of the bonds, the delinquent collections for the payment of the principal of and interest on the bonds and interest on the unpaid balances of the bonds shall be paid on a pro rata basis. the maturity of the bonds, the delinquent collections for the payment of the principal of and interest on the bonds and interest on the unpaid balances of the bonds shall be paid on a pro rata basis. Each bond shall be marked with the following:(1) The amount of principal and interest paid.(2) The balance unpaid.(3) The amount of interest paid on unpaid balances.As added by P.L.98-1993, SEC.8.
Indiana Legal Code