(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.
Indiana Legal Code