Indiana § 10-18-3-8 - Bonds to establish memorial

§ 10-18-3-8. Bonds to establish memorial

Sec. 8. (a) The cost of establishing and constructing a memorial and the expense of maintaining the memorial shall be derived from revenue generated by the memorial. If this revenue is not sufficient, the costs shall be borne by the county or city as provided in subsections (b) and (c).

(b) For the purpose of raising money to pay for the establishment of a memorial, the bonds of the county or city may be issued, not to exceed the amount of:

(1) the contract price;

(2) expenses incurred and damages allowed prior to the awarding of the contract;

(3) a sum sufficient to pay the per diem of the engineer, architect, and superintendent during the construction of the memorial; and

(4) other estimated costs necessary for the memorial.

The bonds must be in denominations of at least fifty dollars ($50) each, payable not more than twenty (20) years after the date of issue.

(c) The bonds shall be sold at not less than face value. The proceeds shall be kept as a separate and specific fund to be used by the county or city to pay for construction of the memorial and all proper expenses incident to construction. A payment may not be made for more than eighty percent (80%) of the engineer's estimate of work done by the contractor. The whole amount of the contract may not be paid until the memorial is fully approved by the board of commissioners or common council and the board of trustees and determined to be completed and satisfactory.

[Pre-2003 Recodification Citation: 10-7-5-8.]

As added by P.L.2-2003, SEC.9.