Indiana § 15-13-10-4 - Use of bond proceeds; replacement
Full text of Indiana Indiana Code § 15-13-10-4 — Use of bond proceeds; replacement, with citation guidance and answers to common questions.
§ 15-13-10-4. Use of bond proceeds; replacement
Sec. 4. (a) The proceeds of the bonds of each issue must be:
(1) used solely for the payment of the cost of the project for which the bonds were issued; and
(2) disbursed in the manner and under those restrictions that the commission provides in the resolution authorizing the issuance of the bonds or in a trust agreement securing the bonds.
(b) If the proceeds of an issue of bonds are less than the cost of the project, additional bonds may be issued to provide the amount of the deficit. Unless specifically provided in the resolution authorizing the issuance of the bonds or in a trust agreement securing the bonds, the additional bonds:
(1) are considered to be bonds of the same issue as the initially issued bonds; and
(2) are entitled to payment from the fund from which the initially issued bonds are paid without preference or priority of the initially issued bonds.
(c) If the proceeds of the bonds of an issue exceed the cost of the project for which the bonds were issued, the surplus must be deposited to the credit of the sinking fund for the bonds. However, if there is not a sinking fund, the surplus must be held for the payment of the principal of and the interest on the bonds.
(d) The commission may provide for the replacement of bonds that become mutilated, destroyed, or lost.
(e) Bonds may not be issued under this chapter without the consent of the governor.
[Pre-2008 Recodification Citation: 15-1.5-9-3.]
As added by P.L.2-2008, SEC.4.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-13-10-4
What does Indiana Code § 15-13-10-4 cover?
Section 15-13-10-4 ("Use of bond proceeds; replacement") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 15-13-10-4?
A common citation format is "Indiana Code § 15-13-10-4" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 15-13-10-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.