Indiana § 36-9-23-21 - Bonds; sinking fund
Full text of Indiana Indiana Code § 36-9-23-21 — Bonds; sinking fund, with citation guidance and answers to common questions.
§ 36-9-23-21. Bonds; sinking fund
Sec. 21. At or before the time of issuance of revenue bonds under this chapter, the municipal legislative body, by ordinance, shall:
(1) establish a sinking fund for the payment of:
(A) the principal of and interest on the bonds; and
(B) the charges of banks or trust companies for making payment of the principal or interest; and
(2) pledge the net revenues of the sewage works, after the payment of the reasonable expense of operation, repair, and maintenance of the works, to the payment of the expenses described in subdivision (1).
The ordinance may also provide for the accumulation of reasonable reserves in the sinking fund as a protection against default, and for the payment of premiums on bonds retired by call or purchase under this chapter.
[Pre-Local Government Recodification Citation: 19-2-5-16.]
As added by Acts 1981, P.L.309, SEC.96.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-23-21
What does Indiana Code § 36-9-23-21 cover?
Section 36-9-23-21 ("Bonds; sinking fund") 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 § 36-9-23-21?
A common citation format is "Indiana Code § 36-9-23-21" (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 § 36-9-23-21 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.