Indiana § 36-9-37-15 - Prepaid assessments; proceeds; special fund; investment; redemption of outstanding bonds
Full text of Indiana Indiana Code § 36-9-37-15 — Prepaid assessments; proceeds; special fund; investment; redemption of outstanding bonds, with citation guidance and answers to common questions.
§ 36-9-37-15. Prepaid assessments; proceeds; special fund; investment; redemption of outstanding bonds
Sec. 15. (a) Prepaid assessments constitute a special fund to be held in trust by the municipality for the owner or owners of the bonds upon which the prepayments have been made.
(b) The municipal fiscal officer shall promptly invest and reinvest the special fund in securities of the federal government so that the principal will be available to pay the bonds upon which prepayments were collected as the bonds become due. The interest collected on these securities shall be applied to the payment of the interest lost on account of the prepayment of the assessments. The difference between the interest lost on account of the prepayment of assessments and the amount of interest earned by the investment in federal securities shall be paid by the municipal corporation that issued the improvement bonds.
(c) If the terms of the bonds allow early redemption for and to the extent of prepayments of the assessments in anticipation of which the bonds were issued, the municipality may use prepaid assessments to redeem outstanding bonds. However, if the bonds are issued on each parcel of real property covering the assessment against the real property, the municipality shall pay the prepayment to the holder of the bonds and cancel the bonds.
As added by P.L.98-1993, SEC.8.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-37-15
What does Indiana Code § 36-9-37-15 cover?
Section 36-9-37-15 ("Prepaid assessments; proceeds; special fund; investment; redemption of outstanding bonds") 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 § 36-9-37-15?
A common citation format is "Indiana Code § 36-9-37-15" (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 § 36-9-37-15 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.