Indiana § 5-1-7-1 - Contract with bond owner to pay matured bond by issuing redemption bond
Full text of Indiana Indiana Code § 5-1-7-1 — Contract with bond owner to pay matured bond by issuing redemption bond, with citation guidance and answers to common questions.
§ 5-1-7-1. Contract with bond owner to pay matured bond by issuing redemption bond
Sec. 1. Whenever the bond fund of any county or of any township in this state is, for any reason, insufficient to pay the bonds of such county or township or any of them, at the date of the maturity thereof, together with the interest which shall have accrued thereon, the board of commissioners of such county is hereby authorized to represent and as representing the taxing district liable for the payment of any such bond to enter into a contract with the owner of any such bond to pay such matured bond by the issuance of a redemption bond, in the same amount and at any rate of interest and to pay such redemption bond and the accrued interest thereon, in not more than ten (10) annual installments, in the manner and subject to the conditions prescribed in this chapter.
[Pre-Local Government Recodification Citation: 17-3-82-1.]
As added by Acts 1980, P.L.8, SEC.12.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-1-7-1
What does Indiana Code § 5-1-7-1 cover?
Section 5-1-7-1 ("Contract with bond owner to pay matured bond by issuing redemption bond") 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 § 5-1-7-1?
A common citation format is "Indiana Code § 5-1-7-1" (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 § 5-1-7-1 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.