Sec. 14. (a) A separate fund known as the local county road and bridge district bond fund is created for deposit of the following monies:
(1) revenues collected from the tax imposed under this chapter;
(2) any appropriation made under section 16 of this chapter; and
(3) any proceeds remaining from the sale of bonds after payment of all costs and expenses described in section 10(b) of this chapter.
In addition, if there are any outstanding bonds issued under this chapter, then revenues received by the county from the county vehicle excise tax and the county wheel tax shall, notwithstanding IC 6-3.5-4-13 and IC 6-3.5-5-15, be deposited in the local county road and bridge district bond fund. However, this subsection does not apply to county vehicle excise tax and county wheel tax revenues which are to be distributed under IC 6-3.5-4-13 and IC 6-3.5-5-15 to cities and towns located in the county.
(b) Monies in the fund shall be used only for payment of local county road and bridge district bonds as they severally mature, and the interest on those bonds.
(c) Monies in the fund shall be deposited with one (1) depository of other funds of the qualified county. Interest accruing on monies in the fund belongs to the fund.
As added by Acts 1981, P.L.88, SEC.13. Amended by P.L.256-2017, SEC.93.
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