Sec. 18. (a) A special and distinct fund is created to be known as the Indiana interstate bridge fund. Such fund shall be:
(1) held in the name of the authority; and
(2) administered by the authority.
All expenditures therefrom shall be made by the authority.
(b) Except as provided in section 15 of this chapter, expenditures from the fund shall be made only for the purpose of:
(1) paying the cost of constructing or acquiring, by purchase or condemnation, highway bridges and the approaches thereto, which may be constructed or acquired by authority of this chapter; or
(2) paying the cost of enlarging, extending, or improving any such bridge or the approaches thereto.
The costs specified in subdivisions (1) and (2) shall include the expense of all engineering, architectural, legal, and other expert service rendered to the authority and other preliminary and incidental expenses. Such payments may be made as such costs are incurred or such services rendered.
(c) Any income from such fund or any part of the principal not pledged to the payment of bonds issued by the authority may be used for the purposes set forth in section 4 of this chapter, and the fund shall be reimbursed for any such expenditures out of the proceeds of any bonds issued for the construction or acquisition of any bridge on account of which such expenditures were made.
Formerly: Acts 1939, c.79, s.13a; Acts 1947, c.340, s.1; Acts 1963, c.274, s.2; Acts 1971, P.L.100, SEC.3. As amended by Acts 1980, P.L.74, SEC.274; P.L.109-1983, SEC.45.
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