Sec. 1. (a) The board may establish and maintain a reserve fund for each issue of bonds or notes in which there shall be deposited or transferred: (1) all proceeds of bonds or notes required to be deposited in the fund by terms of a contract between the bank and its holders or a resolution […]
Sec. 2. Money in any reserve fund may be invested in the manner provided by IC 5-1.4-3-3. As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.15.
Sec. 3. For purposes of valuation, investments in the reserve fund shall be valued at par or, if purchased at less than par, at cost unless otherwise provided by resolution or trust agreement of the bank. Valuation on a particular date shall include the amount of interest then earned or accrued to that date on […]
Sec. 4. (a) In order to assure the maintenance of the required debt service reserve in any reserve fund, the legislative body of the city may annually appropriate to the bank for deposit in one (1) or more of the funds the sum, certified by the chairman of the board to the legislative body, that […]
Sec. 5. Subject to the provisions of any agreement with its holders, the bank may combine the reserve fund established for each issue of bonds or notes into one (1) or more reserve funds. As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.17.
