Application of proceeds

Ind. Code § 13-21-11-4
in effect
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Sec. 4. The board shall apply the proceeds of a note issued under this chapter or IC 13-9.5-9-7 (before its repeal) to the cost of the facility for which the grant is to be made or bonds issued, although a purchaser of any obligations is not liable for the proper application of the proceeds. [Pre-1996 Recodification Citation: 13-9.5-9-7(d).] As added by P.L.1-1996, SEC.11.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/13Fetched: 10/17/2026

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