The accrued interest and premium received at the time of delivery of the bonds, if any, shall be deposited in the Sewage Works Sinking Fund hereinafter created, the accrued interest to be credited to the Bond and Interest Account thereof and the premium to be credited to the Debt Service Reserve Account thereof. The remaining proceeds from the sale of the bonds shall be deposited in a bank or banks which are legally designated depositories for the funds of the town, in a special account or accounts, separate and apart from other bank accounts of the town, to be designated as "Town of New Palestine, Sewage Works Construction Account." All monies deposited to the credit of said Sewage Works Construction Account shall be deposited, held, secured or invested in direct obligations of the United States of America, in accordance with the laws of the State of Indiana relating to the depositing, holding, securing or investing of public funds, including particularly Chapter 9 of the Acts of 1945, as codified and supplemented. Any income from such investment shall become a part of the Sewage Works Construction Account. The funds in said special account or accounts shall be expended only for the purpose of paying the cost of the works, as defined in Section 1 of I.C. 36-9-23, or as otherwise required by said Act. Any balance or balances remaining unexpended in such special account or accounts of the Sewage Works Construction Account, after completion of the works, which are not required to meet unpaid obligations incurred in connection with such construction, shall, within 60 days after completion of the project, be deposited in the Sewage Works Sinking Fund, credited to the Debt Service Reserve Account thereof, and shall be used solely for the purposes of said Fund.
(1989 Code, § 32.08) (Ord. SB-83, passed 9-21-1983)