Sec. 27. (a) All proceeds from the sale of bonds under section 23 of this chapter shall be kept as a separate and specific fund to pay the expenses incurred in connection with the property acquisition, redevelopment, reuse, and economic development of the military base development area. The fund shall be known as the military base development district capital fund.

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Terms Used In Indiana Code 36-7-30.5-27

  • development authority: means a military base development authority established under section 8 of this chapter. See Indiana Code 36-7-30.5-4
  • Grantor: The person who establishes a trust and places property into it.
  • military base: means a United States government military base or other military installation that is:

    Indiana Code 36-7-30.5-5

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (b) All gifts or donations that are given or paid to the development authority or to a unit for military base development purposes shall be promptly deposited to the credit of the military base development district general fund unless otherwise directed by the grantor. The development authority may use these gifts and donations for the purposes of this chapter.

As added by P.L.203-2005, SEC.11.

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