Indiana Code 36-8-11-26. Purchase of firefighting equipment on installment conditional sale or mortgage contract
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Terms Used In Indiana Code 36-8-11-26
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: refers to the board of fire trustees of a fire protection district. See Indiana Code 36-8-11-2
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal officer: means a bonded employee of the fire protection district charged with the faithful receipt and disbursement of the funds of the district. See Indiana Code 36-8-11-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 26. After a sufficient appropriation for the purchase of firefighting apparatus and equipment, including housing, is made and is available, the district’s fiscal officer, with the approval of the board and the county fiscal body, may purchase the firefighting apparatus and equipment for the district on an installment conditional sale or mortgage contract running for a period not exceeding fifteen (15) years. The purchase shall be amortized in equal or approximately equal installments payable on January 1 and July 1 each year.
As added by P.L.83-1998, SEC.2. Amended by P.L.90-2002, SEC.493; P.L.178-2002, SEC.133; P.L.19-2013, SEC.1.