The board of directors of a school corporation may invest any portion of the proceeds of bonds issued and not currently needed as provided in section 12B.10.
Earnings and interest from investments authorized by this section shall be used either to retire the authorized indebtedness or to be credited to a capital project fund for the purpose of financing the construction or equipping of the school building for which the bonds were sold.
[C73, 75, 77, 79, 81, § 453.14]
84 Acts, ch 1230, § 18; 92 Acts, ch 1212, § 36 ~IC93, § 12C.14 ~I94 Acts, ch 1029, §15
1994 amendments to unnumbered paragraph 2 effective for school budget year beginning July 1, 1995; 94 Acts, ch 1029, §33; for law prior to July 1, 1995, see Code 1993
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