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.
Application of proceeds
Ind. Code § 13-21-11-4, under Chapter 11. Financing: Borrowing Evidenced by Notes.
Ind. Code § 13-21-11-4