Discharge of obligation

Sec. 14. If a federal or state agency, according to statute or contractual obligation, demands immediate or prompt action by the district in construction of, adding to, or repairing works of improvement, the district: (1) may not defend that not enough money for the work has accumulated in the fund; and (2) shall use the accumulation of money in the fund, including the proceeds of: (A) borrowing; (B) the collection of tax or assessments; or (C) both borrowing and the collection of tax or assessments; to discharge the obligation. [Pre-1995 Recodification Citation: 13-3-5-9.] As added by P.L.1-1995, SEC.26.