Indiana Code Title 8. Utilities and Transportation § 8-1.5-2-25

(1) payment of operation and maintenance expenses of the utility;

(2) payment of the interest and principal on revenue bonds and creation of reserves for them;

(3) payment of the interest and principal on general obligation bonds and creation of reserves for them;  and

(4) payment of assessed taxes;

(1) the general fund of the municipality in accordance with IC 8-1.5-3-11, outstanding bond ordinances, and contract provisions under IC 8-1-2.2;

(2) the payment of the interest on a loan made for utility construction;  or

(3) the creation of a sinking fund for the liquidation of the debt;