Indiana Code Title 8. Utilities and Transportation § 8-1.5-3-12

(1) Current purposes in anticipation of taxes levied and to be collected during the current or following year.

(2) Carrying out an eligible efficiency project (as defined in IC 36-9-41-1.5) within the municipality.

(1) a surplus of cash exceeding by at least the amount loaned the sum of all amounts required to pay the indebtedness of the utility falling due during the current calendar year and the following year;

(2) the amount necessary to meet current expenses during the year;  and

(3) the amount necessary to pay for improvements contemplated to be made during the current calendar year minus the estimated receipts during the calendar year.

(1) must be evidenced by an obligation of the municipality;

(2) must be signed by the executive;

(3) is due:

(4) may bear interest at any rate as determined by the board, payable at maturity.