CHICAGO -- The Indiana Supreme Court last week validated a local building authority's plan to invest sinking fund money without providing an immediate redemption of outstanding bonds.

The high court overturned a Dec. 28, 1993, state appellate court ruling in a case brought against the Evansville-Vanderburgh County Building Authority on behalf of bondholders by the Chicago securities firm of Hutchinson, Shockey, Erley & Co.

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