Indiana Code 36-10-9-14. Tax covenant with bond purchasers
(1) the excise taxes pledged to the payment of those bonds and notes will not be repealed, amended, or altered in any manner that would reduce or adversely affect the levy and collection of those taxes; and
Terms Used In Indiana Code 36-10-9-14
- Board: refers to a capital improvement board of managers created under this chapter. See Indiana Code 36-10-9-2
- Bonds: means bonds issued under section 12 or section 15 of this chapter and, except as used in section 12 of this chapter or unless the context otherwise requires, lease agreements entered into under section 6(15) of this chapter. See Indiana Code 36-10-9-2
- Excise taxes: refers to the excise taxes imposed by IC 6-9-8, IC 6-9-12, and IC 6-9-13. See Indiana Code 36-10-9-2
- Notes: means notes issued under section 21 of this chapter. See Indiana Code 36-10-9-2
as long as the principal of, or interest on, any bonds or notes is unpaid.
(b) The board, on behalf of the county, may make a similar pledge or covenant in any agreement with the purchasers of any bonds or notes issued under this chapter.
(c) For purposes of this section, the principal of or interest on bonds or notes is considered paid if provision has been made for their payment in such a manner that the bonds or notes are not considered to be outstanding under the resolution, ordinance, or trust agreement under which the bonds or notes are issued.
As added by Acts 1982, P.L.77, SEC.28.