Sec. 48. (a) Notwithstanding any other law, the legislative body of the excluded city may pledge revenues received or to be received by the excluded city from:

(1) the excluded city’s certified shares of the local income tax under IC 6-3.6;

(2) any other source legally available to the excluded city for the purposes of this chapter; or

(3) a combination of revenues under subdivisions (1) through (2);

in any amount to pay amounts payable under section 45 or 46 of this chapter.

     (b) The legislative body of the excluded city may covenant to adopt an ordinance to increase revenues at the time it is necessary to raise funds to pay amounts payable under section 45 or 46 of this chapter.

     (c) The commission may pledge revenues received or to be received from any source legally available to it for the purposes of this chapter in any amount to pay amounts payable under section 45 or 46 of this chapter.

     (d) The pledge or the covenant under this section may be for the life of the bonds issued under section 45 of this chapter, the term of a lease entered into under section 46 of this chapter, or a shorter period as determined by the legislative body of the excluded city. Money pledged by the legislative body of the excluded city under this section shall be considered revenues or other money available to the commission under sections 45 through 46 of this chapter.

     (e) The general assembly covenants not to impair this pledge or covenant so long as any bonds issued under section 45 of this chapter are outstanding or as long as any lease entered into under section 46 of this chapter is still in effect. The pledge or covenant shall be enforced as provided in IC 5-1-14-4.

As added by P.L.102-1999, SEC.15. Amended by P.L.14-2000, SEC.82; P.L.197-2016, SEC.128.