Sec. 5. (a) The political subdivision shall appropriate an amount for and levy a tax each year sufficient to pay the political subdivision’s obligation under the note according to its terms.

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Terms Used In Indiana Code 36-9-41-5

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Statute: A law passed by a legislature.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) An obligation of a political subdivision under a note executed under this chapter is a valid and binding obligation of the political subdivision, notwithstanding any tax limitation, debt limitation, bonding limitation, borrowing limitation, or other statute to the contrary.

As added by P.L.81-2004, SEC.47. Amended by P.L.164-2019, SEC.10.

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