Indiana Code 8-25-5-6. Pledges of revenues, covenants
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Sec. 6. (a) Except as provided in subsection (b), the county fiscal body may pledge revenues for the payment of principal and interest on the bonds and for other purposes under the ordinance as provided by IC 5-1-14-4, including revenues from the local income tax in Delaware County, Hamilton County, Hancock County, Hendricks County, Johnson County, Madison County, or Marion County.
(c) If the county fiscal body has pledged revenues from the local income tax as set forth in subsection (a), the county fiscal body may covenant that the county fiscal body will not repeal or modify the tax in a manner that would adversely affect owners of outstanding bonds issued under this chapter. The county fiscal body may make the covenant by adopting an ordinance.
(b) The county fiscal body may not pledge to levy ad valorem property taxes for these purposes.
Terms Used In Indiana Code 8-25-5-6
- bonds: has the meaning set forth in IC 36-1-2-2. See Indiana Code 8-25-5-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
As added by P.L.153-2014, SEC.17. Amended by P.L.197-2016, SEC.95; P.L.247-2017, SEC.29.