§ 14-27-6-41 — General obligation bonds; payment; tax exemption

Indiana § 14-27-6-41

• Jurisdiction: Indiana
• Art. 27: LEVEES, DAMS, AND DRAINAGE
• Ch. 6: Levee Authority in Vanderburgh County

Text

(a) All bonds issued under this chapter or
under IC 13-2-31 (before its repeal) are the direct general obligations
of the authority issuing the bonds and are payable out of unlimited ad
valorem taxes that shall be levied and collected on all the taxable
property within the district. All officials and bodies involved with the
levying of taxes for the district shall ensure that sufficient levies are
made to meet the principal and interest on the bonds at the time fixed
for payment without regard to any other statute.
(b) The bonds issued under this chapter or under IC 13-2-31 (before
its repeal) are exempt from taxation for all purposes.
[Pre-1995 Recodification Citation: 13-2-31-19(d).]

Legislative History

As added by P.L.1-1995, SEC.20. Amended by P.L.192-2002(ss), SEC.157.