§ 36-10-10-23 — Tax levy by city to pay lease rental

(a) The legislative body of a city that has
entered into an approved lease contract under this chapter shall
annually levy a tax sufficient to produce each year the necessary
revenues that, with other available money, are sufficient to pay the
lease rental provided to be paid in the lease from taxes.
(b) In fixing and determining the amount of the necessary levy to
pay lease rental payable from taxes, the legislative body may take into
consideration amounts that have been transferred from the net revenues
of the convention center to a fund for payment of lease rental. This
chapter does not relieve the city from the obligation to pay from taxes
any lease rental payable from taxes if other funds are not available for
that purpose. The tax levies are reviewable by other bodies vested by
statute with authority to ascertain that the levies are sufficient to raise
the amount that, with other money available, will be sufficient to meet
the rental which under the lease contract is payable from taxes. The
annual lease rental shall be paid semiannually to the authority or to the
corporate trustee under any trust indenture following settlements of tax
collections.
As added by Acts 1982, P.L.218, SEC.4.