Indiana § 36-10-8-15 Bonds; covenant with purchasers; continuation of statute

Indiana Statutes

§ 36-10-8-15 — Bonds; covenant with purchasers; continuation of statute

Indiana·Title 36 LOCAL GOVERNMENT·Art. 10 RECREATION, CULTURE, AND COMMUNITY·Ch. 8 Capital Improvement Boards in Certain Counties

The Indiana general assembly covenants
with the purchasers of any bonds issued under this chapter that the
statute authorizing the levy of a specific tax within the county the
proceeds of which are required by this chapter to be deposited in a
specific fund created under this chapter will not be repealed, amended,
or altered in any manner that would reduce or adversely affect the levy
and collection of the tax levied, or reduce the rates or amounts of the
tax, as long as the principal of, or interest on, any bonds is unpaid. The
board, on behalf of the county, is authorized to make a similar pledge
or covenant in any agreement with the purchasers of any bonds issued
under this chapter or in any resolution or trust agreement pursuant to
which the bonds are issued.
As added by Acts 1982, P.L

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The Indiana general assembly covenants
with the purchasers of any bonds issued under this chapter that the
statute authorizing the levy of a specific tax within the county the
proceeds of which are required by this chapter to be deposited in a
specific fund created under this chapter will not be repealed, amended,
or altered in any manner that would reduce or adversely affect the levy
and collection of the tax levied, or reduce the rates or amounts of the
tax, as long as the principal of, or interest on, any bonds is unpaid. The
board, on behalf of the county, is authorized to make a similar pledge
or covenant in any agreement with the purchasers of any bonds issued
under this chapter or in any resolution or trust agreement pursuant to
which the bonds are issued.
As added by Acts 1982, P.L.218, SEC.3.

Indiana § 36-10-8-15 (Bonds; covenant with purchasers; continuation of statute) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.