§ 36-10-9-14 — Tax covenant with bond purchasers

Indiana § 36-10-9-14

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 9: Marion County Capital Improvement Board

Text

(a) The Indiana general assembly covenants
with the purchasers of any bonds or notes issued under this chapter
that:
(1) the excise taxes pledged to the payment of those bonds and
notes will not be repealed, amended, or altered in any manner that
would reduce or adversely affect the levy and collection of those
taxes; and
(2) it will not reduce the rates or amounts of those taxes;
as long as the principal of, or interest on, any bonds or notes is unpaid.
(b) The board, on behalf of the county, may make a similar pledge
or covenant in any agreement with the purchasers of any bonds or notes
issued under this chapter.
(c) For purposes of this section, the principal of or interest on bonds
or notes is considered paid if provision has been made for their
payment in such a manner that the bonds or notes are not considered to
be outstanding under the resolution, ordinance, or trust agreement
under which the bonds or notes are issued.
As added by Acts 1982, P.L.77, SEC.28.