Indiana Statutes
§ 36-10-9-14 — Tax covenant with bond purchasers
Indiana·Title 36 LOCAL GOVERNMENT·Art. 10 RECREATION, CULTURE, AND COMMUNITY·Ch. 9 Marion County Capital Improvement Board
(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notes will not be repealed, amended, or altered in any manner that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
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Nearby Sections
15
§ 36-1-10-1
Application of chapter§ 36-1-10-10
Plans, specifications, and estimates for structures, systems, and
transportation projects§ 36-1-10-11
Property held in fee simple; sale procedure§ 36-1-10-12
Lease in anticipation of acquisition or construction of structure, system,
or transportation project§ 36-1-10-13
Hearing; procedure; execution of lease§ 36-1-10-17
Annual appropriation and tax levy§ 36-1-10-18
Tax exemption of leased structures, systems, and transportation
projects; taxation of rental paid lessor§ 36-1-10-19
Assignment or conveyance of lease; conveyance of structure, system,
or transportation project§ 36-1-10-2
Definitions§ 36-1-10-20
Repealed