§ 36-7-15.1-17.5 — Pledge of revenues

Indiana § 36-7-15.1-17.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.1: Redevelopment of Areas in Marion County Needing

Text

5. (a) Notwithstanding any other law, the
legislative body may pledge revenues received or to be received by the
unit from:
(1) the unit's additional revenue from the local income tax that is
designated for certified shares or economic development under IC 6-3.6-6;
(2) any other source legally available to the unit for the purposes
of this chapter; or
(3) combination of revenues under subdivisions (1) through (2);
in any amount to pay amounts payable under section 17 or 17.1 of this
chapter.
(b) The legislative body may covenant to adopt an ordinance to
increase revenues at the time it is necessary to raise funds to pay any
amounts payable under section 17 or 17.1 of this chapter.
(c) The commission may pledge revenues received or to be received
from any source legally available to it for the purposes of this chapter
in any amount to pay amounts payable under section 17 or 17.1 of this
chapter.
(d) The pledge or the covenant under this section may be for the life
of the bonds issued under section 17 of this chapter, the term of a lease
entered into under section 17.1 of this chapter, or for a shorter period
as determined by the legislative body. Money pledged by the legislative
body under this section shall be considered revenues or other money
available to the commission under sections 17 through 17.1 of this
chapter.
(e) The general assembly covenants not to impair this pledge or
covenant so long as any bonds issued under section 17 of this chapter
are outstanding or as long as any lease entered into under section 17.1
of this chapter is still in effect. The pledge or covenant shall be
enforced as provided in IC 5-1-14-4.

Legislative History

As added by P.L.84-1987, SEC.11. Amended by P.L.2-1989, SEC.34; P.L.172-2011, SEC.152; P.L.197-2016, SEC.127.