§ 36-7-30-21 — Covenant and pledge of revenues

(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) any combination of revenues under subdivisions (1) through
(2);
in any amount to pay amounts payable under section 18 or 19 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 18 or 19 of this chapter.
(c) The reuse authority may pledge revenues received or to be
received from any source legally available to the reuse authority for the
purposes of this chapter in any amount to pay amounts payable under
section 18 or 19 of this chapter.
(d) The pledge or covenant under this section may be for the term
of the bonds issued under section 18 of this chapter, the term of a lease
entered into under section 19 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 reuse authority under sections 18 through 19 of this
chapter.
(e) The general assembly covenants not to impair this pledge or
covenant as long as any bonds issued under section 18 of this chapter
are outstanding or as long as any lease entered into under section 19 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.26-1995, SEC.14. Amended by P.L.197-2016, SEC.132.