§ 36-7-30.5-26 — Pledge of revenues and covenant

Indiana § 36-7-30.5-26

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 30.5: Development of Multicounty Federal Military Bases

Text

(a) Notwithstanding any other law, the
legislative body of a unit 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 23 or 24 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 23 or 24 of this chapter.
(c) The development authority may pledge revenues received or to
be received from any source legally available to the development
authority for the purposes of this chapter in any amount to pay amounts
payable under section 23 or 24 of this chapter.
(d) The pledge or covenant under this section may be for:
(1) the term of the bonds issued under section 23 of this chapter;
(2) the term of a lease entered into under section 24 of this
chapter; or
(3) 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 development
authority under sections 23 through 24 of this chapter.
(e) The general assembly covenants not to impair this pledge or
covenant as long as any bonds issued under section 23 of this chapter
are outstanding or as long as any lease entered into under section 24 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.203-2005, SEC.11. Amended by P.L.197-2016, SEC.133.