§ 5-1-4-27 — Pledge by state to bondholders and contractors

Indiana § 5-1-4-27

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 4: Hospital Bonding Authorities

Text

The state of Indiana does hereby pledge to and
agree with the holders of any obligations issued under this chapter, and
with those parties who may enter into contracts with an authority
pursuant to the provisions of this chapter, that the state will not limit or
alter the rights hereby vested in such authority until such obligations,
together with the interest thereon, are fully met and discharged and
such contracts are fully performed on the part of such authority.
However, nothing in this section shall preclude such limitation or
alteration if and when adequate provisions shall be made by law for the
protection of the holders of such obligations of such authority or those
entering into such contracts with such authority. An authority as agent
for the state is authorized to include this pledge and undertaking for the
state in such obligations or contracts.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1.
As amended by P.L.2-1995, SEC.12; P.L.136-2018, SEC.18.