Indiana § 5-1-5-10 Irrevocable pledge to general obligation bond; effect

Indiana Statutes

§ 5-1-5-10 — Irrevocable pledge to general obligation bond; effect

Indiana § 5-1-5-10

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1BONDS AND OTHER OBLIGATIONS

Ch. 5Refunding Bonds Generally

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Bluebook

Ind. Code § 5-1-5-10 (2026).

Text

When funds and investments and the known
earned income therefrom in amounts sufficient to pay the principal of
and interest and any premium on bonds to be refunded as they become
due at their respective maturities or at the date fixed for redemption
have been irrevocably pledged to the bonds to be refunded, such bonds
shall not constitute an indebtedness of the issuing body within the
meaning of any constitutional or statutory debt limitation.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by
P.L.44-1987, SEC.1.

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When funds and investments and the known
earned income therefrom in amounts sufficient to pay the principal of
and interest and any premium on bonds to be refunded as they become
due at their respective maturities or at the date fixed for redemption
have been irrevocably pledged to the bonds to be refunded, such bonds
shall not constitute an indebtedness of the issuing body within the
meaning of any constitutional or statutory debt limitation.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by
P.L.44-1987, SEC.1.