Indiana Statutes
§ 5-1-5-10 — Irrevocable pledge to general obligation bond; effect
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 1 BONDS AND OTHER OBLIGATIONS·Ch. 5 Refunding Bonds Generally
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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Nearby Sections
15
§ 5-1-1-1
Validation§ 5-1-1-2
Repealed§ 5-1-10-1
Issuance; purpose; restrictions§ 5-1-11-7
Restrictions on powers§ 5-1-11.5-1
"ADM"§ 5-1-11.5-2
"Bonds"§ 5-1-11.5-3
Application to certain school corporations§ 5-1-12-1
"Municipal corporation" defined