Indiana § 6-9-10-10 Covenant protecting bondholders

Indiana Statutes

§ 6-9-10-10 — Covenant protecting bondholders

Indiana·Art. 9 INNKEEPER'S TAXES; OTHER LOCAL TAXES·Ch. 10 Wayne County Innkeeper's Tax

With respect to:

(1)bonds, leases, or other obligations for which the county has pledged tax revenues under section 5 of this chapter; or

(2)bonds issued by a lessor that are payable from lease rentals; the general assembly covenants with the county, the purchasers or owners of the bonds or other obligations described in subdivision (1), and the owners of bonds described in subdivision (2) that this chapter will not be repealed or amended in any manner that will adversely affect the imposition or collection of the tax imposed under this chapter if the principal of any bonds, the interest on any bonds, or the lease rentals due under any lease remain unpaid.

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With respect to:
(1) bonds, leases, or other obligations for which the county has
pledged tax revenues under section 5 of this chapter; or
(2) bonds issued by a lessor that are payable from lease rentals;
the general assembly covenants with the county, the purchasers or
owners of the bonds or other obligations described in subdivision (1),
and the owners of bonds described in subdivision (2) that this chapter
will not be repealed or amended in any manner that will adversely
affect the imposition or collection of the tax imposed under this chapter
if the principal of any bonds, the interest on any bonds, or the lease
rentals due under any lease remain unpaid.

Indiana § 6-9-10-10 (Covenant protecting bondholders) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.