§ 6-9-26-15 — Pledge of funds to finance obligations

Indiana § 6-9-26-15

• Jurisdiction: Indiana
• Art. 9: INNKEEPER'S TAXES; OTHER LOCAL TAXES
• Ch. 26: Madison County Food and Beverage Tax

Text

(a) The county may enter into an agreement
under which amounts deposited in, or to be deposited in, the fund are
pledged to payment of obligations issued to finance the uses for the
money authorized under section 12 or 12.5 of this chapter.
(b) With respect to obligations for which a pledge has been made
under subsection (a), the general assembly covenants with the holders
of these obligations that:
(1) this chapter will not be repealed or amended in any manner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; and
(2) this chapter will not be amended in any manner that will
change the purpose for which revenues from the tax imposed
under this chapter may be used;
as long as the payment of any of those obligations is outstanding.

Legislative History

As added by P.L.74-1988, SEC.2. Amended by P.L.51-1992, SEC.4.