Indiana § 6-9-3-6 Capital development tourism fund; pledge of deposit to payment of
bonds; covenant of general assembly with purchasers of bonds

Indiana Statutes

§ 6-9-3-6 — Capital development tourism fund; pledge of deposit to payment of bonds; covenant of general assembly with purchasers of bonds

Indiana·Art. 9 INNKEEPER'S TAXES; OTHER LOCAL TAXES·Ch. 3 Floyd/Clark County Innkeeper's Tax

(a)The board of managers may enter into an agreement under which any amounts previously deposited in, or to be deposited in, the capital development tourism fund are pledged to payment of bonds described in section 5(b) of this chapter.

(b)With respect to bonds described in section 5(b) of this chapter for which a pledge has been made under subsection (a), the Indiana general assembly covenants with the purchasers of those bonds that:

(1)this chapter will not be repealed or amended in any manner that will adversely affect the imposition or collection of that portion of the tax imposed by this chapter that is dedicated to the capital development tourism fund;

(2)this chapter will not be amended in any manner that will reduce the amount of tax revenues dedicated to the capital developmen

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(a) The board of managers may enter into an
agreement under which any amounts previously deposited in, or to be
deposited in, the capital development tourism fund are pledged to
payment of bonds described in section 5(b) of this chapter.
(b) With respect to bonds described in section 5(b) of this chapter
for which a pledge has been made under subsection (a), the Indiana
general assembly covenants with the purchasers of those bonds that:
(1) this chapter will not be repealed or amended in any manner
that will adversely affect the imposition or collection of that
portion of the tax imposed by this chapter that is dedicated to the
capital development tourism fund;
(2) this chapter will not be amended in any manner that will
reduce the amount of tax revenues dedicated to the capital
development tourism fund; and
(3) this chapter will not be amended in any manner that will
change the purpose for which money dedicated to the capital
development tourism fund may be used;
as long as the principal of, or interest on, any of those bonds is unpaid.

Indiana § 6-9-3-6 (Capital development tourism fund; pledge of deposit to payment of bonds; covenant of general assembly with purchasers of bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.