Indiana § 6-9-35-16 Payment of obligations; covenant with holders

Indiana Statutes

§ 6-9-35-16 — Payment of obligations; covenant with holders

Indiana·Art. 9 INNKEEPER'S TAXES; OTHER LOCAL TAXES·Ch. 35 Stadium and Convention Building Food and Beverage

With respect to obligations of the capital improvement board described in section 12(a) of this chapter and bonds, leases, or other obligations for which a pledge has been made under section 14 of this chapter, 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(1)this chapter will not be repealed or amended in any manner that will adversely affect the imposition or collection of the tax imposed under this chapter; and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.

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With respect to obligations of the capital
improvement board described in section 12(a) of this chapter and
bonds, leases, or other obligations for which a pledge has been made
under section 14 of this chapter, 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(1) this chapter will not be repealed or amended in any manner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.

Indiana § 6-9-35-16 (Payment of obligations; covenant with holders) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.