§ 6-9-4-9 — Bonds or debts; adverse legislation; covenant

Indiana § 6-9-4-9

• Jurisdiction: Indiana
• Art. 9: INNKEEPER'S TAXES; OTHER LOCAL TAXES
• Ch. 4: Monroe County Innkeeper's Tax

Text

With respect to bonds or debt for which a pledge
of tax revenues has been made under section 3 of this chapter, the
general assembly covenants with the commission, the county, the
purchasers of those bonds, and the lenders to a not-for-profit
corporation under this chapter 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(1) this chapter will not be repealed or amended in any manner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 by this chapter or the rights of lenders or bond
purchasers; and
(2) this chapter will not be amended in any manner that will
change the purpose for which revenues from the tax imposed by
this chapter may be used;
as long as the principal of, or interest on, any of the bonds or debt is
unpaid.

Legislative History

As added by P.L.75-1988, SEC.3.