Indiana § 8-18-22-6 Pledge of revenues; covenants not to impair pledged taxes

Indiana Statutes

§ 8-18-22-6 — Pledge of revenues; covenants not to impair pledged taxes

Indiana·Art. 18 COUNTY ROADS─FINANCING AND BONDING·Ch. 22 County Road and Bridge Bonding

Note: This version of section effective until 7-1-2027. See also following version of this section, effective 7-1-2027. Sec. 6.

(a)Except as provided in subsection (b), the county fiscal body may pledge revenues for the payment of principal and interest on the bonds and for other purposes under the ordinance as provided by IC 5-1-14-4, including revenues from the following sources:

(1)The motor vehicle highway account.

(2)The local road and street account.

(3)The county vehicle excise tax.

(4)The county wheel tax.

(5)The local income tax (IC 6-3.6).

(6)Assessments.

(7)Any other unappropriated or unencumbered money.

(b)The county fiscal body may not pledge to levy ad valorem property taxes for these purposes, except for revenues from the following:

(1)IC 8-16-3.

(2)IC 8-16-3.1. (

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Note: This version of section effective until 7-1-2027. See also
following version of this section, effective 7-1-2027.
Sec. 6. (a) Except as provided in subsection (b), the
county fiscal body may pledge revenues for the payment of principal
and interest on the bonds and for other purposes under the ordinance
as provided by IC 5-1-14-4, including revenues from the following
sources:
(1) The motor vehicle highway account.
(2) The local road and street account.
(3) The county vehicle excise tax.
(4) The county wheel tax.
(5) The local income tax (IC 6-3.6).
(6) Assessments.
(7) Any other unappropriated or unencumbered money.
(b) The county fiscal body may not pledge to levy ad valorem
property taxes for these purposes, except for revenues from the
following:
(1) IC 8-16-3.
(2) IC 8-16-3.1.
(c) If the county fiscal body has pledged revenues from the local
income tax as set forth in subsection (a), the local income tax council
(as defined in IC 6-3.6-2-12) may covenant that the council will not
repeal or modify the tax in a manner that would adversely affect owners
of outstanding bonds issued under this chapter. The local income tax
council may make the covenant by adopting an ordinance using
procedures described in IC 6-3.6-3.

Indiana § 8-18-22-6 (Pledge of revenues; covenants not to impair pledged taxes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.