Indiana § 8-5-15-5.6 Covenants with bond purchasers; distributions from electric rail service
fund

Indiana Statutes

§ 8-5-15-5.6 — Covenants with bond purchasers; distributions from electric rail service fund

Indiana § 8-5-15-5.6

Art. 5COMMUTER RAILWAYS

Ch. 15Commuter Transportation Districts

This text of Indiana § 8-5-15-5.6 (Covenants with bond purchasers; distributions from electric rail service fund) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 8-5-15-5.6 (2026).

Text

6.

(a)The general assembly covenants with the purchasers of any bonds issued pursuant to the authority of this chapter that the taxes providing the amounts to be distributed to the district from the electric rail service fund (IC 8-3-1.5-20.6) and the commuter rail service fund (IC 8-3-1.5-20.5), which amounts are pledged to the payment of those bonds, shall not be repealed, amended, or altered in any manner that would adversely affect the levy and collection of those taxes, or change the method of fixing the rates of those taxes, so long as the principal of, or interest on, any such bonds is unpaid.

(b)The board, on behalf of the state and the district, is hereby authorized to make a similar pledge or covenant in any agreement with the purchasers of any bonds issued pursuant to the auth

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6. (a) The general assembly covenants with the
purchasers of any bonds issued pursuant to the authority of this chapter
that the taxes providing the amounts to be distributed to the district
from the electric rail service fund (IC 8-3-1.5-20.6) and the commuter
rail service fund (IC 8-3-1.5-20.5), which amounts are pledged to the
payment of those bonds, shall not be repealed, amended, or altered in
any manner that would adversely affect the levy and collection of those
taxes, or change the method of fixing the rates of those taxes, so long
as the principal of, or interest on, any such bonds is unpaid.
(b) The board, on behalf of the state and the district, is hereby
authorized to make a similar pledge or covenant in any agreement with
the purchasers of any bonds issued pursuant to the authority of this
chapter.
(c) For purposes of this section, the principal of or interest on bonds
or notes shall be considered paid if provision has been made for their
payment in such a manner that the bonds or notes are not considered to
be outstanding under the provisions of the resolution or trust agreement
pursuant to which the bonds or notes are issued.
As added by Acts 1981, P.L.67, SEC.9. Amended by
P.L.385-1987(ss), SEC.6.