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6-9-4-9. Bonds or debts; adverse legislation; covenant

IN Code § 6-9-4-9 (2019) (N/A)
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Sec. 9. 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(1) this chapter will not be repealed or amended in any manner that will adversely affect the imposition or collection of the tax imposed by this chapter or the rights of lenders or bond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.

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

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