Sec. 6. (a) The governing body shall provide for the payment of principal and interest on bonds executed under section 5 of this chapter by levying annually a tax for its debt service fund that is sufficient to pay the principal and interest as the bonds become due.
(b) The bodies charged with the review of budgets and tax levies shall review a levy for principal and interest described in subsection (a) to determine whether the levy is sufficient.
[Pre-2006 Recodification Citation: 21-2-21-5.]
As added by P.L.2-2006, SEC.171. Amended by P.L.244-2017, SEC.115.
Structure Indiana Code
Article 48. Borrowing and Bonds
Chapter 1. Borrowing and Bonds
20-48-1-1. Powers; Conditions and Issuance of Bonds; Improvement of Real Estate
20-48-1-2. Powers; Issuance of Bonds; Retirement or Severance Liability
20-48-1-2.5. Status of Bonds Issued Under Prior Statute; Debt Service Levies, Property Tax Levies
20-48-1-3. Payment Schedule; Maximum Term; Designee of Paying Agent
20-48-1-5. Signatures; Issuing Party
20-48-1-6. Required Debt Service Fund Levy; Payment of Obligations
20-48-1-8. Bonds; Emergency Loans; Compliance With Other Laws
20-48-1-9. Anticipation Warrants
20-48-1-10. Temporary Transfers Among Funds
20-48-1-12. Status of Bonds Issued Under Prior Statute; Debt Service Levies, Property Tax Levies