Sec. 16. Notwithstanding any other law, a county that expects to receive an economic benefit from a qualified economic development tax project under this chapter, a county contiguous to such a county, or a municipality that expects to receive an economic benefit from a qualified economic development tax project under this chapter, may pledge (as authorized in IC 5-1-14-4) any legally available money to the payment of bonds or lease rentals to finance a qualified economic development tax project. The pledge does not create a debt of the pledging county or municipality under the Constitution of the State of Indiana so long as the money is designated to make lease rental payments to finance a qualified economic development tax project.
As added by P.L.28-1993, SEC.14.
Structure Indiana Code
Article 7. Planning and Development
Chapter 27. Economic Development Tax Area
36-7-27-1. Application of Chapter
36-7-27-2. "Base Period Amount"
36-7-27-5. "Covered Local Income Taxes"
36-7-27-8. "Incremental Income Tax"
36-7-27-9. "Qualified Economic Development Tax Project"
36-7-27-12. Allocation Provision; Adoption; Notice; Certification of Base Period Amount
36-7-27-14. Bonds; Issuance; Purposes
36-7-27-15. Tax Covenant With Bond Owners
36-7-27-16. Pledge to Finance Economic Development Tax Project
36-7-27-18. Information Required to Be Disclosed by Employers