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 local income tax in Delaware County, Hamilton County, Hancock County, Hendricks County, Johnson County, Madison County, or Marion County.
(b) The county fiscal body may not pledge to levy ad valorem property taxes for these purposes.
(c) If the county fiscal body has pledged revenues from the local income tax as set forth in subsection (a), the county fiscal body may covenant that the county fiscal body will not repeal or modify the tax in a manner that would adversely affect owners of outstanding bonds issued under this chapter. The county fiscal body may make the covenant by adopting an ordinance.
As added by P.L.153-2014, SEC.17. Amended by P.L.197-2016, SEC.95; P.L.247-2017, SEC.29.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 25. Central Indiana Public Transportation Projects
Chapter 5. Bonding for Central Indiana Public Transportation Projects
8-25-5-3. Bond Issues; Purposes; Notice and Hearing
8-25-5-4. Ordinance Authorizing Bonds; Method of Sale; Price
8-25-5-5. Optional Provisions of Ordinance
8-25-5-6. Pledges of Revenues, Covenants
8-25-5-8. Execution and Attestation of Bonds
8-25-5-9. Use of Bond Proceeds
8-25-5-10. Bonds as Negotiable Instruments; Registration
8-25-5-12. Exemption From Securities Registration Laws
8-25-5-13. State Covenant Not to Impair Bondholder Rights and Remedies
8-25-5-14. Certain Procedures for Issuance of Bonds Inapplicable