Payment of obligations; covenant with holders
Sec. 16. With respect to obligations of the capital improvement
board described in section 12(a) of this chapter and bonds, leases, or
other obligations for which a pledge has been made under section 14
of this chapter, the general assembly covenants with the holders of
these obligations 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(1) this chapter will not be repealed or amended in any manner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 under this chapter; and
(2) this chapter will not be amended in any manner that will
change the purpose for which revenues from the tax imposed
under this chapter may be used;
as long as the payment of any of those obligations is outstanding.
As added by P.L.214-2005, SEC.44.
Last modified: May 28, 2006