Enforcement of pledge of county option income tax revenue;
covenant by general assembly
Sec. 26. (a) A pledge of county option income tax revenues under
this chapter is enforceable in accordance with IC 5-1-14.
(b) With respect to obligations for which a pledge has been made
under this chapter, the general assembly covenants with the county
and the purchasers or owners of those obligations that this chapter
will not be repealed or amended in any manner that will adversely
affect the tax collected under this chapter as long as the principal of
or interest on those obligations is unpaid.
As added by P.L.178-2002, SEC.67.
Last modified: May 28, 2006