Covenant protecting bondholders
Sec. 10. With respect to:
(1) bonds, leases, or other obligations for which the county has
pledged tax revenues under section 5 of this chapter; or
(2) bonds issued by a lessor that are payable from lease rentals;
the general assembly covenants with the county, the purchasers or
owners of the bonds or other obligations described in subdivision (1),
and the owners of bonds described in subdivision (2) that 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will not be repealed or amended in any manner that will adversely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 if the principal of any bonds, the interest on any bonds, or the
lease rentals due under any lease remain unpaid.
As added by P.L.224-2003, SEC.253.
Last modified: May 28, 2006