Bonds, leases, or other obligations; covenants of general assembly
Sec. 9. With respect to:
(1) bonds for which a pledge of airport authority revenues has
been made by the airport authority, the Indiana general
assembly covenants with the airport authority and the
purchasers of those bonds that:
(A) this chapter will not be repealed or amended in any
manner that will adversely affect the imposition or collection
of the tax imposed by this chapter; and
(B) this chapter will not be amended in any manner that will
change the purpose for which revenues from the tax imposed
by this chapter may be used;
as long as the principal of or interest on any of those bonds is
unpaid; and
(2) bonds, leases, or other obligations for which a pledge of
revenues of the food and beverage tax imposed under this
chapter has been made by the county as set forth in section 8.7
of this chapter, and bonds issued by a lessor that are payable
from lease rentals, the general assembly covenants with the
county and the purchasers or owners of the bonds or other
obligations described in this subdivision that this chapter will
not be repealed or amended in any manner that will adversely
affect the imposition or collection of the food and beverage tax
imposed by this chapter as long as the principal of any bonds,
the interest on any bonds, or the lease rentals due under any
lease are unpaid.
As added by P.L.83-1985, SEC.1. Amended by P.L.99-1995, SEC.12.
Last modified: May 28, 2006