Coliseum expansion fund deposits; agreement; payment of
obligations
Sec. 9. (a) Subject to the limitation of section 3(d) of this chapter,
the county may enter into an agreement under which amounts
deposited in, or to be deposited in, the coliseum expansion fund are
pledged to payment of obligations issued to finance the remodeling,
expansion, or maintenance of an athletic and exhibition coliseum
under section 8 of this chapter.
(b) With respect to obligations for which a pledge has been made
under subsection (a), 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(1) this chapter will not be repealed or amended in any manner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.77-1986, SEC.1.
Last modified: May 28, 2006