Capital development tourism fund; pledge of deposit to payment
of bonds; covenant of general assembly with purchasers of bonds
Sec. 6. (a) The board of managers may enter into an agreement
under which any amounts previously deposited in, or to be deposited
in, the capital development tourism fund are pledged to payment of
bonds described in section 5(b) of this chapter.
(b) With respect to bonds described in section 5(b) of this chapter
for which a pledge has been made under subsection (a), the Indiana
general assembly covenants with the purchasers of those bonds that:
(1) this chapter will not be repealed or amended in any manner
that will adversely affect the imposition or collection of that
portion of the tax imposed by this chapter that is dedicated to
the capital development tourism fund;
(2) this chapter will not be amended in any manner that will
reduce the amount of tax revenues dedicated to the capital
development tourism fund; and
(3) this chapter will not be amended in any manner that will
change the purpose for which money dedicated to the capital
development tourism fund may be used;
as long as the principal of, or interest on, any of those bonds is
unpaid.
As added by P.L.55-1984, SEC.4.
Last modified: May 28, 2006