Bonds or debts; adverse legislation; covenant
Sec. 9. With respect to bonds or debt for which a pledge of tax
revenues has been made under section 3 of this chapter, the general
assembly covenants with the commission, the county, the purchasers
of those bonds, and the lenders to a not-for-profit corporation under
this chapter 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(1) this chapter will not be repealed or amended in any manner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 by this chapter or the rights of lenders or bond
purchasers; and
(2) 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 the bonds or debt is
unpaid.
As added by P.L.75-1988, SEC.3.
Last modified: May 28, 2006