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2023 Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 5. Refunding Bonds Generally
5-1-5-10. Irrevocable Pledge to General Obligation Bond; Effect
Universal Citation:
IN Code § 5-1-5-10 (2023)
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Sec. 10. When funds and investments and the known earned income therefrom in amounts sufficient to pay the principal of and interest and any premium on bonds to be refunded as they become due at their respective maturities or at the date fixed for redemption have been irrevocably pledged to the bonds to be refunded, such bonds shall not constitute an indebtedness of the issuing body within the meaning of any constitutional or statutory debt limitation.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.44-1987, SEC.1.
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