Ind. Code § 5-1-5-10
This is the official text of Ind. Code § 5-1-5-10, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Irrevocable pledge to general obligation bond; effect
Official statutory text
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.
Formerly: Acts 1973, P.L.28, SEC.1. As amended by P.L.44-1987, SEC.1.
Status: in_force · Read it on the official government site
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