Indiana § 5-1-5-10 - Irrevocable pledge to general obligation bond; effect
Full text of Indiana Indiana Code § 5-1-5-10 — Irrevocable pledge to general obligation bond; effect, with citation guidance and answers to common questions.
§ 5-1-5-10. Irrevocable pledge to general obligation bond; effect
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.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-1-5-10
What does Indiana Code § 5-1-5-10 cover?
Section 5-1-5-10 ("Irrevocable pledge to general obligation bond; effect") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 5-1-5-10?
A common citation format is "Indiana Code § 5-1-5-10" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 5-1-5-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.