Indiana § 8-5-15-5.6 - Covenants with bond purchasers; distributions from electric rail service fund
Full text of Indiana Indiana Code § 8-5-15-5.6 — Covenants with bond purchasers; distributions from electric rail service fund, with citation guidance and answers to common questions.
§ 8-5-15-5.6. Covenants with bond purchasers; distributions from electric rail service fund
Sec. 5.6. (a) The general assembly covenants with the purchasers of any bonds issued pursuant to the authority of this chapter that the taxes providing the amounts to be distributed to the district from the electric rail service fund (IC 8-3-1.5-20.6) and the commuter rail service fund (IC 8-3-1.5-20.5), which amounts are pledged to the payment of those bonds, shall not be repealed, amended, or altered in any manner that would adversely affect the levy and collection of those taxes, or change the method of fixing the rates of those taxes, so long as the principal of, or interest on, any such bonds is unpaid.
(b) The board, on behalf of the state and the district, is hereby authorized to make a similar pledge or covenant in any agreement with the purchasers of any bonds issued pursuant to the authority of this chapter.
(c) For purposes of this section, the principal of or interest on bonds or notes shall be considered paid if provision has been made for their payment in such a manner that the bonds or notes are not considered to be outstanding under the provisions of the resolution or trust agreement pursuant to which the bonds or notes are issued.
As added by Acts 1981, P.L.67, SEC.9. Amended by P.L.385-1987(ss), SEC.6.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 8-5-15-5.6
What does Indiana Code § 8-5-15-5.6 cover?
Section 8-5-15-5.6 ("Covenants with bond purchasers; distributions from electric rail service fund") 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 § 8-5-15-5.6?
A common citation format is "Indiana Code § 8-5-15-5.6" (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 § 8-5-15-5.6 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.