Sec. 6. (a) Except as provided in subsection (b), the county fiscal body may pledge revenues for the payment of principal and interest on the bonds and for other purposes under the ordinance as provided by IC 5-1-14-4, including revenues from the following sources:
(1) The motor vehicle highway account.
(2) The local road and street account.
(3) The county vehicle excise tax.
(4) The county wheel tax.
(5) The local income tax (IC 6-3.6).
(6) Assessments.
(7) Any other unappropriated or unencumbered money.
(b) The county fiscal body may not pledge to levy ad valorem property taxes for these purposes, except for revenues from the following:
(1) IC 8-16-3.
(2) IC 8-16-3.1.
(c) If the county fiscal body has pledged revenues from the local income tax as set forth in subsection (a), the local income tax council (as defined in IC 6-3.6-2-12) may covenant that the council will not repeal or modify the tax in a manner that would adversely affect owners of outstanding bonds issued under this chapter. The local income tax council may make the covenant by adopting an ordinance using procedures described in IC 6-3.6-3.
As added by P.L.113-1989, SEC.9. Amended by P.L.197-2016, SEC.84; P.L.256-2017, SEC.96.