Allocations; pledge for payment of bonds or leases

Sec. 5. The adopting body may not reduce the proportional allocation among the uses described in section 4 of this chapter in a year if the reduction would allocate less to the payment of bonds or leases for which the tax under this chapter has been pledged in accordance with law than the amount pledged and payable in that year or required under the agreements for the bonds or leases to be deposited in a sinking fund or other reserve in that year.
As added by P.L.243-2015, SEC.10. Amended by P.L.197-2016, SEC.49.