State covenant on bond payments

Sec. 12. With respect to obligations of the board described in section 8(a) of this chapter and bonds, leases, or other obligations for which a pledge has been made under section 10 of this chapter, the general assembly covenants with the holders of these obligations that: (1) this chapter will not be repealed or amended in any manner that will adversely effect the imposition or collection or the tax imposed under this chapter; and (2) this chapter will not be amended in any manner that will change the purpose for which revenues from the tax imposed under this chapter may be used; as long as the payment of any of those obligations is outstanding. As added by P.L.44-2026, SEC.19.