Section 36-7.5-4.5-16.5 - Transfer of funds by a cash participant or associate member; double tracking project; pledge(a) This section applies to an associate member or cash participant that has committed to: (1) make a cash payment to the development authority; or(2) provide revenues to the development authority annually to make debt service payments annually for the life of any:(A) bonds or obligations issued; or(B) leases entered into; by the development authority;
to finance the mainline double tracking project.
(b) A transfer of funds made by a cash participant or an associate member under this section after December 31, 2018, is considered to be a payment for services provided to residents by the mainline double tracking project (as described in section 12 of this chapter) as those services are rendered.(c) A transfer of funds under this section does not constitute an indebtedness of:(2) a cash participant; or(3) the state; within the meaning or application of any constitutional or statutory provision or limitation.
(d) A pledge by the development authority of transferred revenue under this section to the payment of bonds, leases, or obligations under this article or IC 5-1.3: (1) constitutes the obligations of the development authority; and(2) does not constitute an indebtedness of:(B) a cash participant; or(C) the state; within the meaning or application of any constitutional or statutory provision or limitation.
(e) Neither the transfer of revenue nor the pledge of revenue transferred under this section is an impairment of contract within the meaning or application of any constitutional provision or limitation because of the following:(1) The statutes governing local government revenues, including the transferred revenue, have been the subject of legislation annually since 1973, and during that time the statutes have been revised, amended, expanded, limited, and recodified dozens of times.(2) Owners of bonds, leases, or other obligations to which local government revenues have been pledged recognize that the regulation of government revenues has been extensive and consistent.(3) All bonds, leases, or other obligations, due to their essential contractual nature, are subject to relevant state and federal law that is enacted after the date of a contract.(4) The state of Indiana has a legitimate interest in assisting the northwest Indiana regional development authority in financing rail projects, including the mainline double tracking project.Amended by P.L. 10-2019,SEC. 138, eff. 7/1/2019.Added by P.L. 189-2018,SEC. 180, eff. 3/21/2018.