1. (a) This section applies to bonds that are:

   1. (1) issued after June 30, 2008, by a local issuing body; and

   2. (2) payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes;

      including bonds that are issued under a statute that permits the bonds to be issued without complying with any other law or otherwise expressly exempts the bonds from the requirements of this section.

2. (b) Except as provided by section 2.5 of this chapter, the last date permitted under an agreement for the payment of principal and interest on bonds that are issued to retire or otherwise refund other revenue bonds or general obligation bonds may not extend beyond the maximum term of the bonds being refunded.

As added by P.L.146-2008, SEC.24. Amended by P.L.229-2011, SEC.64.