A civil taxing unit may pledge its certified shares to the payment of bonds or to lease payments for:

1. (1) any purpose of the civil taxing unit;
2. (2) any purpose of another governmental entity located in any part in the county, including a governmental entity organized on a regional basis; or

3. (3) any purpose for which certified shares may be used under IC 6-3.6-10 .

   The pledge must be approved in an ordinance adopted by the fiscal body of the political subdivision.

As added by P.L.243-2015, SEC.10.