1. (a) The county fiscal body may adopt a resolution authorizing an agreement described in section 7(b) of this chapter that pledges all or part of the amounts received from the tax imposed under section 3 of this chapter toward the payment of obligations of a political subdivision located in the county only after a public hearing:

   1. (1) for which notice has been given in accordance with IC 5-3-1 ; and

   2. (2) at which all interested parties are provided the opportunity to be heard.

      Upon adoption of a resolution under this subsection, the county fiscal body shall publish notice of the adoption of the resolution in accordance with IC 5-3-1 . An action to contest the validity of the resolution or agreement described in section 7(b) of this chapter must be brought not later than thirty (30) days after notice of the adoption of the resolution.

2. (b) With respect to obligations to which amounts received from a tax imposed under section 3 of this chapter have been pledged in an agreement described in section 7(b) of this chapter, the general assembly covenants with the commission and the purchasers or owners of the obligations that this chapter will not be repealed or amended in any manner that will adversely affect the collection of the tax imposed under section 3 of this chapter, or the money deposited in the fund established under section 5 of this chapter, as long as the obligations are unpaid.

As added by P.L.230-2025, SEC.123.