§ 36-7-12-18 — Powers of units

(a) A unit may:
(1) enter into agreements concerning, and acquire by any lawful
means, land or interests in land and personal property needed for
the purposes of this chapter;
(2) exercise its power of eminent domain to acquire unimproved
land, unoccupied economic development facilities, or pollution
control facilities and the land relating to those facilities, for the
purposes of this chapter;
(3) purchase, lease as lessee, construct, remodel, rebuild, enlarge,
or substantially improve economic development or pollution
control facilities, including land, machinery, or equipment;
(4) lease economic development or pollution control facilities to
users or developers, with or without an option to purchase;
(5) sell economic development or pollution control facilities to
users or developers, for consideration to be paid in installments
or otherwise;
(6) make direct loans to users or developers for the cost of
acquisition, construction, or installation of economic development
or pollution control facilities, including land, machinery, or
equipment, with the loans to be secured by the pledge of one (1)
or more taxable or tax-exempt bonds or other secured or
unsecured debt obligations of the users or developers;
(7) enter into agreements with users or developers to allow the
users or developers to wholly or partially construct economic
development or pollution control facilities to be acquired by the
unit;
(8) issue taxable or tax-exempt bonds under this chapter for single
or multiple, identified or unidentified, economic development or
pollution control facilities to accomplish the purposes of this
chapter, and secure their payment as provided in this chapter;
(9) establish reserves from the proceeds of the sale of taxable or
tax-exempt bonds, other funds, or both, to secure the payment of
the principal and interest on the bonds;
(10) lend or deposit the proceeds of bonds to or with a lender for
the purpose of furnishing funds to the lender for the purpose of
making a loan to a specifically identified developer or user for the
financing of specifically identified economic development or
pollution control facilities under this chapter; and
(11) reimburse from bond proceeds expenditures for pollution
control facilities or economic development facilities.
(b) This chapter does not authorize the financing of economic
development facilities for a developer unless any written agreement
that may exist between the developer and the user is fully disclosed to,
and approved by, the economic development commission or the fiscal
body of the unit.
[Pre-Local Government Recodification Citation:
18-6-4.5-11.]
As added by Acts 1981, P.L.309, SEC.31. Amended by
P.L.40-1983, SEC.3; P.L.25-1987, SEC.47; P.L.24-1995,
SEC.28.