§ 36-7-12-18.5 — Bonding powers

Indiana § 36-7-12-18.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 12: Economic Development and Pollution Control

Text

5. A unit may initiate a program for
financing economic development or pollution control facilities for
developers and users in Indiana through the issuance of taxable or
tax-exempt bonds. In furtherance of this objective, the unit may do any
of the following:
(1) Establish eligibility standards for developers and users,
without complying with IC 4-22-2. However, these standards have
the force of law if the standards are adopted after a public hearing
for which notice has been given by publication under IC 5-3-1.
(2) Contract with any entity securing the payment of bonds issued
under this chapter and authorizing the entity to approve the
developers and users that can finance or refinance economic
development or pollution control facilities with proceeds from the
bond issue secured by that entity.
(3) Lease to a developer or user economic development or
pollution control facilities upon terms and conditions that the unit
considers proper and, with respect to the lease:
(A) charge and collect rents;
(B) terminate the lease upon the failure of the lessee to comply
with any of its obligations under the lease or otherwise as the
lease provides;
(C) include in the lease provisions that the lessee has the option
to renew the term of the lease for such periods and at such rents
as may be determined by the unit or to purchase any or all of
the economic development or pollution control facilities to
which the lease applies.
(4) Lend money, upon such terms and conditions as the unit
considers proper, to a developer or user under an installment
purchase contract or loan agreement to:
(A) finance, reimburse, or refinance the cost of economic
development or pollution control facilities; and
(B) take back a secured or unsecured promissory note
evidencing such a loan or a security interest in the economic
development or pollution control facilities financed or
refinanced with the loan.
(5) Sell or otherwise dispose of any unneeded or obsolete
economic development or pollution control facilities under terms
and conditions determined by the unit.
(6) Maintain, repair, replace, and otherwise improve or cause to
be maintained, repaired, replaced, and otherwise improved any
economic development or pollution control facilities owned by
the unit.
(7) Require any type of security that the unit considers reasonable
and necessary.
(8) Obtain or aid in obtaining property insurance on all economic
development or pollution control facilities owned or financed, or
accept payment if any economic development or pollution control
facilities are damaged or destroyed.
(9) Enter into any agreement, contract, or other instrument with
respect to any insurance, guarantee, letter of credit, or other form
of credit enhancement, accepting payment in such manner and
form as provided in the instrument if a developer or user defaults,
and assign any such insurance, guarantee, letter of credit, or other
form of credit enhancement as security for bonds issued by the
unit.
(10) Finance for eligible developers and users the cost of
economic development or pollution control facilities as set forth
in section 29 of this chapter.

Legislative History

As added by P.L.25-1987, SEC.48.