§ 36-7-15.1-3.5 — Redevelopment commission in consolidated city; controller disbursements before approval; accounting for redevelopment commission funds; short term borrowing by unit

Indiana § 36-7-15.1-3.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.1: Redevelopment of Areas in Marion County Needing

Text

5. (a) The controller of the consolidated city
is the fiscal officer of a commission subject to this chapter.
(b) The controller may obtain financial services on a contractual
basis for purposes of carrying out the powers and duties of the
commission and protecting the public interests related to the operations
and funding of the commission. Subject to subsection (c), the controller
has charge over and is responsible for the administration, investment,
and disbursement of all funds and accounts of the commission in
accordance with the requirements of state law that apply to other funds
and accounts administered by the controller.
(c) The controller may disburse funds of the commission only after
the commission allows and approves the disbursement. However, the
commission may, by rule or resolution, authorize the controller to make
certain types of disbursements before the commission's allowance and
approval at its next regular meeting.
(d) The following apply to funds of the redevelopment commission:
(1) The funds must be accounted for separately by the unit
establishing the redevelopment commission and the daily balance
of the funds must be maintained in a separate ledger statement.
(2) Except as provided in subsection (e), all funds designated as
redevelopment commission funds must be accessible to the
redevelopment commission at any time.
(3) The amount of the daily balance of redevelopment
commission funds shall be not below zero (0) at any time.
(4) The funds may not be maintained or used in a manner that is
intended to avoid the waiver procedures and requirements for a
unit and the redevelopment commission under subsection (e).
(e) If the fiscal body of the unit determines that it is necessary to
engage in short-term borrowing until the next tax collection period, the
fiscal body of the unit may request approval from the redevelopment
commission to waive the requirement in subsection (d)(2). In order to
waive the requirement under subsection (d)(2), the fiscal body of the
unit and the redevelopment commission must adopt similar resolutions
that set forth:
(1) the amount of the funds designated as redevelopment
commission funds that are no longer accessible to the
redevelopment commission under the waiver; and
(2) an expiration date for the waiver.
If a loan is made to a unit from funds designated as redevelopment
funds, the loan must be repaid by the unit and the funds made
accessible to the redevelopment commission not later than the end of
the calendar year in which the funds are received by the unit.
(f) Subsections (d) and (e) do not restrict transfers or uses by a
redevelopment commission made to meet commitments under a written
agreement of the redevelopment commission that was entered into
before January 1, 2016, if the written agreement complied with the
requirements existing under the law at the time the redevelopment
commission entered into the written agreement.

Legislative History

As added by P.L.149-2014, SEC.31. Amended by P.L.5-2015, SEC.68; P.L.87-2015, SEC.7; P.L.204-2016, SEC.34; P.L.85-2017, SEC.123.