§ 36-7-26-24 — Bonds; issuance; lease rental payments; remitted funds; distributions

Indiana § 36-7-26-24

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 26: Economic Development Project Districts

Text

(a) The commission may issue bonds,
payable in whole or in part, from money distributed from the fund to
the commission, to finance a local public improvement under IC 36-7-14-25.1 or may make lease rental payments for a local public
improvement under IC 36-7-14-25.2 and IC 36-7-14-25.3. The term of
any bonds issued under this section may not exceed twenty (20) years,
nor may the term of any lease agreement entered into under this section
exceed twenty (20) years. The commission shall transmit to the board
a transcript of the proceedings with respect to the issuance of the bonds
or the execution and delivery of a lease agreement as contemplated by
this section. The transcript must include a debt service or lease rental
schedule setting forth all payments required in connection with the
bonds or the lease rentals.
(b) On January 15 of each year, the commission shall remit to the
treasurer of state the money disbursed from the fund that is credited to
the net increment account that exceeds the amount needed to pay debt
service or lease rentals and to establish and maintain a debt service
reserve under this chapter in the prior year and before May 31 of that
year. Amounts remitted under this subsection shall be deposited by the
state comptroller as other gross retail and use taxes are deposited.
(c) The commission in a city described in section 1(2) of this
chapter may distribute money from the fund only for the following:
(1) Road, interchange, and right-of-way improvements.
(2) Acquisition costs of a commercial retail facility and for real
property acquisition costs in furtherance of the road, interchange,
and right-of-way improvements.
(3) Demolition of commercial property and any related expenses
incurred before or after the demolition of the commercial
property.
(4) For physical improvements or alterations of property that
enhance the commercial viability of the district.
(d) The commission in a city described in section 1(3) of this
chapter may distribute money from the fund only for the following
purposes:
(1) For road, interchange, and right-of-way improvements and for
real property acquisition costs in furtherance of the road,
interchange, and right-of-way improvements.
(2) For the demolition of commercial property and any related
expenses incurred before or after the demolition of the
commercial property.
(e) The commission in a city described in section 1(4) of this
chapter may distribute money from the fund only for the following
purposes:
(1) For:
(A) the acquisition, demolition, and renovation of property; and
(B) site preparation and financing;
related to the development of housing in the district.
(2) For physical improvements or alterations of property that
enhance the commercial viability of the district.

Legislative History

As added by P.L.35-1990, SEC.63. Amended by P.L.185-2001, SEC.9; P.L.291-2001, SEC.203; P.L.1-2002, SEC.161; P.L.177-2002, SEC.16 and P.L.178-2002, SEC.122; P.L.9-2024, SEC.549.