§ 36-7-32-23 — Certified technology park fund; deposit of funds; uses; transfers to third party operator or manager

Indiana § 36-7-32-23

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32: Certified Technology Parks

Text

(a) Each redevelopment commission that
establishes a certified technology park under this chapter shall establish
a certified technology park fund to receive:
(1) property tax proceeds allocated under section 17 of this
chapter; and
(2) money distributed to the redevelopment commission under
section 22 of this chapter.
(b) Money deposited in the certified technology park fund may be
used by the redevelopment commission only for one (1) or more of the
following purposes:
(1) Acquisition, improvement, preparation, demolition, disposal,
construction, reconstruction, remediation, rehabilitation,
restoration, preservation, maintenance, repair, furnishing, and
equipping of public facilities.
(2) Operation of public facilities described in section 9(2) of this
chapter.
(3) Payment of the principal of and interest on any obligations
that are payable solely or in part from money deposited in the
fund and that are incurred by the redevelopment commission for
the purpose of financing or refinancing the development of public
facilities in the certified technology park.
(4) Establishment, augmentation, or restoration of the debt service
reserve for obligations described in subdivision (3).
(5) Payment of the principal of and interest on bonds issued by the
unit to pay for public facilities in or serving the certified
technology park.
(6) Payment of premiums on the redemption before maturity of
bonds described in subdivision (3).
(7) Payment of amounts due under leases payable from money
deposited in the fund.
(8) Reimbursement to the unit for expenditures made by it for
public facilities in or serving the certified technology park.
(9) Payment of expenses incurred by the redevelopment
commission for public facilities that are in the certified
technology park or serving the certified technology park.
(10) For any purpose authorized by an agreement between
redevelopment commissions entered into under section 26 of this
chapter.
(c) The certified technology park fund may not be used for operating
expenses of the redevelopment commission.
(d) If a redevelopment commission has designated a third party
manager or operator of the certified technology park, the
redevelopment commission shall transfer the appropriate amount from
the certified technology park fund to the manager or operator within
thirty (30) days of receiving a distribution under section 22 of this
chapter.

Legislative History

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.203-2005, SEC.13; P.L.1-2006, SEC.571; P.L.158-2019, SEC.34.