§ 4-10-18-16 — Grants

Indiana § 4-10-18-16

• Jurisdiction: Indiana
• Art. 10: STATE FUNDS GENERALLY
• Ch. 18: The Counter-Cyclical Revenue and Economic

Text

(a) Grants to or on behalf of political
subdivisions for qualified economic growth initiatives shall be made by
the Indiana economic development corporation established by IC 5-28-3-1.
(b) Each grant shall be made under a grant agreement by and
between:
(1) the Indiana economic development corporation; and
(2) the political subdivision proposing the economic growth
initiative or the person (as defined in IC 36-1-2-12) acting on
behalf of the political subdivision.
(c) Each grant agreement shall describe in detail:
(1) the qualified economic growth initiative;
(2) the financing plan by the political subdivision proposing the
economic growth initiative or by the person acting on behalf of
the political subdivision; and
(3) the estimated cost of the economic growth initiative and all
sources of money for the initiative.
(d) The Indiana economic development corporation may not execute
and deliver a grant agreement under this section, and no money may be
disbursed from the economic growth initiatives account, until the grant
agreement has been:
(1) reviewed by the budget committee established by IC 4-12-1-3;
and
(2) approved by the budget agency established by IC 4-12-1-3.
(e) In addition to the requirements of subsection (d), no money may
be disbursed for a grant from the economic growth initiatives account
without an appropriation made by the general assembly for that
purpose, unless the grant is for a qualified economic growth initiative
for a government building that is to be occupied by an agency of the
federal government.
(f) Not more than twenty-five percent (25%) of any grant may be
used for training or retraining employees whose jobs will be created or
retained as a result of the economic growth initiative.

Legislative History

As added by P.L.28-1993, SEC.5. Amended by P.L.4-2005, SEC.6.