§ 5-1-4-3 — Definitions

Indiana § 5-1-4-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 4: Hospital Bonding Authorities

Text

As used in this chapter, the following words and
terms shall have the following meanings unless the context indicates
another or different meaning or intent:
(a) "Authority" means a hospital authority created by IC 5-1-4-4 or
any board, body, commission, department, or officer succeeding to the
principal functions thereof or to whom the powers conferred upon such
authority by this chapter shall be given by law.
(b) "Project" means a structure or addition to an existing structure
which is suitable for use as a hospital, clinic, laboratory, laundry,
nurses' or interns' residence, administration building, research facility,
or maintenance, storage, or utility facility, and other structures or
facilities related thereto or required or useful for the operation of the
project, including the site thereof; parking and other facilities or
structures essential or convenient for the orderly operation of such
project, or equipment, machinery, and other similar items necessary or
convenient for the operation of the project in the manner for which its
use is intended, but not such items as fuel, supplies, or other items
which customarily result in a current operating charge. "Project" also
means:
(1) the construction of a part or portion of a building;
(2) the acquisition and remodeling of an existing building; or
(3) the acquisition of existing facilities of a participating hospital
in connection with the refunding or refinancing of outstanding
obligations, mortgages, or advances issued, made, or given by
such participating hospital whenever the authority finds that such
refunding or refinancing is in the public interest and either:
(A) alleviates a financial hardship upon the participating
hospital;
(B) results in a lesser cost of patient care and a saving to third
parties and others who must pay for such care; or
(C) enables the participating hospital to offer greater security
for the financing of a new project or projects or to effect
savings in interest costs or more favorable amortization terms.
(c) "Cost" as applied to a project or any portion thereof financed
under this chapter means all or any part of the cost of construction and
acquisition of all lands, structures, real or personal property, rights,
rights-of-way, franchises, easements, and interests acquired or used for
a project; the cost of demolishing or removing any buildings or
structures on land so acquired, including the cost of acquiring any
lands to which such buildings or structures may be moved; the cost of
all machinery and equipment, financing charges, interest prior to,
during, and for a period after completion of such construction;
provisions for working capital; reserves for principal and interest and
for extensions, enlargements, additions, replacements, renovations, and
improvements; cost of engineering, financial and legal services, plans,
specifications, studies, surveys, estimates of cost and of revenues;
administrative expenses; expenses necessary or incident to determining
the feasibility or practicability of constructing the project; and such
other expenses as may be necessary or incident to the construction and
acquisition of the project, the financing of such construction and
acquisition, and the placing of the project in operation.
(d) "Bonds" means bonds of the authority issued under this chapter,
including refunding bonds, notwithstanding that the same may be
secured by the full faith and credit of a participating hospital or any
other lawfully pledged security of a participating hospital.
(e) "Participating hospital" means a:
(1) nonprofit corporation which is organized under the laws of
this state or which is admitted to transact business in this state as
a foreign corporation; or
(2) hospital organized and existing under IC 16-24-1;
which either operates or proposes to operate a project or undertakes the
refunding of all or part of its outstanding indebtedness as authorized by
this chapter, or both.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10, SEC.1;
Acts 1975, P.L.35, SEC.2. As amended by Acts 1980, P.L.23, SEC.1;
P.L.26-1986, SEC.1; P.L.2-1993, SEC.39.