§ 5-1.2-10-16 — Loans or other financial assistance; required asset management program and reports

Indiana § 5-1.2-10-16

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 10: Wastewater and Drinking Water Revolving Loan

Text

(a) A loan or other financial assistance from
either fund must be accompanied by the following:
(1) All papers and opinions required by the authority.
(2) Unless otherwise provided by the guidelines of the authority,
the following:
(A) An approving opinion of nationally recognized bond
counsel.
(B) A certification and guarantee of signatures.
(C) A certification that, as of the date of the loan or other
financial assistance:
(i) no litigation is pending challenging the validity of or entry
into the loan or other financial assistance or any security for
the loan or other financial assistance; or
(ii) if litigation is pending, the litigation will not have a
material adverse effect on the validity of the loan or other
financial assistance or any security for the loan or other
financial assistance.
(D) If litigation is pending, as an alternative to the certification
described in clause (C), an opinion of legal counsel that the
litigation will not have a material adverse effect on the validity
of the loan or other financial assistance.
(E) Documentation demonstrating that the participant has the
financial, managerial, technical, and legal capability of
operating and maintaining its water or wastewater collection
and treatment system.
(b) Each participant to which, or for the benefit of which:
(1) a loan, grant, or other financial assistance is awarded before
July 1, 2023, must demonstrate that it has developed or is in the
process of developing an asset management program, as defined
in the guidelines of the authority; or
(2) a loan, grant, or other financial assistance is awarded after
June 30, 2023:
(A) must demonstrate that it has developed:
(i) an asset management program, as defined in the guidelines
of the authority; and
(ii) an estimate of the life cycle management costs, as defined
in the guidelines of the authority, that will be incurred over
the useful life of the asset to be financed with the loan, grant,
or other financial assistance;
not later than the time of submission of the participant's
preliminary engineering report for any project for which the
loan, grant, or other financial assistance would be provided;
(B) must report to the authority on an ongoing basis, at such
times as the authority shall prescribe, the actual life cycle
management costs incurred by the participant over the useful
life of the asset; and
(C) in the case of a participant that is not under the jurisdiction
of the Indiana utility regulatory commission, must regularly
report, at such times and in such manner as the authority shall
prescribe, to all:
(i) customers;
(ii) counties; and
(iii) municipalities;
within the participant's service territory such information
concerning the participant's asset management program and
utility asset life cycle management costs as the authority may
require.

Legislative History

As added by P.L.189-2018, SEC.25. Amended by P.L.18-2022, SEC.2.