§ 5-1.2-12-13 — Deposits of money; uses

Indiana § 5-1.2-12-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 12: Indiana Brownfields Program

Text

(a) The authority may deposit
appropriations or other money received under this chapter (or IC 13-19-5, before its repeal) after June 30, 1999, into an account of the
Indiana brownfields fund. The authority may use money deposited in
the account to award financial assistance, including forgivable loans,
to or for the benefit of a political subdivision, and awards of
professional services to private individuals or entities, nonprofit
entities, and political subdivisions for remediation or other brownfield
redevelopment activities. The authority shall, in the manner provided
by section 10 of this chapter, adopt guidelines to establish a political
subdivision's eligibility for a forgivable loan. The guidelines may
provide priority for projects based on the funding source.
(b) The financial assistance agreement for a project to be financed
with a forgivable loan must specify economic development or
redevelopment goals for the project that must be achieved before the
political subdivision will be released from its obligation to repay the
forgivable loan.

Legislative History

As added by P.L.189-2018, SEC.25.