Indiana § 5-1.2-12-3 Indiana brownfields fund

Indiana Statutes

§ 5-1.2-12-3 — Indiana brownfields fund

Indiana § 5-1.2-12-3

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.2INDIANA FINANCE AUTHORITY

Ch. 12Indiana Brownfields Program

This text of Indiana § 5-1.2-12-3 (Indiana brownfields fund) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.2-12-3 (2026).

Text

(a)The Indiana brownfields fund is established to provide money for grants, loans, and other financial assistance to or for the benefit of political subdivisions under this chapter. The authority shall administer, hold, and manage the Indiana brownfields fund.

(b)Money in the fund at the end of a state fiscal year does not revert to the state general fund.

(c)Expenses of administering the Indiana brownfields fund shall be paid from money in the Indiana brownfields fund.

(d)The Indiana brownfields fund consists of the following:

(1)Appropriations made by the general assembly.

(2)Grants and gifts intended for deposit in the Indiana brownfields fund.

(3)Repayments of loans and other financial assistance from the Indiana brownfields fund, including premiums, interest, and penalties.

(4)

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(a) The Indiana brownfields fund is
established to provide money for grants, loans, and other financial
assistance to or for the benefit of political subdivisions under this
chapter. The authority shall administer, hold, and manage the Indiana
brownfields fund.
(b) Money in the fund at the end of a state fiscal year does not revert
to the state general fund.
(c) Expenses of administering the Indiana brownfields fund shall be
paid from money in the Indiana brownfields fund.
(d) The Indiana brownfields fund consists of the following:
(1) Appropriations made by the general assembly.
(2) Grants and gifts intended for deposit in the Indiana
brownfields fund.
(3) Repayments of loans and other financial assistance from the
Indiana brownfields fund, including premiums, interest, and
penalties.
(4) Proceeds from the sale of loans and other financial assistance
under section 8 of this chapter.
(5) Interest, premiums, gains, or other earnings on the Indiana
brownfields fund.
(6) Money transferred from the hazardous substances response
trust fund under IC 13-25-4-1(a)(9).
(7) Fees collected under section 6 of this chapter.
(8) Money transferred from the petroleum storage tank excess
liability trust fund under IC 13-23-7 for the purpose of
environmental assessment and remediation on a property
containing at least one (1) underground storage tank or
aboveground storage tank.
(9) Money transferred from the petroleum trust fund under IC 13-23-12-4(1) for the purpose of corrective actions that involve
releases of regulated substances from underground storage tanks
or aboveground storage tanks and are ineligible to receive funds
from the petroleum storage tank excess liability trust fund under
IC 13-23-7.
(e) The authority shall invest the money in the Indiana brownfields
fund not currently needed to meet the obligations of the Indiana
brownfields fund in accordance with an investment policy adopted by
the authority. Interest, premiums, gains, or other earnings from the
investments shall be credited to and deposited in the Indiana
brownfields fund.
(f) As an alternative to subsection (e), the authority may invest or
cause to be invested all or a part of the Indiana brownfields fund in a
fiduciary account or accounts with a trustee that is a financial
institution. Notwithstanding any other law, any investment may be
made by the trustee in accordance with one (1) or more trust
agreements or indentures. A trust agreement or indenture may allow
disbursements by the trustee to the authority, a participant, or any other
person as provided in the trust agreement or indenture.