§ 5-1.2-15-9 — Loans or other financial assistance; interest rates

Indiana § 5-1.2-15-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 15: Local Transportation Infrastructure Program

Text

(a) A loan from a fund may:
(1) not have a term of more than twenty (20) years;
(2) provide for amortization to begin not later than one (1) year
after construction of the project ends; and
(3) have an interest rate established by the authority in accordance
with subsection (c).
(b) Unless otherwise provided by the procedure established by the
authority under section 7 of this chapter, a participant that receives
financial assistance from the fund shall enter into a financial assistance
agreement. A financial assistance agreement is a valid, binding, and
enforceable agreement of the participant.
(c) The authority, in setting the interest rate or parameters for
establishing the interest rate on each loan, may take into account the
following:
(1) Credit risk.
(2) Affordability.
(3) Other fiscal factors the authority considers relevant, including
the program's cost of funds.
Based on the factors set forth in subdivisions (1) through (3), more than
one (1) interest rate may be established and used for loans to different
participants or for different loans or other financial assistance to the
same participants.

Legislative History

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