Indiana § 5-1.2-2-21 "Educational facility project"

Indiana Statutes

§ 5-1.2-2-21 — "Educational facility project"

Indiana § 5-1.2-2-21

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.2INDIANA FINANCE AUTHORITY

Ch. 2Definitions

This text of Indiana § 5-1.2-2-21 ("Educational facility project") 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 § 5-1.2-2-21 (2026).

Text

(a)"Educational facility project" includes the following:

(1)As applied to an educational facility project under IC 5-1.2-8, the following:

(A)The acquisition, construction, enlarging, remodeling, renovation, improvement, furnishing, or equipping of an educational facility by the authority for a nonprofit college or university.

(B)The funding of any liability, other loss, or insurance reserves or the funding and contribution of these insurance reserves or other capital to a risk retention group to provide insurance coverage against liability claims or other losses.

(2)As applied to an educational facility project under IC 5-1.2-9, the following:

(A)The acquisition of land, site improvements, infrastructure improvements, buildings, or structures, the rehabilitation, renovation, and en

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(a) "Educational facility project" includes the
following:
(1) As applied to an educational facility project under IC 5-1.2-8,
the following:
(A) The acquisition, construction, enlarging, remodeling,
renovation, improvement, furnishing, or equipping of an
educational facility by the authority for a nonprofit college or
university.
(B) The funding of any liability, other loss, or insurance
reserves or the funding and contribution of these insurance
reserves or other capital to a risk retention group to provide
insurance coverage against liability claims or other losses.
(2) As applied to an educational facility project under IC 5-1.2-9,
the following:
(A) The acquisition of land, site improvements, infrastructure
improvements, buildings, or structures, the rehabilitation,
renovation, and enlargement of buildings and structures,
machinery, equipment, furnishings, or facilities (or any
combination of these):
(i) comprising or being functionally related and subordinate
to any aquaria, botanical societies, historical societies,
libraries, museums, performing arts associations or societies,
scientific societies, zoological societies, and independent
elementary, secondary, or postsecondary educational
institutions (or any combination of these) that engage in the
cultural, intellectual, scientific, educational, or artistic
enrichment of the people of the state, the development or
expansion of which serves the purposes set forth in IC 5-1.2-9; and
(ii) not used or not to be used primarily for sectarian
instruction or study or as a place for devotional activities.
(B) Funding (including reimbursement or refinancing) by a
nonprofit organization described in subsection (b) of:
(i) real property and improvements;
(ii) personal property; or
(iii) noncapital costs to fund a judgment, a settlement, or
other cost or liability, other than an ordinary and recurring
operating cost or expenditure.
(b) For purposes of subsection (a)(2)(B), a nonprofit organization
must:
(1) be qualified as tax exempt under Section 501(c)(3) of the
Internal Revenue Code; and
(2) have headquarters or a primary educational or exhibit facility
located on property owned by or titled in the name of the state or
an agency, a commission, or an instrumentality of the state that
serves the purposes set forth in IC 5-1.2-9.