(a) The authority is granted all powers
necessary or appropriate to carry out and effectuate its public and
corporate purposes under the referenced statutes, including the
following:
(1) Have perpetual succession as a body politic and corporate and
an independent instrumentality exercising essential public
functions.
(2) Without complying with IC 4-22-2, adopt, amend, and repeal
bylaws, rules, guidelines, and policies not inconsistent with the
referenced statutes, and necessary or convenient to regulate its
affairs and to carry into effect the powers, duties, and purposes of
the authority and conduct its business under the referenced
statutes. These bylaws, rules, guidelines, and policies must be
made by a resolution of the authority introduced at one (1)
meeting and approved at a subsequent meeting of the authority.
(3) Sue and be sued in its own name.
(4) Have an official seal and alter it at will.
(5) Maintain an office or offices at a place or places within the
state as it may designate.
(6) Make, execute, and enforce contracts and all other instruments
necessary, convenient, or desirable for the purposes of the
authority or pertaining to:
(A) a purchase, acquisition, or sale of securities or other
investments; or
(B) the performance of the authority's duties and execution of
any of the authority's powers under the referenced statutes.
(7) Employ architects, engineers, attorneys, space planners,
construction managers, inspectors, accountants, agriculture
experts, silviculture experts, aquaculture experts, health care
experts, and financial experts, and any other advisers, consultants,
and agents as may be necessary in its judgment and to fix their
compensation and contract for the creation of plans and
specifications for a facility.
(8) Procure insurance against any loss in connection with its
property and other assets, including loans and loan notes in
amounts and from insurers as it may consider advisable.
(9) Borrow money, make guaranties, issue bonds, and otherwise
incur indebtedness for any of the authority's purposes, and issue
debentures, notes, or other evidence of indebtedness, whether
secured or unsecured, to any person, as provided by the
referenced statutes. Notwithstanding any other law, the:
(A) issuance by the authority of any indebtedness that
establishes a procedure for the authority or a person acting on
behalf of the authority to certify to the general assembly the
amount needed to restore a debt service reserve fund or another
fund to required levels; or
(B) execution by the authority of any other agreement that
creates a moral obligation of the state to pay all or part of any
indebtedness issued by the authority;
is subject to review by the budget committee and approval by the
budget director.
(10) Procure insurance or guaranties from any public or private
entities, including any department, agency, or instrumentality of
the United States, to guarantee, insure, coinsure, and reinsure
against political and commercial risk of loss, and any other
insurance the authority considers necessary, including insurance
to secure payment:
(A) on a loan, lease, or purchase payment owed by a
participating provider to the authority; and
(B) of any bonds issued by the authority, including the power
to pay premiums on any insurance, reinsurance, or guarantee.
(11) Purchase, receive, take by grant, gift, devise, bequest, or
otherwise, and accept, from any source, aid or contributions of
money, property, labor, or other things of value to be held, used,
and applied to carry out the purposes of the referenced statutes,
subject to the conditions upon which the grants or contributions
are made, including but not limited to gifts or grants from any
department, agency, or instrumentality of the United States, and
lease (as lessee or lessor) or otherwise acquire, own, hold,
improve, employ, use, or otherwise deal in and with real or
personal property or any interest in real or personal property,
wherever situated, for any purpose consistent with the referenced
statutes.
(12) Enter into agreements with any department, agency, or
instrumentality of the United States or this state and with lenders
and enter into loan agreements, sales contracts, financial
assistance agreements, and leases with contracting parties,
including participants for any purpose allowed under IC 5-1.2-10,
IC 5-1.2-11, IC 5-1.2-14, or IC 5-1.2-14.5, borrowers, lenders,
developers, or users, for the purpose of planning, regulating, and
providing for the financing and refinancing of any economic
development project, for any purpose allowed under IC 5-1.2-10,
IC 5-1.2-11, IC 5-1.2-14, or IC 5-1.2-14.5, or intrastate and
interstate sales, transactions and business activities or
international exports, and distribute data and information
concerning the encouragement and improvement of economic
development projects, intrastate and interstate sales, transactions
and business activities, international exports, and other types of
employment in the state undertaken with the assistance of the
authority under this article.
(13) Enter into contracts or agreements with lenders and lessors
for the servicing and processing of loans and leases pursuant to
the referenced statutes.
(14) Provide technical assistance to local public bodies and to for
profit and nonprofit entities in the development or operation of
economic development projects.
(15) To the extent allowed under its contract with the holders of
the bonds of the authority, consent to any modification with
respect to the rate of interest, time, and payment of any
installment of principal or interest, or any other term of any
contract, loan, loan note, loan note commitment, contract, lease,
or agreement of any kind to which the authority is a party.
(16) To the extent allowed under its contract with the holders of
bonds of the authority, enter into contracts with any lender
containing provisions enabling it to reduce the rental or carrying
charges to persons unable to pay the regular schedule of charges
when, by reason of other income or payment by any department,
agency, or instrumentality of the United States or of this state, the
reduction can be made without jeopardizing the economic
stability of the economic development project being financed.
(17) Notwithstanding IC 5-13, but subject to the requirements of
any trust agreement entered into by the authority, invest:
(A) the authority's money, funds, and accounts;
(B) any money, funds, and accounts in the authority's custody;
and
(C) proceeds of bonds or notes;
in the manner provided by an investment policy established by
resolution of the authority.
(18) Fix and revise periodically, and charge and collect, fees and
charges as the authority determines to be reasonable in connection
with:
(A) the authority's loans, guarantees, advances, insurance,
commitments, and servicing; and
(B) the use of the authority's services or facilities.
(19) Cooperate and exchange services, personnel, and information
with any federal, state, or local government agency, or
instrumentality of the United States or this state.
(20) Sell, at public or private sale, with or without public bidding,
any loan or other obligation held by the authority.
(21) Enter into agreements concerning, and acquire, hold, and
dispose of by any lawful means, land or interests in land, building
improvements, structures, personal property, franchises, patents,
accounts receivable, loans, assignments, guarantees, and
insurance needed for the purposes of the referenced statutes.
(22) Purchase, lease as lessee, construct, remodel, rebuild,
enlarge, or substantially improve economic development projects,
including land, machinery, equipment, or any combination of
these.
(23) Lease economic development projects to users or developers,
with or without an option to purchase.
(24) Sell economic development projects to users or developers,
for consideration to be paid in installments or otherwise.
(25) Make direct loans from the proceeds of the bonds to users or
developers for:
(A) the cost of acquisition, construction, or installation of
economic development projects, including land, machinery,
equipment, or any combination of these; or
(B) eligible expenditures for an educational facility project;
with the loans to be secured by the pledge of one (1) or more
bonds, notes, warrants, or other secured or unsecured debt
obligations of the users or developers.
(26) Lend or deposit the proceeds of bonds to or with a lender for
the purpose of furnishing funds to the lender to be used for
making a loan to a developer or user for the financing of
economic development projects under this article.
(27) Enter into agreements with users or developers to allow the
users or developers, directly or as agents for the authority, to
wholly or partially construct economic development projects to be
leased from or to be acquired by the authority.
(28) Establish reserves from the proceeds of the sale of bonds,
other funds, or both, in the amount determined to be necessary by
the authority to secure the payment of the principal of and interest
on the bonds.
(29) Adopt rules and guidelines governing its activities authorized
under the referenced statutes.
(30) Purchase, discount, sell, and negotiate, with or without
guaranty, notes and other evidence of indebtedness.
(31) Sell and guarantee securities.
(32) Procure letters of credit or other credit facilities or
agreements from any national or state banking association or
other entity authorized to issue a letter of credit or other credit
facilities or agreements to secure the payment of any bonds issued
by the authority or to secure the payment of any loan, lease, or
purchase payment owed by a participating provider to the
authority, including the power to pay the cost of obtaining such
letter of credit or other credit facilities or agreements.
(33) Accept gifts, grants, or loans from, and enter into contracts
or other transactions with, any federal or state agency,
municipality, private organization, or other source.
(34) Sell, convey, mortgage, pledge, assign, lease, exchange,
transfer, or otherwise dispose of property or any interest in
property, wherever the property is located.
(35) Reimburse from bond proceeds expenditures for economic
development projects under this article.
(36) Acquire, hold, use, and dispose of the authority's income,
revenues, funds, and money.
(37) Purchase, acquire, or hold debt securities or other
investments for the authority's own account at prices and in a
manner the authority considers advisable, and sell or otherwise
dispose of those securities or investments at prices without
relation to cost and in a manner the authority considers advisable.
(38) Fix and establish terms and provisions with respect to:
(A) a purchase of securities by the authority, including dates
and maturities of the securities;
(B) redemption or payment before maturity; and
(C) any other matters that in connection with the purchase are
necessary, desirable, or advisable in the judgment of the
authority.
(39) To the extent allowed under the authority's contracts with the
holders of bonds or notes, amend, modify, and supplement any
provision or term of:
(A) a bond, a note, or any other obligation of the authority; or
(B) any agreement or contract of any kind to which the
authority is a party.
(40) Subject to the authority's investment policy, do any act and
enter into any agreement pertaining to a swap agreement (as
defined in IC 8-9.5-9-4) related to the purposes of the referenced
statutes in accordance with IC 8-9.5-9-5 and IC 8-9.5-9-7,
whether the action is incidental to the issuance, carrying, or
securing of bonds or otherwise.
(41) Do any act necessary or convenient to the exercise of the
powers granted by the referenced statutes, or reasonably implied
from those statutes, including compliance with requirements of
federal law imposed from time to time for the issuance of bonds.
(42) Contract and collaborate with a state supported college or
university to provide the research and extension program
authorized by IC 5-1.2-11.5-10.
(43) Serve as the executive branch coordinator for funding
allocated or made available to the state or local communities from
federal, state, and other sources for purposes related to drinking
water, wastewater, or storm water infrastructure and systems, as
set forth in IC 5-1.2-11.5-9(a)(2).
(b) The authority's powers under this article shall be interpreted
broadly to effectuate the purposes of this article and may not be
construed as a limitation of powers. The omission of a power from the
list in subsection (a) does not imply that the authority lacks that power.
The authority may exercise any power that is not listed in subsection
(a) but is consistent with the powers listed in subsection (a) to the
extent that the power is not expressly denied by the Constitution of the
State of Indiana or by another statute.
(c) This chapter does not authorize the financing of economic
development projects for a developer unless any written agreement that
may exist between the developer and the user at the time of the bond
resolution is fully disclosed to and approved by the authority.
(d) The authority shall work with and assist the Indiana housing and
community development authority created by IC 5-20-1-3, the ports of
Indiana created under IC 8-10-1-3, and the state fair commission
established by IC 15-13-2-1 in the issuance of bonds, notes, or other
indebtedness. The Indiana housing and community development
authority, the ports of Indiana, and the state fair commission shall work
with and cooperate with the authority in connection with the issuance
of bonds, notes, or other indebtedness.