§ 5-1.2-7-5 — Powers of the authority

Indiana § 5-1.2-7-5

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 7: Health Facility Financing

Text

(a) The authority has all the powers necessary
to carry out and effectuate its public purposes under this chapter,
including initiating a program of providing health facility property to
be operated by participating providers in health facilities. In
furtherance of this objective, the authority may also do one (1) or more
of the following:
(1) Provide, or cause to be provided by a participating provider,
by acquisition, lease, construction, fabrication, repair, restoration,
reconditioning, refinancing, or installation, health facility property
to be located within a health facility.
(2) Lease as lessor any item of health facility property for those
rentals and upon the terms and conditions as the authority
considers advisable and are not in conflict with this chapter.
(3) To charge to and apportion among participating providers its
administrative costs and expenses incurred in the exercise of the
powers and duties conferred by this chapter and IC 5-1.2-4.
(4) Assist, coordinate, and participate with other issuers of tax
exempt bonds and public officials in other states in connection
with financings or refinancings on behalf of multiple state health
facilities. Assistance, coordination, and participation provided
under this subdivision may include conducting any hearings
required by state or federal law in order for bonds to be issued by
public officials in other states if part of the proceeds of the bonds
will be used by participating providers in Indiana. Neither the
state of Indiana nor the authority, nor any officers, agents, or
employees of the state or the authority, are subject to any liability
resulting from assistance to or coordination or participation with
other issuers of tax exempt bonds under this subsection. Any
assistance, coordination, or participation provided under this
subdivision is given with the understanding that the issuers of tax
exempt bonds or borrowers will agree to indemnify and hold
harmless the state of Indiana and the authority and their officers,
agents, and employees from all claims and liability arising from
any action against the state of Indiana or the authority relating to
the bonds.
(5) Employ and enter into agreements with, and delegate to, any
person as the authority sees fit, the power to manage the routine
affairs of the authority, including the originating and processing
of any applications from participating providers for the lease or
purchase from the authority, or financing, reimbursing, or
refinancing by the authority, of health facility property and to
service the leases, installment purchase contracts, and loan
agreements between the authority and the participating providers.
(6) Establish eligibility standards for participating providers,
without complying with IC 4-22-2. However, these standards have
the force of law if the standards are adopted after a public hearing
for which notice has been published in a newspaper published in
the city of Indianapolis, at least ten (10) days in advance of the
hearing.
(7) Contract with any entity securing the payment of bonds under
IC 5-1.2-4-1(a)(10) and IC 5-1.2-4-1(a)(32), authorizing the entity
to approve the participating providers that can finance or
refinance health facility property with proceeds from the bond
issue secured by that entity.
(8) Lease to a participating provider specific items of health
facility property upon terms and conditions that the authority
considers proper, to charge and collect rents for the health facility
property, to terminate such a lease upon the failure of the lessee
to comply with any of its obligations under the lease or otherwise
as the lease provides, and to include in the lease provisions that
the lessee has the option to renew the term of the lease for the
periods and at the rents as may be determined by the authority or
to purchase any or all of the health facility property to which the
lease applies.
(9) Loan to a participating provider under an installment purchase
contract or loan agreement money to finance, reimburse, or
refinance the cost of specific items of health facility property and
to take back a secured or unsecured promissory note evidencing
such a loan and a security interest in the health facility property
financed or refinanced with the loan, upon the terms and
conditions as the authority considers proper.
(10) Sell or otherwise dispose of any unneeded or obsolete health
facility property under terms and conditions as determined by the
authority.
(11) Maintain, repair, replace, and otherwise improve or cause to
be maintained, repaired, replaced, and otherwise improved any
health facility property owned by the authority.
(12) Obtain or aid in obtaining property insurance on all health
facility property owned or financed, or to accept payment if any
health facility property is damaged or destroyed.
(13) Enter into any agreement, contract, or other instrument with
respect to any insurance, guarantee, or letter of credit, accepting
payment in the manner and form as provided in the insurance,
guarantee, or letter of credit if a participating provider defaults,
and to assign the insurance, guarantee, or letter of credit as
security for bonds issued by the authority.
(b) No part of the revenues or assets of the authority may inure to
the benefit of or be distributable to its members or officers or other
private persons. Any net earnings of the authority beyond that
necessary for retirement of authority indebtedness or to implement the
public purposes of this chapter inure to the benefit of the state. Upon
termination or dissolution of the authority, all rights and properties of
the authority pass to and are vested in the state, subject to the rights of
lienholders and other creditors.

Legislative History

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.17.