§ 5-1.2-9-19 — Financing of projects for developers or users through issuance of bonds

Indiana § 5-1.2-9-19

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 9: Economic Development Projects

Text

The authority may initiate programs for
financing economic development projects for developers and users in
Indiana through the issuance of bonds under this article. In furtherance
of this objective, the authority may do any of the following:
(1) Establish eligibility standards for developers and users,
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 given by publication under IC 5-3-1.
(2) Contract with any entity securing the payment of bonds issued
under this chapter and authorizing the entity to approve the
developers and users that can finance or refinance economic
development projects with proceeds from the bond issue secured
by that entity.
(3) Lease to a developer or user economic development projects
upon terms and conditions that the authority considers proper and,
with respect to the lease:
(A) charge and collect rents;
(B) terminate the lease upon the failure of the lessee to comply
with any of its obligations under the lease or otherwise as the
lease provides; and
(C) include in the lease provisions that the lessee has the option
to renew the term of the lease for those periods and at those
rents as may be determined by the authority or to purchase any
or all of the economic development projects to which the lease
applies.
(4) Lend money, upon terms and conditions as the authority
considers proper, to a developer or user under an installment
purchase contract or loan agreement to:
(A) finance, reimburse, or refinance the cost of an economic
development project; and
(B) take back a secured or unsecured promissory note
evidencing such a loan or a security interest in the economic
development project financed or refinanced with the loan.
(5) Sell or otherwise dispose of any unneeded or obsolete
economic development project under terms and conditions
determined by the authority.
(6) Maintain, repair, replace, and otherwise improve or cause to
be maintained, repaired, replaced, and otherwise improved any
economic development project owned by the authority.
(7) Require any type of security that the authority considers
reasonable and necessary.
(8) Obtain or aid in obtaining property insurance on all economic
development projects owned or financed, or accept payment if
any economic development project property is damaged or
destroyed.
(9) Enter into any agreement, contract, or other instrument with
respect to any insurance, guarantee, letter of credit, or other form
of credit enhancement, accepting payment in the manner and form
as provided in the instrument if a developer or user defaults, and
assign the insurance, guarantee, letter of credit, or other form of
credit enhancement as security for bonds issued by the authority.
(10) Finance for eligible developers and users in connection with
an economic development project:
(A) the cost of their economic development projects; and
(B) in the case of a program funded from the proceeds of
taxable bonds, working capital associated with the operation of
the economic development project;
in amounts determined to be appropriate by the authority.
(11) Issue bonds to fund a program for financing multiple,
identified or unidentified economic development projects if the
authority finds that issuance of the bonds will be of benefit to the
health, safety, morals, or general welfare of the state and complies
with the purposes and provisions of this article by promoting a
substantial likelihood for one (1) or more of the following:
(A) Creating opportunities for gainful employment.
(B) Creating business opportunities.
(C) Educational enrichment (including cultural, intellectual,
scientific, or artistic opportunities).
(D) The abatement, reduction, or prevention of pollution.
(E) The removal or treatment of any substances in materials
being processed that would otherwise cause pollution when
used.
The authority may by resolution approve the proposed taxable bond
issue.

Legislative History

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