§ 5-28-10-15 — "Operating expenditures"; amount and use of grants

(a) For purposes of this section, "operating
expenditures" includes the following:
(1) Business plans.
(2) Marketing studies.
(3) Mentor identification.
(4) Securitization of capital.
(5) Legal services.
(6) Other necessary services.
(b) The total of all grants provided under this chapter for a
technology park may not exceed the following:
(1) Two million dollars ($2,000,000) for the leasing, construction,
or purchase of capital assets.
(2) Two million dollars ($2,000,000) for operating expenditures,
and, subject to subsection (d), with not more than five hundred
thousand dollars ($500,000) being distributed in any one (1) fiscal
year.
(c) This subsection applies to a grant provided under subsection
(b)(1) for the leasing of a capital asset. The grant may be applied only
to lease payments made during:
(1) the fiscal year; or
(2) each of the three (3) fiscal years immediately following the
fiscal year;
in which the grant is provided.
(d) The annual distribution of a grant under subsection (b)(2) may
not exceed the following:
(1) Eighty percent (80%) of total operating expenditures in the
fiscal year in which the grant is provided.
(2) Sixty percent (60%) of total operating expenditures in the
fiscal year after the fiscal year in which the grant is provided.
(3) Forty percent (40%) of total operating expenditures in the
second fiscal year after the fiscal year in which the grant is
provided.
(4) Twenty percent (20%) of total operating expenditures in the
third fiscal year after the fiscal year in which the grant is
provided.

Legislative History

As added by P.L.4-2005, SEC.34.