§ 5-28-21-6 — Establishment of fund; purpose; repayments of loans; nonreversion

Indiana § 5-28-21-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 21: Small Business Incubator Program

Text

(a) The small business incubator fund is
established within the state treasury. The fund is a revolving fund. The
fund shall be used to provide grants, loans, and loan guarantees under
this chapter.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation shall administer the fund. The following may be
paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the
purposes of this chapter.
(d) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(e) Repayments of loans from the fund, including interest, shall be
deposited in the fund.
(f) Money in the fund at the end of a state fiscal year does not revert
to the state general fund.

Legislative History

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