Indiana Statutes
§ 5-28-24-4 — Loans to businesses by counties and municipalities; criteria; approval of loans by corporation
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 24 Investment Incentive Program
(a)The corporation shall establish criteria to
guide counties and municipalities in making loans to businesses.
(b)The terms of the loans must include provisions stating that:
(1)loans shall be restricted to enterprises that create new and
permanent jobs;
(2)loans may not exceed the greater of:
(A)ten percent (10%) of the total investment; or
(B)two hundred fifty thousand dollars ($250,000); and
(3)the principal and interest on the loan must be repaid to the
county or municipality.
(c)All loans by a county or municipality under this chapter are
subject to approval by the corporation.
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Legislative History
As added by P.L.4-2005, SEC.34.
Nearby Sections
15
§ 5-1-1-1
Validation§ 5-1-1-2
Repealed§ 5-1-10-1
Issuance; purpose; restrictions§ 5-1-11-7
Restrictions on powers§ 5-1-11.5-1
"ADM"§ 5-1-11.5-2
"Bonds"§ 5-1-11.5-3
Application to certain school corporations§ 5-1-12-1
"Municipal corporation" defined