Indiana Statutes
§ 5-28-24-6 — Use of repayment proceeds; corporation approval
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 24 Investment Incentive Program
(a)The repayment proceeds of a loan made
from a grant under this chapter shall be used by the county or
municipality for any economic or community development activity,
including:
(1)making loans to businesses; and
(2)the construction or reconstruction of any street, sewer, or other
capital improvement that will promote economic development in
the community or the repayment of bonds used to finance the
construction or reconstruction.
(b)All uses of repaid loan proceeds 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Repealed§ 5-1-10-1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