Indiana § 5-28-24-8 Loan not general obligation of county or municipality; determination
of reasonable assurance of repayment

Indiana Statutes

§ 5-28-24-8 — Loan not general obligation of county or municipality; determination of reasonable assurance of repayment

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 24 Investment Incentive Program

(a)A loan to a county or municipality made under this chapter is not a general obligation of the county or municipality and is payable solely from revenues derived from the new or expanding business.

(b)Before making a loan to a county or municipality, the corporation shall determine that there is reasonable assurance that the loan will be repaid. In making this determination, the corporation shall consider:

(1)the financial condition of the business;

(2)the financial feasibility of the expansion being undertaken by the business;

(3)the adequacy of collateral for the loan; and

(4)any other information that the corporation considers relevant to its determination.

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(a) A loan to a county or municipality made
under this chapter is not a general obligation of the county or
municipality and is payable solely from revenues derived from the new
or expanding business.
(b) Before making a loan to a county or municipality, the
corporation shall determine that there is reasonable assurance that the
loan will be repaid. In making this determination, the corporation shall
consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken by
the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant
to its determination.

Indiana § 5-28-24-8 (Loan not general obligation of county or municipality; determination of reasonable assurance of repayment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.