§ 5-28-8-10 — Applications for loans; repayment

(a) A qualified entity may apply to the
corporation for a loan from the fund to be used for economic
development programs.
(b) An amount loaned to a qualified entity is an obligation of the
qualified entity and shall be repaid to the corporation within a time to
be fixed by the corporation, not to exceed three (3) years.
(c) The corporation shall determine interest rates for the loans to be
made under this section.
(d) Final disbursements of money under this section must be made
with the approval of the state board of finance.
(e) If a qualified entity fails to make repayment of money loaned
under this section, the amount payable may be:
(1) withheld by the state comptroller from money payable to the
qualified entity and transferred to the fund; or
(2) recovered in an action by the state on relation of the
corporation, prosecuted by the attorney general, in the circuit or
superior court of the county in which the qualified entity is
located.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.9-2024, SEC.160.