Indiana § 5-28-9-10 Loans for approved programs; amount restriction; limitations

Indiana Statutes

§ 5-28-9-10 — Loans for approved programs; amount restriction; limitations

Indiana § 5-28-9-10

Title 5STATE AND LOCAL ADMINISTRATION

Art. 28INDIANA ECONOMIC DEVELOPMENT

Ch. 9Industrial Development Program and Fund

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Bluebook

Ind. Code § 5-28-9-10 (2026).

Text

(a)Two million dollars ($2,000,000) in the industrial development fund does not revert to the state general fund but constitutes a revolving fund to be used exclusively for the purpose of this chapter. The corporation, subject to the approval of the state board of finance, may order the state comptroller to make an approved loan from the revolving fund to a qualified entity (including the purchase of bonds of the qualified entity), a small business investment company, or a minority enterprise small business investment company.

(b)A qualified entity may borrow funds from the corporation under this chapter and shall use the loan proceeds to institute and administer an approved industrial development program. The combined amount of outstanding loans to any one (1) program may not exceed one

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(a) Two million dollars ($2,000,000) in the
industrial development fund does not revert to the state general fund
but constitutes a revolving fund to be used exclusively for the purpose
of this chapter. The corporation, subject to the approval of the state
board of finance, may order the state comptroller to make an approved
loan from the revolving fund to a qualified entity (including the
purchase of bonds of the qualified entity), a small business investment
company, or a minority enterprise small business investment company.
(b) A qualified entity may borrow funds from the corporation under
this chapter and shall use the loan proceeds to institute and administer
an approved industrial development program. The combined amount
of outstanding loans to any one (1) program may not exceed one
million dollars ($1,000,000). However, the one million dollar
($1,000,000) restriction in this subsection does not apply to an
approved industrial development program in an economic development
district established by a qualified entity under IC 6-1.1-39. A loan
made under this chapter to an economic development commission is
not a loan to or an obligation of the qualified entity that formed the
commission, if the repayment of the loan is limited to a specified
revenue source under section 15 of this chapter.
(c) A small business investment company or a minority enterprise
small business investment company may use the loan proceeds for any
lawful purpose.
(d) Notwithstanding any other law (including IC 5-1-11), the loan
to a qualified entity under this section may be directly negotiated with
the corporation without public sale of bonds or other evidences of
indebtedness of the qualified entity.