§ 5-28-9-20 — Loan with simultaneous or successive sale of note or other obligation; legal investments

Indiana § 5-28-9-20

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 9: Industrial Development Program and Fund

Text

(a) For economic development projects (as
defined in IC 5-1.2-2) that have a cost of the project (as defined in IC 5-1.2-2) greater than one hundred million dollars ($100,000,000), the
corporation may coordinate a loan to a county, city, or town under this
chapter that is to be funded under IC 6-1.1-39 with a simultaneous or
successive sale of the note or other debt obligation issued or to be
issued by the county, city, or town to evidence the borrowing under this
chapter. For such a coordinated or simultaneous lending and sale, the
sale proceeds may be applied to the funding of the loan to the county,
city, or town.
(b) Notes or other debt obligations of a county, city, or town that
may be sold by the corporation under this section or section 19 of this
chapter are declared to be legal investments for:
(1) all insurance companies and associations and other persons
carrying on an insurance business; and
(2) all banks, bankers, banking associations, trust companies,
savings associations including savings and loan associations,
building and loan associations, investment companies, and other
persons carrying on a banking business.
These entities may invest their funds, including capital, in the notes or
other debt obligations, notwithstanding any law to the contrary.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.127; P.L.189-2018, SEC.45.