§ 5-28-9-9 — Fund established; purpose; administration

Indiana § 5-28-9-9

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

Text

(a) The industrial development fund is
established within the state treasury. Loans may be made to qualified
entities, small business investment companies, and minority enterprise
small business investment companies in accordance with this chapter
and the policies and guidelines adopted under it.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation and the state board of finance shall jointly
administer the fund. The following may be paid from money in the
fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the
purposes of this chapter.
(d) Earnings from loans made under this chapter shall be deposited
in the fund.
(e) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(f) The corporation, subject to the approval of the state board of
finance, may adopt policies and guidelines for the proper
administration of the fund and this chapter. The corporation may
employ personnel necessary to efficiently administer this chapter.

Legislative History

As added by P.L.4-2005, SEC.34.