Indiana § 8-14-8-11 Loan; application; approval; interest; agreement between unit and
department; restrictions on funds

Indiana Statutes

§ 8-14-8-11 — Loan; application; approval; interest; agreement between unit and department; restrictions on funds

Indiana·Art. 14 HIGHWAY FINANCES·Ch. 8 Distressed Roads

(a)A unit must make application for the loan to the Indiana department of transportation. The application must include, as a minimum:

(1)a map depicting all roads and streets in the system of the applicant; and

(2)a copy of that unit's proposed program of work covering the current and the immediately following calendar year.

(b)The Indiana department of transportation shall notify a unit that makes a loan application of the department's approval or disapproval of the application within sixty (60) days of the date of application. The decision made by the department to approve or disapprove is final.

(c)The loan is not subject to the payment of interest or penalty if repaid within two (2) years.

(d)The unit and the Indiana department of transportation shall enter into a written agreeme

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(a) A unit must make application for the loan
to the Indiana department of transportation. The application must
include, as a minimum:
(1) a map depicting all roads and streets in the system of the
applicant; and
(2) a copy of that unit's proposed program of work covering the
current and the immediately following calendar year.
(b) The Indiana department of transportation shall notify a unit that
makes a loan application of the department's approval or disapproval
of the application within sixty (60) days of the date of application. The
decision made by the department to approve or disapprove is final.
(c) The loan is not subject to the payment of interest or penalty if
repaid within two (2) years.
(d) The unit and the Indiana department of transportation shall enter
into a written agreement stating the terms of the loan. The agreement
must include a provision that the unit directs the state comptroller to
withhold distributions from its allocations from the motor vehicle
highway account if the loan is not repaid within two (2) years.
(e) Money from a loan made under this section may be used only for
the purpose of matching federal aid highway funds.

Indiana § 8-14-8-11 (Loan; application; approval; interest; agreement between unit and department; restrictions on funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.