§ 8-14.5-7-6 — Revenue declaration

Indiana § 8-14.5-7-6

• Jurisdiction: Indiana
• Art. 14.5: LEASE FINANCING FOR TRANSPORTATION
• Ch. 7: Grant Anticipation Revenue Bonds and Notes

Text

(a) Before grant anticipation revenue bonds or
notes may be issued under this chapter, the department shall prepare a
revenue declaration that includes the department's determination that
the amount of federal highway revenues received by the state in a
particular state fiscal year will exceed the amount specified in
subsection (c)(2) by at least eighteen percent (18%). Grant anticipation
revenue bonds or notes may not be issued under this chapter unless the
department makes the determination required under this subsection.
(b) The revenue declaration prepared under this section must
provide a specified amount or percentage of federal highway revenues
received by the state during a state fiscal year to be deposited in the
grant anticipation fund and the number of years the deposits shall be
made. A revenue declaration prepared under this section is subject to
approval of the budget agency and the authority.
(c) The total amount of lease rentals securing grant anticipation
revenue bonds or notes issued under this chapter and scheduled to be
paid during any state fiscal year, determined as of the date of issuance
of each series of grant anticipation revenue bonds or notes, may not
exceed an amount equal to twenty-five percent (25%) of the remainder
of:
(1) the total amount of federal highway revenues apportioned or
allocated to the department during the federal fiscal year
immediately preceding the state fiscal year in which the series of
bonds or notes is issued; minus
(2) seven hundred thirty-four million eight hundred fifty thousand
three hundred ninety dollars ($734,850,390), which is the total
amount of federal highway revenues apportioned or allocated to
the department during the federal fiscal year beginning October
1, 2003, and ending September 30, 2004.

Legislative History

As added by P.L.246-2005, SEC.83.