5-28-24-1. “Municipality”
Sec. 1. As used in this chapter, “municipality” means a city or town. As added by P.L.4-2005, SEC.34.
5-28-24-2. Establishment by Corporation; Purpose
Sec. 2. The corporation shall establish policies to carry out an investment incentive program. The purpose of the program is to provide grants and loans to counties and municipalities that will, in turn, be loaned to certain new or expanding businesses for construction or for the purchase of real or personal property. As added by […]
5-28-24-3. Award of Grants and Loans to Counties and Municipalities; Criteria
Sec. 3. (a) The corporation shall adopt policies and guidelines to establish the criteria for awarding grants and loans to counties and municipalities. (b) The criteria for awarding the grants and loans must include the: (1) economic need of the county or municipality; (2) impact of the new or expanding business on employment and output […]
5-28-24-4. Loans to Businesses by Counties and Municipalities; Criteria; Approval of Loans by Corporation
Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses. (b) The terms of the loans must include provisions stating that: (1) loans shall be restricted to enterprises that create new and permanent jobs; (2) loans may not exceed the greater of: (A) ten percent (10%) of […]
5-28-24-5. Powers of Corporation
Sec. 5. The corporation may: (1) adopt policies and guidelines to carry out this chapter; (2) accept money and other things of value from all sources; (3) provide services and materials to carry out the purposes of the program; (4) evaluate the program; and (5) involve other entities, by contract or otherwise, in carrying out […]
5-28-24-6. Use of Repayment Proceeds; Corporation Approval
Sec. 6. (a) The repayment proceeds of a loan made from a grant under this chapter shall be used by the county or municipality for any economic or community development activity, including: (1) making loans to businesses; and (2) the construction or reconstruction of any street, sewer, or other capital improvement that will promote economic […]
5-28-24-7. Grants From State Appropriated Funds
Sec. 7. The corporation may not make a grant from state appropriated funds to a county or municipality under this chapter unless the county or municipality agrees to lend to the new or expanding business an amount greater than or equal to the state grant. As added by P.L.4-2005, SEC.34.
5-28-24-8. Loan Not General Obligation of County or Municipality; Determination of Reasonable Assurance of Repayment
Sec. 8. (a) A loan to a county or municipality made under this chapter is not a general obligation of the county or municipality and is payable solely from revenues derived from the new or expanding business. (b) Before making a loan to a county or municipality, the corporation shall determine that there is reasonable […]
5-28-24-9. Establishment and Purpose of Investment Incentive Fund; Administration
Sec. 9. (a) The investment incentive fund is established within the state treasury to provide grants and loans to counties and municipalities. (b) The fund consists of appropriations from the general assembly and loan repayments. (c) The corporation shall administer the fund. The following may be paid from money in the fund: (1) Expenses of […]