Sec. 1. (a) A development board shall establish and administer a development authority fund. (b) A development authority fund consists of the following: (1) Amounts transferred under section 2 of this chapter by each county and municipality that is a member of the development authority. (2) Amounts transferred to the fund by each county or […]
Sec. 10. A development authority and an eligible political subdivision may enter into common wall (party wall) agreements or other agreements concerning easements or licenses. These agreements shall be recorded with the recorder of the county in which the project is located. As added by P.L.232-2007, SEC.7.
Sec. 11. (a) An eligible political subdivision may lease for a nominal lease rental, or sell to a development authority, one (1) or more projects or parts of a project or land on which a project is located or is to be constructed. (b) Any lease of all or a part of a project by […]
Sec. 12. If an eligible political subdivision exercises its option to purchase leased property, the eligible political subdivision may issue its bonds as authorized by statute. As added by P.L.232-2007, SEC.7.
Sec. 13. (a) All: (1) property owned by a development authority; (2) revenue of a development authority; and (3) bonds issued by a development authority, the interest on the bonds, the proceeds received by a holder from the sale of bonds to the extent of the holder’s cost of acquisition, proceeds received upon redemption before […]
Sec. 14. Bonds issued under this chapter are legal investments for private trust funds and the funds of banks, trust companies, insurance companies, building and loan associates, credit unions, savings banks, private banks, loan and trust and safe deposit companies, rural loan and savings associations, guaranty loan and savings associations, mortgage guaranty companies, small loan […]
Sec. 15. An action to contest the validity of bonds to be issued under this chapter may not be brought after the time limitations set forth in IC 5-1-14-13. As added by P.L.232-2007, SEC.7.
Sec. 16. (a) This section applies if the county or municipality fails to make a transfer or part of a transfer required by: (1) section 2 of this chapter; or (2) an interlocal agreement executed under section 3(h) of this chapter that is required to satisfy the county’s or municipality’s obligation to contribute to the […]
Sec. 17. (a) If there are bonds outstanding that have been issued under this article by a development authority and are not secured by a lease, or if there are leases in effect under this article, the general assembly covenants that it will not reduce the amount required to be transferred under section 2 of […]
Sec. 2. (a) This section applies only to a development authority and its member counties and municipalities to the extent necessary to make required payments and maintain a required reserve for debt obligations or leases that were issued or entered into by the development authority before May 1, 2015. (b) Beginning January 1 of the […]
Sec. 3. (a) A development authority may issue bonds for the purpose of obtaining money to pay the cost of: (1) acquiring real or personal property, including existing capital improvements; (2) acquiring, constructing, improving, reconstructing, or renovating one (1) or more projects; or (3) funding or refunding bonds issued under this chapter, IC 8-5-15, IC […]
Sec. 4. This chapter contains full and complete authority for the issuance of bonds. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by a development board or any other officer, department, agency, or instrumentality of the state or of any political subdivision is required to issue any bonds, except as prescribed in […]
Sec. 5. (a) A development authority may secure bonds issued under this chapter by a trust indenture between the development authority and a corporate trustee, which may be any trust company or national or state bank in Indiana that has trust powers. (b) The trust indenture may: (1) pledge or assign revenue received by the […]
Sec. 6. (a) Bonds issued under IC 8-5-15, IC 8-22-3, IC 36-9-3, or prior law may be refunded as provided in this section. (b) An eligible political subdivision may: (1) lease all or a part of land or a project or projects to a development authority, which may be at a nominal lease rental with […]
Sec. 7. (a) Before a lease may be entered into by an eligible political subdivision under this chapter, the eligible political subdivision must find that the lease rental provided for is fair and reasonable. (b) A lease of land or a project from a development authority to an eligible political subdivision: (1) may not have […]
Sec. 8. This chapter contains full and complete authority for leases between a development authority and an eligible political subdivision. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by a development authority or the eligible political subdivision or any other officer, department, agency, or instrumentality of the state or any political subdivision […]
Sec. 9. If the lease provides for a project or improvements to a project to be constructed by a development authority, the plans and specifications shall be submitted to and approved by all agencies designated by law to pass on plans and specifications for public buildings. As added by P.L.232-2007, SEC.7.
