5-28-9-1. “Enterprise Zone”
Sec. 1. As used in this chapter, “enterprise zone” means an enterprise zone created under IC 5-28-15 (or IC 4-4-6.1 before its repeal). As added by P.L.4-2005, SEC.34.
5-28-9-10. Loans for Approved Programs; Amount Restriction; Limitations
Sec. 10. (a) Two million dollars ($2,000,000) in the industrial development fund does not revert to the state general fund but constitutes a revolving fund to be used exclusively for the purpose of this chapter. The corporation, subject to the approval of the state board of finance, may order the auditor of state to make […]
5-28-9-11. Industrial Development Programs
Sec. 11. A qualified entity may institute and administer an industrial development program that is approved by ordinance or resolution adopted by the governing body of the qualified entity and approved by the corporation. As added by P.L.4-2005, SEC.34.
5-28-9-12. Loans to Qualified Entities; Conditions
Sec. 12. (a) The state board of finance and the corporation shall authorize the making of a loan to a qualified entity under this chapter only when all the following conditions exist: (1) An application for the loan has been submitted by the qualified entity, in a verified petition, to the state board of finance […]
5-28-9-13. Participation in Program or Project by Entity; Share of Cost
Sec. 13. (a) The qualified entity may provide labor, equipment, and materials from any source at its disposal for such a program, and participation in accomplishment of the project or projects may be: (1) evaluated by the state board of finance and the corporation; and (2) computed as a part or all of the share […]
5-28-9-14. Priority Rating of Applicant for Loan
Sec. 14. (a) The state board of finance and the corporation shall determine and ascribe to an applicant for a loan a priority rating. The rating must be based primarily on the need of the qualified entity for a proposed program or on the need of the small business investment company or minority enterprise small […]
5-28-9-15. Loans; Restrictions; Ordinance Requirement
Sec. 15. (a) A loan made under this chapter is subject to the following restrictions: (1) The repayment period may not exceed fifteen (15) years. (2) The interest rate is to be set by the state board of finance at the time the loan is approved. (3) Interest reverts to the industrial development fund established […]
5-28-9-16. Revenue to Pay Annual Loan Installment and Interest; Levy of Tax
Sec. 16. A qualified entity receiving a loan under this chapter may levy an annual tax on personal and real property located within the qualified entity’s geographical limits for industrial development purposes, in addition to any other tax authorized by statute to be levied for such purposes, at a rate that will produce sufficient revenue […]
5-28-9-17. Failure to Repay Money Lent; Action to Recover
Sec. 17. (a) If a qualified entity fails to make repayment of money lent under this chapter or is in any way indebted to the industrial development fund for any amounts incurred or accrued, the amount payable may be: (1) withheld by the auditor of state, as set forth in the loan agreement with the […]
5-28-9-18. Appropriation
Sec. 18. There is appropriated annually to the corporation from the state general fund, from money not otherwise appropriated, an amount sufficient to administer this chapter, subject to the approval of the budget committee. As added by P.L.4-2005, SEC.34.
5-28-9-19. Sale of Notes or Other Debt Obligations by a County, City, or Town; Deposit and Use of Proceeds
Sec. 19. (a) The corporation, with the approval of the state board of finance, may sell to a person (including the board for depositories) the notes or other debt obligations issued by a county, city, or town under this chapter or IC 6-1.1-39 for any borrowing from the industrial development fund under this chapter. (b) […]
5-28-9-2. “Governing Body”
Sec. 2. As used in this chapter, “governing body” means the legislative body of a city, town, or county, an economic development commission, or a board administering the affairs of a special taxing district. As added by P.L.4-2005, SEC.34.
5-28-9-20. Loan With Simultaneous or Successive Sale of Note or Other Obligation; Legal Investments
Sec. 20. (a) For economic development projects (as defined in IC 5-1.2-2) that have a cost of the project (as defined in IC 5-1.2-2) greater than one hundred million dollars ($100,000,000), the corporation may coordinate a loan to a county, city, or town under this chapter that is to be funded under IC 6-1.1-39 with […]
5-28-9-3. “Industrial Development Program”
Sec. 3. As used in this chapter, “industrial development program” means a program designed to aid the growth of industry in Indiana and includes the: (1) construction of airports, airport facilities, and tourist attractions; (2) construction, extension, or completion of sewerlines, waterlines, streets, sidewalks, bridges, roads, highways, public ways, and information and high technology infrastructure; […]
5-28-9-4. “Information and High Technology Infrastructure”
Sec. 4. As used in this chapter, “information and high technology infrastructure” includes, but is not limited to, fiber optic cable and other infrastructure that supports high technology growth and the purchase and installation of fiber optic cable and other infrastructure. As added by P.L.4-2005, SEC.34.
5-28-9-5. “Minority Enterprise Small Business Investment Company”
Sec. 5. As used in this chapter, “minority enterprise small business investment company” means an investment company licensed under 15 U.S.C. 681(D). As added by P.L.4-2005, SEC.34.
5-28-9-6. “Qualified Entity”
Sec. 6. As used in this chapter, “qualified entity” means a city, a town, a county, an economic development commission, or a special taxing district. As added by P.L.4-2005, SEC.34.
5-28-9-7. “Small Business Investment Company”
Sec. 7. As used in this chapter, “small business investment company” means an investment company licensed under 15 U.S.C. 691 et seq. or a successor statute. As added by P.L.4-2005, SEC.34.
5-28-9-8. Findings
Sec. 8. The general assembly finds that: (1) areas in Indiana have insufficient employment opportunities and insufficient diversification of industry; (2) these conditions are harmful to the health, prosperity, economic stability, and general welfare of these areas and, if not remedied, will be detrimental to the development of these areas; and (3) the use of […]
5-28-9-8.5. Legalization of Certain Loans, Loan Agreements, and Similar Arrangements of Department of Commerce and Qualified Entities
Sec. 8.5. (a) As used in this section, “department” refers to the department of commerce (before its abolition by P.L.4-2005) established by IC 4-4-3-2 (before its repeal). (b) Notwithstanding any other law, all loans, loan agreements, or similar arrangements between the department and a qualified entity are legalized and declared valid if these loans, loan […]