Title 5, TITLE 5. STATE AND LOCAL ADMINISTRATION

Sec. 1. The general assembly finds the following: (1) Marion County and certain surrounding counties and municipalities located in those counties face unique and distinct challenges and opportunities related to the economic development issues associated with the maintenance of a …

Sec. 10. As used in this chapter, "department" refers to the department of state revenue. As added by P.L.233-2013, SEC.5.

Sec. 11. As used in this chapter, "motorsports investment district" means the geographic area established as a motorsports investment district under this chapter. As added by P.L.233-2013, SEC.5.

Sec. 12. As used in this chapter, "person" has the meaning set forth in IC 36-1-2-12. As added by P.L.233-2013, SEC.5.

Sec. 13. As used in this chapter, "political subdivision" has the meaning set forth in IC 36-1-2-13. As added by P.L.233-2013, SEC.5.

Sec. 14. (a) As used in this chapter, "qualified motorsports facility" means a facility that: (1) is located in Indiana; (2) is used for professional motorsports racing events; (3) has a motorsports racetrack that is greater than two (2) miles in length; and (4) holds at least tw…

Sec. 15. The Indiana motorsports commission is created in Indiana as a separate body corporate and politic, as an instrumentality of the state, to finance and lease real and personal property improvements for the benefit of an owner of a qualified motorsports facility within a mo…

Sec. 16. (a) The board of directors of the commission is composed of the following five (5) directors, who serve at the pleasure of the governor and must be residents of Indiana: (1) The budget director, or the budget director's designee, who shall serve as chair of the commissio…

Sec. 17. The commission is authorized and empowered to do the following: (1) To sue and be sued, and to plead and be impleaded in the name of the commission. (2) To receive and accept from any federal agency grants and to receive and accept aid or contributions from any source of…

Sec. 18. The authority shall provide staff support for the commission and pay all expenses of the commission from funds transferred to the commission from the motorsports investment district fund established under section 30 of this chapter. In providing such staff, the authority…

Sec. 19. (a) Except as provided in subsection (b), each director of the board shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual…

Sec. 2. As used in this chapter, "admissions fees" means the admissions fees under IC 6-8-14. As added by P.L.233-2013, SEC.5.

Sec. 20. The directors of the board are not subject to personal liability or accountability by reason of any act authorized by this chapter with respect to the: (1) issuance of any obligations; (2) execution of any lease or sublease; or (3) execution of any other agreement under …

Sec. 21. The commission shall cause an audit or review of its books and accounts to be made at least once each year by certified public accountants. As added by P.L.233-2013, SEC.5.

Sec. 22. The commission shall, following the close of each fiscal year of the commission, submit an annual report of its activities for the preceding year to the governor, the budget committee, and the legislative council. An annual report submitted under this section to the legi…

prohibited Sec. 23. (a) A director of the commission who knowingly has an interest: (1) in any contract with the commission; or (2) in the sale or lease of any real or personal property to the commission; commits a Class A misdemeanor. All such contracts or leases are void. (b) T…

hearing; required findings by commission; territory of district Sec. 24. (a) The commission may, after a public hearing, adopt a resolution establishing a motorsports investment district. Notice of the public hearing must be provided in accordance with IC 5-3-1. (b) In establishi…

expiration date of district Sec. 25. A resolution establishing a motorsports investment district must provide for the allocation to the motorsports investment district fund established under section 30 of this chapter of the money appropriated to the commission. The resolution mu…

guidelines Sec. 26. (a) A taxpayer operating in the motorsports investment district that files a consolidated return with the department also shall file annually an informational return with the department for each business location of the taxpayer within the motorsports investme…

district Sec. 27. Upon adoption by the commission of a resolution establishing a motorsports investment district under this chapter, the commission shall submit the resolution to the budget agency. As added by P.L.233-2013, SEC.5.

required findings before resolution may be approved Sec. 28. The budget agency, after review by the budget committee, shall approve the resolution establishing the motorsports investment district if the budget agency finds that the improvements to be made within the qualified mot…

Sec. 29. (a) If the commission adopts a resolution establishing a motorsports investment district, the commission shall notify the department in an electronic format approved by the department of the adoption of the resolution and shall include with the notification a complete li…

As added by P.L.233-2013, SEC.5. Repealed by P.L.189-2018, SEC.22.

appropriations; use of money in the fund Sec. 30. (a) If a motorsports investment district is established under this chapter, the commission, or the authority for and on behalf of the commission, shall establish a motorsports investment district fund for the motorsports investmen…

reversions; requests for appropriations Sec. 30.5. (a) If a motorsports investment district is established under this chapter, the commission shall establish a motorsports facility fund for the motorsports investment district. (b) During the term of the written agreement entered …

Sec. 31. The authority may do any of the following: (1) Finance the improvement, construction, reconstruction, renovation, and acquisition of real and personal property improvements within a qualified motorsports facility. (2) Exercise the authority's powers under IC 5-1.2-4 with…

Sec. 32. (a) The commission may lease all or any part of structures and capital improvements located within a qualified motorsports facility from the authority, and the authority may lease all or any part of structures and capital improvements located within a qualified motorspor…

Sec. 33. A lease from the authority to the commission under section 32 of this chapter may provide the commission with an option to renew the lease for the same term or a shorter term, on the conditions provided in the lease. As added by P.L.233-2013, SEC.5.

requirements Sec. 34. (a) A lease from the authority to the commission under section 32 of this chapter shall give the commission an option to purchase the leased property before the expiration of the term of the lease: (1) on the date or dates in each year that are fixed by the …

directors Sec. 35. Each lease under section 32 of this chapter must be authorized by resolution of the board, which shall be entered in the official records of the commission. Such a lease must be executed on behalf of the commission by the chair or the vice-chair and the secreta…

security interests; transfer of controlling ownership interest in qualified motorsports facility; credits against obligations of owners Sec. 36. (a) Improvements financed under this chapter must be approved by the commission. The commission shall secure the obligations of the own…

Sec. 37. (a) Subject to subsection (f), the authority may issue bonds for the purpose of obtaining money to pay the cost of improving, constructing, reconstructing, renovating, acquiring, or equipping improvements within a qualified motorsports facility. (b) The terms and form of…

Indiana finance authority; bonds as legal investments Sec. 38. (a) This chapter contains full and complete authority for the issuance of bonds, the improvement, construction, reconstruction, renovation, purchase, lease, acquisition, and equipping of structures and capital improve…

assignment Sec. 39. (a) The authority may secure bonds issued under this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers. (b) The trust indenture may: (1) ple…

Sec. 4. As used in this chapter, "authority" refers to the Indiana finance authority. As added by P.L.233-2013, SEC.5.

Sec. 40. Any action to contest the validity of bonds to be issued under this chapter may not be brought after the fifteenth day following: (1) the receipt of bids for the bonds, if the bonds are sold at public sale; or (2) the publication one (1) time in a newspaper of general ci…

guidelines Sec. 42. The department shall develop guidelines and instructions concerning the appropriate amount of adjusted gross income tax to be withheld from purse money and prizes won for racing in the motorsports investment district. As added by P.L.233-2013, SEC.5.

Sec. 43. The office of management and budget shall in 2023 do the following: (1) Conduct a review of: (A) the structures and improvement that have been financed and constructed under this chapter; (B) the amount of: (i) the gross retail incremental amounts and income tax incremen…

Sec. 5. As used in this chapter, "board" refers to the board of directors of the commission. As added by P.L.233-2013, SEC.5.

Sec. 6. As used in this chapter, "bonds" has the meaning set forth in IC 5-1.2-2-5. As added by P.L.233-2013, SEC.5. Amended by P.L.189-2018, SEC.23.

Sec. 7. As used in this chapter, "budget agency" means the budget agency established by IC 4-12-1-3. As added by P.L.233-2013, SEC.5. IC 5-1-17.5-8 "Budget committee" Sec. 8. As used in this chapter, "budget committee" means the budget committee established by IC 4-12-1-3. As add…

Sec. 9. As used in this chapter, "commission" refers to the Indiana motorsports commission created by this chapter. As added by P.L.233-2013, SEC.5.