Title 5, STATE AND LOCAL ADMINISTRATION

Sec. 11. An action to contest the validity of any sale or lease awarded and approved by the authority under this section may not be commenced more than thirty (30) days following the authority's adoption of a resolution designating the successful bidder or bidders and stating and…

Sec. 12. The authority may enter into negotiations with one (1) or more persons concerning the terms and conditions of financing agreements for economic development projects. The authority shall consider whether a proposed economic development project may have an adverse competit…

Sec. 13. The authority shall prepare a report that: (1) briefly describes the proposed economic development project; (2) estimates the number and expense of public works or services that would be made necessary or desirable by the proposed economic development project, including …

Sec. 14. The authority shall hold a public hearing, which may be conducted by the authority, or any officer, member, or agent designated by the authority, on the proposed financing agreement for the economic development project, after giving notice by publication in one (1) newsp…

Sec. 15. If the authority finds that the economic development project will be of benefit to the health, safety, morals, and general welfare of the area where the economic development project is to be located, and complies with the purposes and provisions of this chapter, the auth…

Sec. 16. A financing agreement approved under this chapter must provide for payments in an amount sufficient to pay the principal of, premium for (if any), and interest on the bonds authorized for the financing of the economic development project. However, interest payments for t…

Sec. 17. The term of a financing agreement may not exceed fifty (50) years from the date of any bonds issued under the financing agreement. However, a financing agreement does not terminate after fifty (50) years if a default under that financing agreement remains uncured, unless…

Sec. 18. If the authority retains an interest in the economic development project, the financing agreement must require the user or the developer to pay all costs of maintenance, repair, taxes, assessments, insurance premiums, trustee's fees, and any other expenses relating to th…

Sec. 19. The authority may initiate programs for financing economic development projects for developers and users in Indiana through the issuance of bonds under this article. In furtherance of this objective, the authority may do any of the following: (1) Establish eligibility st…

Sec. 2. This chapter applies only to economic development projects and not to any other facilities or projects financed by the authority. As added by P.L.189-2018, SEC.25.

Sec. 20. As each unidentified economic development project is identified for possible funding from a program under section 19(11) of this chapter, the requirements of sections 12, 13, 14, 15, and 16 of this chapter shall be complied with as a condition precedent to entering into …

Sec. 21. Bonds issued to fund a program under this chapter are not in any respect a general obligation of the state, nor are they payable in any manner from revenues raised by taxation. As added by P.L.189-2018, SEC.25.

Sec. 22. Any resolution adopted to authorize the issuance of taxable bonds to fund a program under section 19(11) of this chapter may provide that the bonds are payable solely from: (1) revenues and receipts derived from the various financing agreements; or (2) the payments made …

Sec. 23. (a) The authority may invest in, purchase or make commitments to invest in or purchase, and take assignments or make commitments to take assignments of, loans made for the acquisition, construction, installation, rehabilitation, or purchase of economic development projec…

Sec. 24. Before exercising any of the powers authorized in section 23 of this chapter, the authority shall require the lender to certify and agree that: (1) the loan is, or, if the loan has not been made, will be, at the time of making, in all respects a prudent investment; and (…

Sec. 25. Before exercising any of the powers conferred by section 23 of this chapter, the authority may: (1) require that the loan involved be insured by a loan insurer or be guaranteed by a loan guarantor; (2) require any type of security that the authority considers reasonable …

Sec. 26. (a) The authority has the power to issue, from time to time, bonds to renew or to pay bonds, including the interest on these bonds, if these bonds have been issued to finance projects that constitute economic development projects, and whenever the authority considers ref…

Sec. 27. (a) Property owned by the authority and leased to a person for an economic development project is not public property. (b) Any economic development project financed by a loan under the authority of this chapter is not public property and is not exempt from any taxes of t…

Sec. 3. The authority may, instead of a private sale or leasing as authorized by IC 5-1.2-4-1(a) or a financing of an economic development project under section 12 of this chapter, decide to hold a public offering under this chapter for the sale or leasing of any land or interest…

Sec. 4. Before offering for sale or lease to the public any property or interests acquired for an economic development project, the authority shall prepare an offering sheet showing the property or interests to be offered and copies of the offering sheets shall be furnished to pr…

Sec. 5. The authority shall publish a notice of the offering in accordance with IC 5-3-1. The notice must state that at a designated time the authority will open and consider written offers for the purchase or lease of the property or interests being offered. In giving the notice…

Sec. 6. At the time fixed in the notice, the authority shall open and consider any offers received. All offers received shall be opened at public meetings of the authority and shall be kept open for public inspection. As added by P.L.189-2018, SEC.25.

Sec. 7. The authority may reject any or all bids or may make awards to the highest and best bidder or bidders. In determining the highest and best bids, the authority may take into consideration the following: (1) The size and character of the improvements for the economic develo…

Sec. 8. In making an award to the highest and best bidder as provided in section 7 of this chapter, the authority shall determine whether in its judgment the potential benefits to the state and its citizens of the economic development project as proposed by the bidder exceed the …

Sec. 9. The authority may contract with a bidder concerning any of the factors listed in section 7 of this chapter, and the contract may provide for the deposit of surety bonds, the making of good faith deposits, liquidated damages, the right of reversion or repurchase, or other …

Sec. 0.3. An investment in public funds (as defined in IC 5-13-4-20): (1) made or entered into before March 21, 1996; and (2) that: (A) would have been in compliance with this chapter, as amended by P.L.18-1996, if this chapter, as amended by P.L.18-1996, had been in effect at th…

Sec. 0.4. An investment of public funds (as defined in IC 5-13-4-20, as in effect before February 27, 1996): (1) made under a repurchase or resale agreement, including a standing repurchase or resale agreement, that was entered into before February 27, 1996; and (2) that: (A) wou…

Sec. 1. (a) Except as provided in subsection (b), in addition to any other statutory power to make investments, each county treasurer and each fiscal officer of any political subdivision other than a county, under the guidelines established, respectively, by the board of county c…

Sec. 10. (a) The investing officers of two (2) or more political subdivisions located within a county may establish a joint investment fund by entering into a written master agreement that defines the rights and obligations of the participating political subdivisions. (b) An inve…

Sec. 11. (a) The following definitions apply throughout this section: (1) "Clearinghouse" refers to the clearinghouse registered with the department of state revenue under IC 6-8.1-9.5-3.5. (2) "Investment pool" means the local government investment pool established by subsection…

Note: This version of section effective until 7-1-2027. See also following version of this section, effective 7-1-2027. Sec. 12. (a) As used in this section, "board" refers to the Indiana local government investment pool board established by subsection (c). (b) As used in this se…

Sec. 2. (a) Each officer designated in section 1 of this chapter may invest or reinvest any funds that are held by the officer and available for investment in any of the following: (1) Securities backed by the full faith and credit of the United States Treasury or fully guarantee…

Sec. 2.5. (a) An officer designated in section 1 of this chapter may invest or reinvest funds that are held by the officer and available for investment in investments commonly known as money market mutual funds that are in the form of securities of or interests in an open-end, no…

Sec. 3. (a) As used in this section, "repurchase agreement" means an agreement: (1) involving the purchase and guaranteed resale of securities between two (2) parties; and (2) that may be entered into for a fixed term or arranged on an open or a continuing basis as a continuing c…

Sec. 3.3. Each officer designated in section 1 of this chapter may invest or reinvest any funds that are held by the officer and available for investment in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Redevelopment or the African De…

Sec. 3.5. (a) The fiscal officer of a political subdivision or county treasurer that is located in a county containing a consolidated city may invest or reinvest any funds that are held by the fiscal officer or the county treasurer and that are available for investment in partici…

Sec. 4. (a) Each officer designated in section 1 of this chapter may, subject to the restrictions provided in IC 5-13-8-9, deposit, invest, or reinvest any funds that are held by the officer and available for investment in transaction accounts issued or offered by a designated de…

Sec. 5. (a) The board of county commissioners of each county, and the fiscal body of each political subdivision other than a county, may, subject to the restrictions provided in IC 5-13-8-9, by ordinance or resolution authorize the investing officer of each, respectively, to inve…

Sec. 5.3. (a) For purposes of this section, "deposit account" does not include a deposit account described in IC 5-13-4-7(5). (b) In addition to the authority to invest in certificates of deposit under section 5 of this chapter and in transaction accounts under section 4 of this …

Sec. 5.6. Except for investments allowed under section 2(f) or 2(g) of this chapter, investments made under this chapter must have a stated final maturity of not more than: (1) five (5) years after the date of purchase or entry into a repurchase agreement for a conservancy distri…

Sec. 5.7. (a) The fiscal body of a political subdivision may adopt an investment policy authorizing the investment of public funds of the political subdivision for more than two (2) years and not more than five (5) years. The policy must: (1) be in writing; (2) be adopted at a pu…

Sec. 6. (a) All interest derived from an investment by a political subdivision or by any other local public officer under the authority granted by section 3 of this chapter shall be deposited, except as otherwise provided by law, in the general fund of the investment authority or…

Sec. 8. Any investing officer of a political subdivision that makes a deposit in any deposit or other account may be required to pay a service charge to the depository in which the funds are deposited, if the depository requires all customers to pay the charge for providing that …

Sec. 8.5. Funds deposited in deposit accounts in accordance with this chapter and interest earned or accrued on the funds are public funds and are covered by the insurance fund. As added by P.L.18-1996, SEC.21.

Sec. 9. An officer designated in section 1 of this chapter may not do the following: (1) Purchase securities on margin. (2) Open a securities margin account for the investment of public funds. As added by P.L.72-1995, SEC.5.

Sec. 1. (a) No action to contest the validity of any bonds or notes of the bank may be brought after the fifteenth day following the adoption of the resolution authorizing the sale of the bonds or notes. No action to contest the validity of any bond sale under this chapter may be…