Sec. 5. (a) The economic development
fund is established within the state treasury. The fund is a revolving fund to provide grants and loans for economic development activities in Indiana for the purposes of this chapter.
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Terms Used In Indiana Code 5-28-8-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: refers to the economic development fund established by section 5 of this chapter. See Indiana Code 5-28-8-3
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be deposited in the fund.
(e) The money in the fund at the end of a state fiscal year does not revert to the state general fund but remains in the fund.
(f) Money in the fund is continuously appropriated for the purposes of this chapter.
As added by P.L.4-2005, SEC.34. Amended by P.L.201-2023, SEC.86.
