Indiana Code 4-8.1-1-7. Deposit of certain funds
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Sec. 7. (a) As used in this section, “private entity” means a corporation or other business entity that uses facilities that were financed, in whole or in part, with the proceeds of bonds issued by the Indiana finance authority under IC 8-9.5, IC 8-14.5, or IC 8-21-12.
(b) If a private entity makes a payment to the state under an agreement requiring the recipient to make such a payment upon failure to achieve prescribed levels of investment, employment, or wages at the facilities described in subsection (a), the payment shall be deposited in the state general fund.
Terms Used In Indiana Code 4-8.1-1-7
- 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.
As added by P.L.32-2002, SEC.1. Amended by P.L.235-2005, SEC.52.