Sec. 36. (a) Improvements financed under this chapter must be approved by the commission. The commission shall secure the obligations of the owner or owners of the qualified motorsports facility to the commission under a lease or sublease under this chapter with liens or security interests, which may include:

(1) perfected security interests in personal property;

(2) a mortgage lien on the real property; or

(3) such other security determined to be appropriate by the commission and the authority.

     (b) On the date that the aggregate amount of credits provided to the owner or owners of the qualified motorsports facility under IC 4-10-23 equals or exceeds the aggregate of the amount of the appropriations made to the commission and used to pay rent by the commission to the authority under any lease entered into between the authority and the commission under this chapter and any expenses that are incurred by the authority or the commission under this chapter and are not paid out of such rent, and all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding, the commission shall take the legal steps required to terminate each of its security interests in and mortgage liens on the improvements described in subsection (a).

     (c) If a controlling ownership interest in a qualified motorsports facility is sold after the authority issues bonds under this chapter, the commission shall determine whether there exists good cause not to allow the purchaser to assume the motorsports facility’s obligations under this chapter. If the commission determines that no such good cause exists, the commission shall be deemed to have accepted the purchaser’s assumption of the motorsports facility’s obligations under this chapter, and the purchaser shall be deemed to have assumed and become obligated to fully perform those obligations. If the commission determines that there exists good cause not to approve the purchaser’s assumption of the motorsports facility’s obligations under this chapter, the commission shall be deemed to have disapproved such assumption and the commission may require that the owner or owners of the qualified motorsports facility shall pay or cause to be paid to the commission an amount to be deposited in the motorsports investment district fund sufficient to pay the cost of defeasing all outstanding bonds issued by the authority under section 37 of this chapter and paying all expenses of the commission and the authority incurred in connection with such defeasance. For purposes of this section, the following shall not be deemed to be the sale of a controlling ownership interest:

(1) Transfers among the qualified motorsports facility and its subsidiaries and affiliates existing at the time the owner or owners of the qualified motorsports facility enter into the written agreement under this chapter concerning the terms of the financing of the improvements under this chapter.

(2) Transfers among the qualified motorsports facility’s existing equity owners (as determined at the time the owner or owners of the qualified motorsports facility enter into the written agreement under this chapter concerning the terms of the financing of the improvements under this chapter).

(3) Transfers between the qualified motorsports facility’s existing equity owners (as determined at the time the owner or owners of the qualified motorsports facility enter into the written agreement under this chapter concerning the terms of the financing of the improvements under this chapter) and trusts, family limited partnerships, and other entities for estate planning purposes.

     (d) Money deposited in the motorsports investment district fund may be used to pay the cost of defeasing all outstanding bonds issued by the authority under section 37 of this chapter and paying all other expenses of the commission and the authority incurred in connection with such defeasance.

     (e) If, after the date payments are received by the commission from the owner or owners of the qualified motorsports facility under subsection (c), all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding, and all expenses incurred by the commission or the authority in connection with the exercise of its duties and obligations set forth in this chapter have been paid, all money then remaining in the motorsports investment district fund reverts to the state general fund.

As added by P.L.233-2013, SEC.5.