Indiana Code 5-1.2-4-4. Additional authority powers; capital improvements; northwest Indiana regional development authority; motorsports investment district; local innovation development district
(1) enter into leases and issue bonds under terms and conditions determined by the authority and use the proceeds of the bonds to:
Terms Used In Indiana Code 5-1.2-4-4
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(B) acquire any obligations issued by the northwest Indiana regional development authority established by IC 36-7.5-2-1; or
(C) carry out the purposes of IC 5-1-17.5 within a motorsports investment district;
(2) at the request of the Indiana economic development corporation established by IC 5-28-3-1, and subject to subsections (b), (c), and (d), enter into leases and issue bonds under terms and conditions determined by the authority payable solely from:
(A) revenues that are deposited in a local innovation development district fund established under IC 36-7-32.5-19;
(B) revenues generated from a project under IC 36-7-32.5-19; and
(C) appropriations from the general assembly; and
(3) perform any other functions determined by the authority to be necessary or appropriate to carry out the purposes of this section.
(b) The proceeds of bonds issued under subsection (a)(2) may be used to pay the costs of projects:
(1) described in IC 36-7-32.5-19; and
(2) located within or directly serving the innovation development district in which the revenue was generated.
(c) Before the authority enters into leases or issues bonds under subsection (a)(2), the proposed lease or issuance of bonds must be reviewed by the budget committee.
(d) The authority may not issue more than one billion dollars ($1,000,000,000) of bonds under subsection (a)(2).
As added by P.L.189-2018, SEC.25. Amended by P.L.135-2022, SEC.1.