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 standards for developers and users, without complying with IC 4-22-2. However, these standards have the force of law if the standards are adopted after a public hearing for which notice has been given by publication under IC 5-3-1.

(2) Contract with any entity securing the payment of bonds issued under this chapter and authorizing the entity to approve the developers and users that can finance or refinance economic development projects with proceeds from the bond issue secured by that entity.

(3) Lease to a developer or user economic development projects upon terms and conditions that the authority considers proper and, with respect to the lease:

(A) charge and collect rents;

(B) terminate the lease upon the failure of the lessee to comply with any of its obligations under the lease or otherwise as the lease provides; and

(C) include in the lease provisions that the lessee has the option to renew the term of the lease for those periods and at those rents as may be determined by the authority or to purchase any or all of the economic development projects to which the lease applies.

(4) Lend money, upon terms and conditions as the authority considers proper, to a developer or user under an installment purchase contract or loan agreement to:

(A) finance, reimburse, or refinance the cost of an economic development project; and

(B) take back a secured or unsecured promissory note evidencing such a loan or a security interest in the economic development project financed or refinanced with the loan.

(5) Sell or otherwise dispose of any unneeded or obsolete economic development project under terms and conditions determined by the authority.

(6) Maintain, repair, replace, and otherwise improve or cause to be maintained, repaired, replaced, and otherwise improved any economic development project owned by the authority.

(7) Require any type of security that the authority considers reasonable and necessary.

(8) Obtain or aid in obtaining property insurance on all economic development projects owned or financed, or accept payment if any economic development project property is damaged or destroyed.

(9) Enter into any agreement, contract, or other instrument with respect to any insurance, guarantee, letter of credit, or other form of credit enhancement, accepting payment in the manner and form as provided in the instrument if a developer or user defaults, and assign the insurance, guarantee, letter of credit, or other form of credit enhancement as security for bonds issued by the authority.

(10) Finance for eligible developers and users in connection with an economic development project:

(A) the cost of their economic development projects; and

(B) in the case of a program funded from the proceeds of taxable bonds, working capital associated with the operation of the economic development project;

in amounts determined to be appropriate by the authority.

(11) Issue bonds to fund a program for financing multiple, identified or unidentified economic development projects if the authority finds that issuance of the bonds will be of benefit to the health, safety, morals, or general welfare of the state and complies with the purposes and provisions of this article by promoting a substantial likelihood for one (1) or more of the following:

(A) Creating opportunities for gainful employment.

(B) Creating business opportunities.

(C) Educational enrichment (including cultural, intellectual, scientific, or artistic opportunities).

(D) The abatement, reduction, or prevention of pollution.

(E) The removal or treatment of any substances in materials being processed that would otherwise cause pollution when used.

The authority may by resolution approve the proposed taxable bond issue.

As added by P.L.189-2018, SEC.25.