Indiana Code 5-28-10-15. “Operating expenditures”; amount and use of grants
(1) Business plans.
Terms Used In Indiana Code 5-28-10-15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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
- technology park: refers to a certified technology park established under IC 36-7-32. See Indiana Code 5-28-10-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Mentor identification.
(4) Securitization of capital.
(5) Legal services.
(6) Other necessary services.
(b) The total of all grants provided under this chapter for a technology park may not exceed the following:
(1) Two million dollars ($2,000,000) for the leasing, construction, or purchase of capital assets.
(2) Two million dollars ($2,000,000) for operating expenditures, and, subject to subsection (d), with not more than five hundred thousand dollars ($500,000) being distributed in any one (1) fiscal year.
(c) This subsection applies to a grant provided under subsection (b)(1) for the leasing of a capital asset. The grant may be applied only to lease payments made during:
(1) the fiscal year; or
(2) each of the three (3) fiscal years immediately following the fiscal year;
in which the grant is provided.
(d) The annual distribution of a grant under subsection (b)(2) may not exceed the following:
(1) Eighty percent (80%) of total operating expenditures in the fiscal year in which the grant is provided.
(2) Sixty percent (60%) of total operating expenditures in the fiscal year after the fiscal year in which the grant is provided.
(3) Forty percent (40%) of total operating expenditures in the second fiscal year after the fiscal year in which the grant is provided.
(4) Twenty percent (20%) of total operating expenditures in the third fiscal year after the fiscal year in which the grant is provided.
As added by P.L.4-2005, SEC.34.