Indiana Code 5-28-24-4. Loans to businesses by counties and municipalities; criteria; approval of loans by corporation

Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses.

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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.
municipality: means a city or town. See Indiana Code 5-28-24-1

(b) The terms of the loans must include provisions stating that:

(1) loans shall be restricted to enterprises that create new and permanent jobs;

(2) loans may not exceed the greater of:

(A) ten percent (10%) of the total investment; or

(B) two hundred fifty thousand dollars ($250,000); and

(3) the principal and interest on the loan must be repaid to the county or municipality.

As added by P.L.4-2005, SEC.34.