Sec. 0.3. (a) The definitions set forth in IC 4-4-8 (before its repeal) and this chapter apply to this section.

     (b) Notwithstanding any other law, all loans, loan agreements, or similar arrangements between the department and a qualified entity are legalized and declared valid if these loans, loan agreements, or similar arrangements have been delivered and the department has lent money according to the loans, loan agreements, or similar arrangements before March 5, 1988. All proceedings had and actions taken with respect to these loans, loan agreements, or similar arrangements are fully legalized and declared valid.

     (c) Any economic development district created by any qualified entity before March 5, 1988, is legalized and declared valid and is declared a special taxing district that provides special benefits to taxpayers in the economic development district by providing local public improvements that are of public use and benefit. Any indebtedness of the unit created before March 5, 1988, for local public improvements shall be considered debt of the special taxing district and not the general obligation of the unit that established the economic development district.

As added by P.L.220-2011, SEC.131.