Indiana Code 6-3.6-10-2. Economic development purposes; use of revenue
(1) To pay all or a part of the interest owed by a private developer or user on a loan extended by a financial institution or other lender to the developer or user if the proceeds of the loan are or are to be used to finance an economic development project.
Terms Used In Indiana Code 6-3.6-10-2
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
(3) For leases or for leases or bonds entered into or issued before the date the county economic development income tax (IC 6-3.5-7 repealed) was imposed if the purpose of the lease or bonds would have qualified as a purpose under this article at the time the lease was entered into or the bonds were issued.
(4) The construction or acquisition of, or remedial action with respect to, a capital project for which the unit is empowered to issue general obligation bonds or establish a fund under any statute listed in IC 6-1.1-18.5-9.8.
(5) The retirement of bonds issued under any provision of Indiana law for a capital project.
(6) The payment of lease rentals under any statute for a capital project.
(7) Contract payments to a nonprofit corporation whose primary corporate purpose is to assist government in planning and implementing economic development projects.
(8) Operating expenses of a governmental entity that plans or implements economic development projects.
(9) Funding of a revolving fund established under IC 5-1-14-14.
(10) For a regional venture capital fund or a local venture capital fund.
(11) For any lawful purpose for which money in any of its other funds may be used.
As added by P.L.243-2015, SEC.10. Amended by P.L.247-2017, SEC.23.