Indiana Code 8-10-4-1. “Self-liquidating or nonrecourse project”
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Sec. 1. (a) As used in this chapter, “self-liquidating or nonrecourse project” means:
(A) the interest and principal of the bonds to be issued to finance the cost of the project; and
(1) a project for which a lease or leases have been executed providing for payment in an amount the ports of Indiana determines to be sufficient to pay:
Terms Used In Indiana Code 8-10-4-1
- 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
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
(B) all costs of maintenance, repair, and insurance of the project; or
(2) a project that is structured in such a manner that the ports of Indiana determines there is no recourse against the state or the ports of Indiana.
(b) Other words and terms used in this chapter shall have the same meaning as in IC 8-10-1-2 and the other provisions of this article, unless otherwise specifically provided.
Formerly: Acts 1969, c.292, s.1. As amended by P.L.66-1984, SEC.18; P.L.224-2003, SEC.226 and P.L.271-2003, SEC.26; P.L.232-2005, SEC.8; P.L.98-2008, SEC.45.