Indiana Code 8-14-8-11. Loan; application; approval; interest; agreement between unit and department; restrictions on funds
(1) a map depicting all roads and streets in the system of the applicant; and
Terms Used In Indiana Code 8-14-8-11
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The Indiana department of transportation shall notify a unit that makes a loan application of the department’s approval or disapproval of the application within sixty (60) days of the date of application. The decision made by the department to approve or disapprove is final.
(c) The loan is not subject to the payment of interest or penalty if repaid within two (2) years.
(d) The unit and the Indiana department of transportation shall enter into a written agreement stating the terms of the loan. The agreement must include a provision that the unit directs the state comptroller to withhold distributions from its allocations from the motor vehicle highway account if the loan is not repaid within two (2) years.
(e) Money from a loan made under this section may be used only for the purpose of matching federal aid highway funds.
As added by P.L.114-1983, SEC.5. Amended by P.L.18-1990, SEC.120; P.L.9-2024, SEC.293.