CHAPTER 1. RECREATIONAL DEVELOPMENT COMMISSION
IC 14-14
ARTICLE 14. RECREATIONAL DEVELOPMENT
IC 14-14-1
Chapter 1. Recreational Development Commission
IC 14-14-1-1
Purposes of chapter
Sec. 1. The general purposes of this chapter are the following:
(1) To provide for the general health and welfare of Indianacitizens by the acquisition, construction, improvement, andoperation of public recreational facilities.
(2) To facilitate, support, and promote the development and useof the parks of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-2
Liberal construction
Sec. 2. This chapter is necessary for the welfare of Indiana andIndiana's inhabitants and shall be liberally construed to effect thepurposes of this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-2.5
Applicability to the Indiana finance authority
Sec. 2.5. This article:
(1) applies to the Indiana finance authority only when acting asthe commission under this article for the purposes set forth inthis article; and
(2) does not apply to the Indiana finance authority when actingunder any other statute for any other purpose.
As added by P.L.235-2005, SEC.185.
IC 14-14-1-3
"Commission" defined
Sec. 3. As used in this chapter, "commission" means the Indianafinance authority established by IC 4-4-11-4.
As added by P.L.1-1995, SEC.7. Amended by P.L.235-2005,SEC.186.
IC 14-14-1-4
"Cost" defined
Sec. 4. As used in this chapter, "cost" as applied to a park or parkproject includes the following:
(1) The cost of construction, renovation, or improvement.
(2) The cost of acquisition of all land, rights in land,rights-of-way, property, rights, easements, and interests,including land under water and riparian rights acquired by thecommission for construction.
(3) The cost of demolishing or removing any buildings or
structures on land acquired, including the cost of acquiring anyland to which buildings or structures may be moved.
(4) The cost of relocating public roads, railroads, public utilityfacilities, including the cost of land or easements.
(5) The cost of all machinery and equipment, financing charges,and interest before and during construction.
(6) The cost of engineering and legal expenses, plans,specifications, surveys, estimates of use, and revenues.
(7) Other expenses necessary or incident to determining thefeasibility or practicability of financing and constructing anyproject.
(8) Administrative expense.
(9) Other expenses that are necessary or incident to theconstruction of the project, the financing of construction, andthe placing of the project in operation, including an initial bondservice reserve.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-5
"Park" defined
Sec. 5. (a) As used in this chapter, "park" includes any landsuitable for public recreational facilities, including all parks,reservoirs, land, and water under the jurisdiction of the department.
(b) The term does not include park and park facilities of politicalsubdivisions of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-6
"Park project" defined
Sec. 6. (a) As used in this chapter, "park project" includesfacilities, renovations, improvements, adjuncts, and appurtenancesnecessary or proper to the operation of public parks, such as thefollowing:
(1) Means of ingress and egress and interior arterial systems.
(2) Food and lodging facilities.
(3) Camping areas.
(4) Boating facilities.
(5) Public participation sports facilities.
(6) Parking lots.
(7) Garages.
(8) Trailer sites.
(9) Automotive service facilities.
(10) Communication systems.
(11) Sewers, drains, and other sanitary facilities for thetreatment of sewage, garbage, and wastes.
(12) The furnishing of utility service necessary to serve theproperty under the jurisdiction or control of the commission.
(13) Other buildings and facilities whose acquisition and useare consistent with the purposes of this chapter.
(b) The term does not include the following: (1) Park and park facilities of political subdivisions of the state.
(2) The acquisition of railroad rights-of-way.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-7
Commission's exercise of powers an essential governmentalfunction
Sec. 7. The exercise by the commission of the powers conferredby this chapter in the acquisition, construction, improvement,operation, and maintenance of a park project is an essentialgovernmental function of the state. For purposes of this chapter, thecommission is a tax supported institution within the meaning of"agency" for the purposes of IC 34-30-9.
As added by P.L.1-1995, SEC.7. Amended by P.L.1-1998, SEC.110;P.L.235-2005, SEC.187.
IC 14-14-1-8
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-9
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-10
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-11
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-12
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-13
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-14
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-15
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-15.5
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-16
Acquisition of sites or improvements from department; agreementsfor use with department
Sec. 16. (a) The commission may acquire sites or improvementsfrom the department.
(b) The commission may make improvements and enter intoagreements for use with the department. The agreements:
(1) do not need to be approved by the attorney general; and
(2) must be approved by the:
(A) budget agency, after consulting with the budgetcommittee; and
(B) governor;
before the department may execute the agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-17
Lease of property
Sec. 17. The commission may lease property to the departmentand others. A lease:
(1) may provide for the operation, maintenance, improvement,or renovation of the property;
(2) must contain standards for operation, quality of goods andservices, and price of goods and services;
(3) need not be approved by the attorney general or thegovernor;
(4) may be executed by the:
(A) chairman or vice chairman of the commission; and
(B) public finance director; and
(5) is binding on the state after advertisement one (1) time aweek for two (2) weeks in two (2) newspapers published inIndianapolis. The first publication must be at least fourteen (14)days before a public hearing by the commission, and theproposed lease must be on file in the department during theperiod of publication.
As added by P.L.1-1995, SEC.7. Amended by P.L.162-2007, SEC.34.
IC 14-14-1-18
General powers
Sec. 18. The commission may do the following:
(1) Make and enter into all contracts, undertakings, andagreements necessary or incidental to the performance of thecommission's duties and the execution of the commission'spowers under this chapter. If the cost of a contract forconstruction or for the purchase of equipment, materials, orsupplies involves an expenditure of more than twenty thousanddollars ($20,000), the commission shall make a written contractwith the lowest and best bidder after advertisement for not lessthan two (2) consecutive weeks in a newspaper of generalcirculation in Marion County, Indiana, and in other publicationsif the commission determines. The notice must state the general
character of the work and the general character of the materialsto be furnished, the place where the plans and specificationsmay be examined, and the time and place of receiving bids.Each bid must contain the full name of every person orcompany interested in the bid and must be accompanied by asufficient bond or certified check on a solvent bank that if thebid is accepted a contract will be entered into and theperformance of the bidder's proposal secured. The commissionmay reject any and all bids. A bond with good and sufficientsurety approved by the commission is required of all contractorsin an amount equal to at least fifty percent (50%) of the contractprice conditioned upon the faithful performance of the contract.
(2) Employ employees, fix their compensation, and define theirduties.
(3) Contract for the following:
(A) Services, including services of engineers, architects,accountants, attorneys, financial advisers, project orconstruction managers, consultants, and experts as well asother contract services.
(B) Construction.
(C) Materials.
(D) Supplies.
(4) Conduct studies of the financial feasibility of proposed parkprojects.
(5) Use the services of professional and other personnelemployed by a department or an agency of the state forpurposes of studying the feasibility of or designing,constructing, or maintaining a park project.
(6) Receive and accept:
(A) from a federal agency grants for or in aid of theacquisition, construction, improvement, or development ofa park project; and
(B) aid or contributions from any source of money, property,labor, or other things of value;
to be held, used, and applied only for the purposes, consistentwith the purposes of this chapter, for which the grants andcontributions may be made.
(7) Provide coverage for the commission's employees underIC 27-7-2 and IC 22-4.
(8) Do all acts and things necessary or proper to carry out thepowers expressly granted in this chapter.
(9) Hold, use, administer, and expend the money appropriatedor transferred to the commission, administer a general operatingfund, the revolving fund created by this chapter, create andadminister any other fund considered desirable, and enter intoa covenant or pledge with respect to a fund created.
(10) Accept advances or grants from a state agency or fundauthorized to make advances or grants and, for advances, enterinto agreements concerning the repayment of the advance andrepay the advances.As added by P.L.1-1995, SEC.7. Amended by P.L.235-2005,SEC.188.
IC 14-14-1-19
Acquisition of interests in land; park projects
Sec. 19. (a) The commission may acquire by:
(1) departmental transfer;
(2) purchase; or
(3) lease;
for nominal or substantial consideration any interest in land (exceptrailroad rights-of-way), including existing facilities, adjuncts, andappurtenances, that the commission considers necessary orconvenient for the acquisition, construction, improvement, ordevelopment of a park project.
(b) The commission may:
(1) acquire that interest in land:
(A) upon the terms; and
(B) at a price or rental;
that the commission considers to be reasonable; and
(2) take title in the name of the commission.
(c) A park project undertaken by the commission must:
(1) comply with:
(A) the master plan for that property; or
(B) the Indiana outdoor recreation plan approved by thenatural resources commission; or
(2) be specifically approved by the natural resourcescommission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-20
Eminent domain powers
Sec. 20. The commission may acquire by appropriation, underIndiana eminent domain law, any interest in land necessary or properfor the construction or the efficient operation of a park project exceptland used for parks or park facilities owned by the state or a politicalsubdivision of the state. Title to the property shall be taken in thename of the state for the use of the commission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-21
Agreements for use of park improvements
Sec. 21. (a) The commission and the department may enter intoappropriate agreements setting forth the terms and conditions of useof park improvements and the money agreed to be paid at intervalsfor the use. The department is not obligated to continue the use andmake payments under the agreement but shall vacate theimprovements if it is shown that:
(1) the terms and conditions of the use and occupancy; and
(2) the amount to be paid;
are unjust and unreasonable considering the value of the
improvements.
(b) In determining just and reasonable amounts to be paid for theuse of improvements, the commission shall impose and collectmoney that in the aggregate will be sufficient to pay the expenses ofoperation, maintenance, and repair of the improvements to the extentthat the expenses are not otherwise provided and leave a balance ofnet income of revenues from the improvements to pay the interest onthe debentures as the interest is due and accomplish retirement of thedebentures at or before maturity. If the department has made allpayments provided in the agreements, the use of improvementscovered by the agreements and the sites of the improvements revertto the department at the end of the terms of the agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-22
Bonding authority
Sec. 22. The commission may periodically provide by resolutionfor the issuance of bonds of the commission for the purpose ofpaying all or any part of the cost of at least one (1) park project. Theprincipal of and the interest on the bonds is payable from:
(1) the park revenues; or
(2) any other revenues;
specifically pledged or committed by statute to the payment of theprincipal and interest.
As added by P.L.1-1995, SEC.7. Amended by P.L.96-2008, SEC.6.
IC 14-14-1-23
Revenue bonds; requirements
Sec. 23. (a) The bonds of each issue:
(1) must:
(A) be dated;
(B) bear interest at the rate or rates; and
(C) mature at the time or times not exceeding fifty (50)years;
as determined by the commission; and
(2) may be made redeemable before maturity, at the option ofthe commission, at the price or prices and under the terms andconditions fixed by the commission in the authorizingresolution.
(b) The commission shall determine the following:
(1) The form of the bonds, including any interest coupons to beattached.
(2) The denomination or denominations of the bonds.
(3) The place or places of payment of principal and interest,which may be at any bank or trust company within or outsideIndiana.
(c) The bonds shall be signed in the name of the commission by:
(1) the chairman or vice chairman; or
(2) the facsimile signature of the chairman or vice chairman.
(d) The official seal of the commission or a facsimile of the seal
shall be:
(1) affixed to the bonds; and
(2) attested by the public finance director.
(e) Any coupons attached to the bonds must bear the facsimilesignature of the chairman of the commission.
(f) If an officer whose signature or a facsimile of whose signatureappears on a bond or coupon ceases to be the officer before thedelivery of the bonds, the signature or facsimile is still valid andsufficient for all purposes the same as if the officer had remained inoffice until delivery.
As added by P.L.1-1995, SEC.7. Amended by P.L.162-2007, SEC.35.
IC 14-14-1-24
Revenue bonds; negotiability
Sec. 24. All bonds issued under this chapter or under IC 14-3-12(before its repeal) are negotiable instruments under the commerciallaw of Indiana.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-25
Revenue bonds; form
Sec. 25. The bonds may be issued in coupon or in registered form,or both, as the commission determines, and provision may be madefor the registration of any coupon bonds as to principal alone andalso as to both principal and interest, and for the reconversion intocoupon bonds of any bonds registered as to both principal andinterest.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-26
Revenue bonds; sale
Sec. 26. The bonds may be sold at public sale in accordance withIC 21-32-3 or by negotiated sale as the commission determines.
As added by P.L.1-1995, SEC.7. Amended by P.L.2-2007, SEC.168.
IC 14-14-1-27
Revenue bonds; not debt of state or subdivision; payable solelyfrom money pledged
Sec. 27. (a) Park revenue bonds issued under this chapter or underIC 14-3-12 (before its repeal) are not:
(1) a debt of the state or of a political subdivision of the state;or
(2) a pledge of the faith and credit of the state or of any politicalsubdivision.
The bonds are payable solely from the money pledged for theirpayment as authorized in this chapter or under IC 14-3-12 (before itsrepeal) unless the bonds are refunded by refunding bonds issuedunder this chapter or under IC 14-3-12 (before its repeal).
(b) Refunding bonds are payable solely from money pledged fortheir payment as authorized in this chapter or under IC 14-3-12
(before its repeal).
(c) Revenue bonds must contain on the face of the bonds astatement to the effect that the bonds, as to both principal andinterest, are not an obligation of the state or of a political subdivisionof the state, but are payable solely from revenues pledged for theirpayment.
(d) This chapter does not authorize the commission to incurindebtedness or liability on behalf of or payable by the state or apolitical subdivision of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-28
Revenue bonds; expenses of commission
Sec. 28. All expenses of the commission incurred in carrying outthis chapter are payable solely from money provided under theauthority of this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-29
Revenue bonds; legal investments
Sec. 29. Revenue bonds issued by the commission under thischapter or under IC 14-3-12 (before its repeal) constitute legalinvestments for the following:
(1) Private trust funds.
(2) The money of banks, trust companies, insurance companies,building and loan associations, credit unions, banks of discountand deposit, savings banks, loan and trust and safe depositcompanies, rural loan and savings associations, guaranty loanand savings associations, mortgage guaranty companies, smallloan companies, industrial loan and investment companies, andany other financial institutions organized under Indiana law.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-30
Revenue bonds; use of proceeds
Sec. 30. The proceeds of revenue bonds shall be used solely forthe payment of the cost of the park project for which the bonds havebeen issued. The proceeds shall be disbursed in the manner andunder the restrictions, if any, that the commission provides in theresolution authorizing the issuance of the bonds or in the trustagreement securing the bonds.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-31
Revenue bonds; deficit from sale
Sec. 31. If the proceeds of the bonds of an issue, by error ofestimates or otherwise, are less than the cost, additional bonds mayin like manner be issued to provide the amount of the deficit. Unlessotherwise provided in the resolution authorizing the issuance ofbonds or in the trust agreement securing the bonds, the bonds are
considered to be of the same issue and are entitled to payment fromthe same fund without preference or priority of the bonds first issued.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-32
Revenue bonds; surplus from sale
Sec. 32. If the proceeds of the bonds of an issue exceed the costof the park project for which the bonds have been issued, the surplusshall be deposited to the credit of the sinking fund for the bonds.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-33
Revenue bonds; interim receipts or temporary bonds
Sec. 33. Before the preparation of definite bonds, the commissionmay, under the same restrictions, issue interim receipts or temporarybonds, with or without coupons, exchangeable for definitive bondswhen the bonds have been executed and are available for delivery.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-34
Revenue bonds; replacement
Sec. 34. The commission may provide for the replacement of anybonds that have been mutilated, destroyed, or lost.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-35
Revenue bonds; conditions for issuance and disbursement ofproceeds
Sec. 35. Bonds may be issued and the proceeds disbursed underthis chapter without:
(1) obtaining the consent of an officer, a department, a division,a commission, a board, a bureau, or an agency of the state; and
(2) any other proceedings or the happening of any otherconditions or things than the proceedings, conditions, or thingsspecifically required by this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-36
Revenue bonds; refunding bonds
Sec. 36. (a) The commission may provide by resolution for theissuance of park revenue refunding bonds of the state payable solelyfrom revenues for the following:
(1) The purpose of refunding bonds then outstanding that havebeen issued under this chapter or under IC 14-3-12 (before itsrepeal), including the payment of redemption premium andinterest accrued or to accrue to the date of redemption of thebonds.
(2) If considered advisable by the commission, for theadditional purpose of constructing improvements, extensions,or enlargements of a park project in connection with which the
bonds to be refunded have been issued.
(b) The:
(1) issuance of the bonds;
(2) maturities and other details;
(3) rights of the holders; and
(4) rights, duties, and obligations of the commission concerningthe bonds;
are governed by this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-37
Revenue bonds; trust agreements
Sec. 37. (a) The commission may secure bonds issued under thischapter or under IC 14-3-12 (before its repeal) by a trust agreementbetween the commission and a corporate trustee, which may be atrust company or bank having the powers of a trust company withinIndiana. A resolution adopted by the commission providing for theissuance of bonds and a trust agreement under which the bonds areissued may pledge or assign all or any part of the revenues receivedor to be received by the commission except the part necessary to:
(1) pay the cost of the commission's administrative expensesand the obligations, if any, of the commission for operation,maintenance, and repair of a park project; and
(2) provide reserves and depreciation reserves;
as required by a bond resolution adopted or trust agreement executedby the commission.
(b) In authorizing the issuance of bonds for a park project, thecommission may:
(1) limit the amount of the bonds that may be issued as a firstlien and charge against the revenues pledged to the payment ofthe bonds; or
(2) authorize the issuance periodically of additional bondssecured by the same lien to provide money:
(A) for the completion of the park project for which theoriginal bonds were issued;
(B) to pay the cost of additional park projects undertaken inconnection with the development of the park; or
(C) for both purposes.
(c) Additional bonds shall be issued on terms and conditionsprovided in the bond resolution adopted by the commission and inthe trust agreement or a supplemental agreement and may be securedequally and ratably without preference, priority, or distinction withthe original issue of bonds or may be made junior to the originalissue.
(d) A pledge or an assignment made by the commission under thissection or under IC 14-3-12-15 (before its repeal) is valid andbinding from the time that the pledge or assignment is made.Revenue so pledged and received by the commission is immediatelysubject to the lien of the pledge or assignment without physicaldelivery or further act. The lien of the pledge or assignment is valid
and binding against all parties having claims of any kind in tort,contract, or otherwise against the commission irrespective of whetherthe parties have notice.
(e) The resolution and a trust agreement by which a pledge iscreated or an assignment is made do not need to be filed or recordedexcept in the records of the commission.
(f) A trust agreement or resolution providing for the issuance ofbonds may contain provisions for protecting and enforcing the rightsand remedies of the bondholders that are reasonable and proper andnot in violation of law, including the following:
(1) Covenants setting forth the duties of the commissionrelating to the following:
(A) The acquisition of interests in property.
(B) The construction, improvement, maintenance, repair,operation, and insurance of the park project for which thebonds have been authorized.
(2) The rates of fees, tolls, rentals, entrance fees, or othercharges to be collected for use of any park project.
(3) The custody, safeguarding, and application of all money.
(4) Provisions for the employment of consulting engineers inconnection with the construction or operation of the project.
(g) A bank or trust company incorporated under Indiana law thatacts as depository of the proceeds of bonds or other money of thecommission may:
(1) furnish indemnifying bonds; or
(2) pledge securities;
as required by the commission.
(h) A trust agreement may:
(1) set forth the rights and remedies of the bondholders and ofthe trustee;
(2) restrict the individual right of action by bondholders as iscustomary in trust agreements or trust indentures securingbonds or debentures of private corporations; and
(3) contain other provisions that the commission considersreasonable and proper for the security of the bondholders.
All expenses incurred in carrying out a trust agreement may betreated as a part of the cost of the operation of the park project.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-38
Other revenue powers of commission
Sec. 38. In addition to other powers of the commission to issuerevenue bonds, the commission may also do the following:
(1) Make temporary borrowings in anticipation of the issuanceof revenue bonds or notes and issue revenue bonds or notes torefund the temporary borrowings.
(2) Negotiate a loan and issue a note for the loan.
(3) Pledge and assign:
(A) leases or use agreements; or
(B) interests in and rentals from leases or use agreements.As added by P.L.1-1995, SEC.7.
IC 14-14-1-39
Money to be held in trust
Sec. 39. All money received under this chapter or underIC 14-3-12 (before its repeal), whether:
(1) as proceeds from the sale of bonds;
(2) from revenues; or
(3) from any other source;
is considered to be trust money to be held and applied solely asprovided in this chapter. However, before the time when the moneyis needed for use the money may be invested to the extent and in themanner provided for entities subject to IC 5-13-10.5.
As added by P.L.1-1995, SEC.7. Amended by P.L.18-1996, SEC.29.
IC 14-14-1-40
Money to be kept in depositories
Sec. 40. Money shall be kept in depositories designated asdepositories for money of the state as selected by the commission, inthe manner provided by IC 5-13. The resolution authorizing theissuance of bonds or the trust agreement securing the bonds mustprovide that:
(1) an officer to whom; or
(2) a bank or trust company to which;
the money is entrusted shall act as trustee of the money and shallhold and apply the money for the purposes of this chapter, subject tothis chapter and the authorizing resolution or trust agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-41
Rights of holders
Sec. 41. A holder of bonds issued under this chapter or underIC 14-3-12 (before its repeal) or any of the coupons, and the trusteeunder a trust agreement, except to the extent the rights may berestricted by the authorizing resolution or trust agreement, may,either at law or in equity, by suit, action, mandamus, or otherproceedings:
(1) protect and enforce any right:
(A) under Indiana law; or
(B) granted under:
(i) this chapter or under IC 14-3-12 (before its repeal);
(ii) a trust agreement; or
(iii) the resolution authorizing the issuance of bonds; and
(2) enforce and compel the performance of all duties requiredby:
(A) this chapter;
(B) a trust agreement; or
(C) the resolution;
to be performed by the commission or by any officer of thecommission, including the fixing, charging, and collecting of
fees, tolls, rentals, entrance fees, or other charges for the use ofpark projects.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-42
Surcharge on fees; special fund
Sec. 42. (a) The natural resources commission may levy asurcharge not exceeding ten percent (10%), as established by thenatural resources commission, on any of the following:
(1) Admission fees.
(2) Commission rentals.
(3) Boat registrations.
(4) Launching fees.
(5) Mooring fees.
(b) The receipts from a surcharge shall be deposited in a specialfund to be used only to pay rent to the commission and maintenanceof facilities covered by use agreements with the commission asprovided in a use agreement entered into between the department andthe commission. The special fund may be spent for that purposewithout appropriation.
(c) During the life of a use agreement, a surcharge that has beenimposed may not be rescinded or reduced so that the amount in thespecial fund and the receipts for one (1) year are less than one andtwo-tenths (1.2) times the anticipated rental payment andmaintenance expense of facilities covered by a use agreement.
(d) The money in the special fund does not revert to the stategeneral fund.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-43
Special revolving fund
Sec. 43. (a) A special revolving fund is created to be used only forthe planning of projects, including the hiring of architects, engineers,consultants, and other experts and the doing of any work preliminaryto the actual construction of a project.
(b) The money in the special revolving fund does not revert to thestate general fund.
(c) The amount of money in the special revolving fund may notexceed five hundred thousand dollars ($500,000).
(d) The commission may do the following:
(1) Transfer to the special revolving fund other money in thecommission's possession not otherwise committed or needed.
(2) Place a gift or grant to the commission not limited incharacter in the special revolving fund.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-44
Audits
Sec. 44. (a) The:
(1) commission shall have an audit of the commission's books
and accounts to be made at least one (1) time each year bycertified public accountants; and
(2) state board of accounts shall audit annually the accounts,books, and records of the commission.
(b) The cost of the audits may be treated as a part of theadministrative expense of the commission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-45
Records
Sec. 45. The commission shall keep a written record of all finalactions of the commission. The record must be open to publicinspection at all reasonable times.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-46
Public purpose; tax exemptions
Sec. 46. (a) The exercise of the powers granted by this chapterwill be in all respects for the benefit of the people of Indiana and forthe increase of their commerce, health, enjoyment, and prosperity.The operation and maintenance of a park project by the commissionwill constitute the performance of essential governmental functions.
(b) The commission is not required to pay taxes or assessmentsupon a park project or property acquired or used by the commissionunder this chapter or IC 14-3-12 (before its repeal) or upon theincome from the property. The following are exempt from taxationin Indiana for all purposes except the financial institutions taximposed under IC 6-5.5 or a state inheritance tax imposed underIC 6-4.1:
(1) Bonds issued under this chapter or under IC 14-3-12 (beforeits repeal).
(2) Interest on the bonds.
(3) Proceeds:
(A) received by a holder from the sale of bonds to the extentof the holder's cost of acquisition;
(B) received upon redemption before maturity; or
(C) received at maturity.
(4) Receipt of the interest and proceeds.
As added by P.L.1-1995, SEC.7. Amended by P.L.254-1997(ss),SEC.21.
IC 14-14-1-47
Termination, renewal, or default of lease
Sec. 47. (a) Property leased by the commission to another entityother than the department, at the termination of the lease or a renewalof the lease, may be leased to the same or other persons upon theterms the commission determines after following the procedure insection 17 of this chapter. If the commission does not so lease theproperty, the property reverts to the control of the department for thedepartment's use and operation. The commission may not operate the
property.
(b) If the commission is entitled to take over the operation ofproperty because of a default in an agreement, the commission mayoperate the property through the commission's employees or contractwith others for the operation of the property. The contract foroperation may be with the department if the department is not adefaulting party.
As added by P.L.1-1995, SEC.7.