CHAPTER 9.1. MARION COUNTY CONVENTION AND RECREATIONAL FACILITIES AUTHORITY
IC 36-10-9.1
Chapter 9.1. Marion County Convention and RecreationalFacilities Authority
IC 36-10-9.1-1
Application of chapter
Sec. 1. This chapter applies to each county having a consolidatedcity.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-2
"Authority" defined
Sec. 2. As used in this chapter, "authority" refers to the countyconvention and recreational facilities authority created by thischapter.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-3
"Board" defined
Sec. 3. As used in this chapter, "board" refers to the board ofdirectors of the authority.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-4
"Bonds" defined
Sec. 4. As used in this chapter, "bonds" means bonds, notes, orother evidence of indebtedness.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-5
"Capital improvement board" defined
Sec. 5. As used in this chapter, "capital improvement board"refers to the capital improvement board of managers created byIC 36-10-9.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-6
Creation of authority
Sec. 6. A ________ County Convention and RecreationalFacilities Authority (the blank to be filled in with the name of thecounty) is created in the county as a separate body corporate andpolitic as an instrumentality of the county to finance facilities forlease to the capital improvement board.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-7
Board of directors; members
Sec. 7. (a) The board is composed of three (3) members, who mustbe residents of the county appointed by the executive of the county.
(b) A member is entitled to serve a three (3) year term. A member
may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the executive of the countyshall fill the vacancy by appointing a new member for the remainderof the vacated term.
(d) A board member may be removed for cause by the executiveof the county.
(e) Each member, before entering upon the duties of office, musttake and subscribe an oath of office under IC 5-4-1, which shall beendorsed upon the certificate of appointment and filed with therecords of the board.
(f) A member may not receive a salary.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-8
Organizational meeting; officers; special meetings; quorum
Sec. 8. (a) Immediately after January 15 of each year, the boardshall hold an organizational meeting. It shall elect one (1) of themembers president, another vice president, and anothersecretary-treasurer to perform the duties of those offices. Theseofficers serve from the date of their election and until theirsuccessors are elected and qualified. The board may elect an assistantsecretary-treasurer.
(b) Special meetings may be called by the president of the boardor any two (2) members of the board.
(c) A majority of the members constitutes a quorum, and theconcurrence of a majority of the members is necessary to authorizeany action.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-9
Bylaws and rules
Sec. 9. The board may adopt such bylaws and rules as it considersnecessary for the proper conduct of its duties and the safeguarding ofthe funds and property entrusted to its care.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-10
Purposes
Sec. 10. The authority is organized for the following purposes:
(1) Financing, constructing, and leasing capital improvementsto the capital improvement board.
(2) Financing and constructing additional improvements tocapital improvements owned by the authority and leasing themto the capital improvement board.
(3) Acquiring all or a portion of one (1) or more capitalimprovements from the capital improvement board by purchaseor lease and leasing these capital improvements back to thecapital improvement board, with any additional improvementsthat may be made to them.
(4) Acquiring all or a portion of one (1) or more capital
improvements from the capital improvement board by purchaseor lease to fund or refund indebtedness incurred on account ofthose capital improvements to enable the capital improvementboard to make a savings in debt service obligations or leaserental obligations or to obtain relief from covenants that thecapital improvement board considers to be unduly burdensome.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-11
Powers
Sec. 11. The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,lease, acquire, and equip capital improvements;
(2) lease those capital improvements to the capital improvementboard;
(3) sue, be sued, plead, and be impleaded, but all actions againstthe authority must be brought in the circuit or superior court ofthe county in which the authority is located;
(4) condemn, appropriate, lease, rent, purchase, and hold anyreal or personal property needed or considered useful inconnection with capital improvements;
(5) acquire real or personal property by gift, devise, or bequestand hold, use, or dispose of that property for the purposesauthorized by this chapter;
(6) enter upon any lots or lands for the purpose of surveying orexamining them to determine the location of a capitalimprovement;
(7) design, order, contract for, and construct, reconstruct, andrenovate any capital improvements or improvements thereto;
(8) employ managers, superintendents, architects, engineers,attorneys, auditors, clerks, construction managers, and otheremployees necessary for construction of capital improvementsor improvements thereto;
(9) make and enter into all contracts and agreements necessaryor incidental to the performance of its duties and the executionof its powers under this chapter; and
(10) take any other action necessary to implement its purposesas set forth in section 10 of this chapter.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-12
Refunding of bonds
Sec. 12. (a) Bonds issued under IC 36-10-9 or prior law may berefunded as provided in this section.
(b) The capital improvement board may:
(1) lease all or a portion of a capital improvement orimprovements to the authority, which may be at a nominal leaserental with a lease back to the capital improvement board,conditioned upon the authority assuming bonds issued underIC 36-10-9 or prior law and issuing its bonds to refund those
bonds; and
(2) sell all or a portion of a capital improvement orimprovements to the authority for a price sufficient to providefor the refunding of those bonds and lease back the capitalimprovement or improvements from the authority.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-13
Lease of capital improvements to capital improvement board;terms
Sec. 13. (a) Before a lease may be entered into, both the capitalimprovement board and the executive of the county must find thatthe lease rental provided for is fair and reasonable.
(b) A lease of capital improvements from the authority to thecapital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rental for a newlyconstructed capital improvement or for improvements to anexisting capital improvement until the capital improvement orimprovements thereto have been completed and are ready foroccupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue tooperate an existing capital improvement until completion ofthe improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing capitalimprovement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same orshorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board topurchase the capital improvement upon the terms stated in thelease during the term of the lease for a price equal to the amountrequired to pay all indebtedness incurred on account of thecapital improvement, including indebtedness incurred for therefunding of that indebtedness;
(6) may be entered into before acquisition or construction of acapital improvement;
(7) must be approved by the executive of the county;
(8) may provide that the capital improvement board shall agreeto:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of theauthority; and
(C) assume responsibility for utilities, repairs, alterations,and any costs of operation; and
(9) subject to IC 36-10-9-11, may provide that the lease rentalpayments by the capital improvement board shall be made fromany one (1) or more of the following sources:
(A) Proceeds of one (1) or more of the excise taxes asdefined in IC 36-10-9. (B) Net revenues of the capital improvement.
(C) Any other funds available to the capital improvementboard.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-14
Leases; exclusivity of provisions of this chapter
Sec. 14. This chapter contains full and complete authority forleases between the authority and the capital improvement board. Nolaw, procedure, proceedings, publications, notices, consents,approvals, orders, or acts by the board or the capital improvementboard or any other officer, department, agency, or instrumentality ofthe state or any political subdivision is required to enter into anylease, except as prescribed in this chapter.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-15
Approval of plans and specifications
Sec. 15. If the lease provides for a capital improvement orimprovements thereto to be constructed by the authority, the plansand specifications shall be submitted to and approved by the capitalimprovement board and all agencies designated by law to pass onplans and specifications for public buildings.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-16
Common wall agreements
Sec. 16. The authority and the capital improvement board mayenter into common wall (party wall) agreements or other agreementsconcerning easements or licenses. These agreements shall berecorded with the recorder of the county.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-17
Lease or sale of property by capital improvement board to theauthority
Sec. 17. (a) The capital improvement board may lease for anominal lease rental, or sell to the authority, one (1) or more capitalimprovements or portions thereof or land upon which a capitalimprovement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by thecapital improvement board to the authority must be for a term equalto the term of the lease of that capital improvement back to thecapital improvement board.
(c) The capital improvement board may sell property to theauthority for such amount as it determines to be in the best interestof the capital improvement board, which amount may be paid fromthe proceeds of bonds of the authority.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-18
Repealed
(Repealed by P.L.19-1986, SEC.62.)
IC 36-10-9.1-18.1
Bonds; issuance by authority
Sec. 18.1. (a) The authority may issue bonds for the purpose ofobtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-9 or priorlaw.
(b) The bonds are payable solely from the lease rentals from thelease of the capital improvements for which the bonds were issued,insurance proceeds, and any other funds pledged or available.
(c) The bonds shall be authorized by a resolution of the board.
(d) The terms and form of the bonds shall either be set out in theresolution or in a form of trust indenture approved by the resolution.
(e) The bonds shall mature within forty (40) years.
(f) The board shall sell the bonds at public or private sale uponsuch terms as determined by the board.
(g) All money received from any bonds issued under this chaptershall be applied solely to the payment of the cost of the acquisitionor construction, or both, of capital improvements, or the cost ofrefunding or refinancing outstanding bonds, for which the bonds areissued. The cost may include:
(1) planning and development of the facility and all buildings,facilities, structures, and improvements related to it;
(2) acquisition of a site and clearing and preparing the site forconstruction;
(3) equipment, facilities, structures, and improvements that arenecessary or desirable to make the capital improvement suitablefor use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and saleof bonds;
(6) reserves for principal and interest;
(7) interest during construction;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of theprincipal of, redemption premiums (in any) for, and interest on,the bonds being refunded or refinanced.
As added by P.L.19-1986, SEC.63. Amended by P.L.11-1987,SEC.35.
IC 36-10-9.1-18.2 Bonds; exclusivity of this chapter
Sec. 18.2. This chapter contains full and complete authority forthe issuance of bonds. No law, procedure, proceedings, publications,notices, consents, approvals, orders, or acts by the board of any otherofficer, department, agency, or instrumentality of the state or of anypolitical subdivision is required to issue any bonds, except asprescribed in this chapter.
As added by P.L.19-1986, SEC.64.
IC 36-10-9.1-19
Investment in bonds of authority
Sec. 19. Bonds issued under this chapter are legal investments forprivate trust funds and the funds of banks, trust companies, insurancecompanies, building and loan associations, credit unions, banks ofdiscount and deposit, savings banks, loan and trust and safe depositcompanies, rural loan and savings associations, guaranty loan andsavings associations, mortgage guaranty companies, small loancompanies, industrial loan and investment companies, and otherfinancial institutions organized under Indiana law.
As added by P.L.82-1985, SEC.12. Amended by P.L.42-1993,SEC.101.
IC 36-10-9.1-20
Trust indenture as security for bonds
Sec. 20. (a) The authority may secure bonds issued under thischapter by a trust indenture between the authority and a corporatetrustee, which may be any trust company or national or state bankwithin Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income fromleased capital improvements, but may not mortgage land orcapital improvements;
(2) contain reasonable and proper provisions for protecting andenforcing the rights and remedies of the bondholders, includingcovenants setting forth the duties of the authority and board;
(3) set forth the rights and remedies of bondholders and trustee;and
(4) restrict the individual right of action of bondholders.
(c) Any pledge or assignment made by the authority under thissection is valid and binding from the time that the pledge orassignment is made, against all persons whether they have notice ofthe lien or not. Any trust indenture by which a pledge is created or anassignment made need not be filed or recorded. The lien is perfectedagainst third parties by filing the trust indenture in the records of theboard.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-21
Bonds; issuance by capital improvement board
Sec. 21. If the capital improvement board exercises its option to
purchase leased property, it may issue its bonds as authorized bystatute.
As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-22
Tax exemption
Sec. 22. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, theproceeds received by a holder from the sale of bonds to theextent of the holder's cost of acquisition, proceeds receivedupon redemption before maturity, proceeds received at maturity,and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except thefinancial institutions tax imposed under IC 6-5.5 or a stateinheritance tax imposed under IC 6-4.1.
As added by P.L.82-1985, SEC.12. Amended by P.L.21-1990,SEC.58; P.L.254-1997(ss), SEC.35.
IC 36-10-9.1-23
Actions contesting validity of bonds; limitations
Sec. 23. Any action to contest the validity of bonds to be issuedunder this chapter may not be brought after the fifteenth dayfollowing:
(1) the receipt of bids for the bonds, if the bonds are sold atpublic sale; or
(2) the publication one (1) time in a newspaper of generalcirculation published in the county of notice of the executionand delivery of the contract for the sale of bonds;
whichever occurs first.
As added by P.L.82-1985, SEC.12.