CHAPTER 10.9. INDIANA FINANCE AUTHORITY LAW; DEFINITIONS
IC 4-4-10.9
Chapter 10.9. Indiana Finance Authority Law; Definitions
IC 4-4-10.9-1
Application of definitions
Sec. 1. Subject to IC 4-4-11-2.7, the definitions in this chapterapply throughout this chapter, IC 4-4-11, and the affected statutes.
As added by P.L.20-1985, SEC.1. Amended by P.L.224-2003,SEC.271; P.L.1-2007, SEC.5; P.L.162-2007, SEC.1.
IC 4-4-10.9-1.2
"Affected statutes"
Sec. 1.2. "Affected statutes" means all statutes that grant a powerto or impose a duty on the authority, including but not limited toIC 4-4-11, IC 4-4-11.4, IC 4-4-11.6, IC 4-4-21, IC 4-13.5, IC 5-1-16,IC 5-1-16.5, IC 8-9.5, IC 8-14.5, IC 8-15, IC 8-15.5, IC 8-16,IC 13-18-13, IC 13-18-21, IC 13-19-5, and IC 14-14.
As added by P.L.235-2005, SEC.1. Amended by P.L.47-2006, SEC.1;P.L.1-2006, SEC.26; P.L.1-2007, SEC.6; P.L.162-2007, SEC.2;P.L.2-2009, SEC.1; P.L.1-2009, SEC.5; P.L.1-2010, SEC.5.
IC 4-4-10.9-1.5
"Authority"
Sec. 1.5. "Authority" refers to the Indiana finance authorityestablished by IC 4-4-11.
As added by P.L.20-1988, SEC.1. Amended by P.L.11-1990, SEC.3;P.L.235-2005, SEC.2.
IC 4-4-10.9-2
"Bonds"
Sec. 2. "Bonds" means any bonds, mortgage credit certificates,notes, debentures, interim certificates, revenue anticipation notes,warrants, or any other evidences of indebtedness of the authority andfor purposes of a refunding issue, means the same types of evidencesof indebtedness of a unit (as defined in IC 36-1-2-23) as well as theauthority.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.4;P.L.24-1995, SEC.5.
IC 4-4-10.9-2.1
"Broadband development program"
Sec. 2.1. "Broadband development program" refers to the Indianabroadband development program established by IC 8-1-33-15.
As added by P.L.235-2005, SEC.3.
IC 4-4-10.9-2.2
"Broadband development project"
Sec. 2.2. "Broadband development project" means a projectauthorized by the broadband development program under IC 8-1-33.
As added by P.L.235-2005, SEC.4.
IC 4-4-10.9-3
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-10.9-3.1
"Child care facility"
Sec. 3.1. "Child care facility" means a:
(1) child care center licensed under IC 12-17.2-4;
(2) child care home licensed under IC 12-17.2-5; or
(3) child care ministry licensed under IC 12-17.2-6.
As added by P.L.227-1999, SEC.2 and P.L.273-1999, SEC.192.
IC 4-4-10.9-3.2
"Child care facility project"
Sec. 3.2. "Child care facility project" includes the acquisition ofland, site improvements, infrastructure improvements, buildings orstructures, rehabilitation, renovation, and enlargement of buildingsand structures, machinery, equipment, working capital, furnishings,or facilities (or any combination of these):
(1) comprising or being functionally related and subordinate toa child care facility; and
(2) not used or to be used primarily:
(A) for sectarian care;
(B) as a place for devotional activities; or
(C) in connection with any part of the program of a:
(i) church;
(ii) school; or
(iii) department of divinity;
for any religious denomination.
As added by P.L.227-1999, SEC.3 and P.L.273-1999, SEC.193.Amended by P.L.14-2000, SEC.8.
IC 4-4-10.9-4
"Contracting party"
Sec. 4. "Contracting party" means any party to a lease, salescontract, or loan agreement other than the authority.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.5.
IC 4-4-10.9-5
"Cost of the project"
Sec. 5. "Cost of the project" means the cost or fair market valueof construction, equipment, lands, property rights, easements,franchises, patents, financing charges, interest cost duringconstruction, engineering and legal services, plans, specifications,surveys, cost estimates, studies, and other expenses as may benecessary or incident to the development, construction, financing,and placing in operation of an industrial development project.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-5.5
"Covered taxes"
Sec. 5.5. "Covered taxes" refers to any of the following:
(1) The state gross retail tax imposed under IC 6-2.5-2-1 or theuse tax imposed under IC 6-2.5-3-2.
(2) The adjusted gross income tax imposed under IC 6-3-2-1.
As added by P.L.224-2003, SEC.272.
IC 4-4-10.9-6
"Developer"
Sec. 6. "Developer" means a person who proposes to enter, or hasentered, into a financing agreement with the authority for anindustrial development project and who has entered into a separateagreement with some other persons for the substantial use of thefacilities financed.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.6.
IC 4-4-10.9-6.1
"Distressed area"
Sec. 6.1. "Distressed area" means a county in which:
(1) the average annualized unemployment rate in each of thetwo (2) calendar years immediately preceding the currentcalendar year exceeded the statewide average annualizedunemployment rate for each of the same calendar years by atleast two percent (2%); or
(2) the average annualized unemployment rate in theimmediately preceding calendar year was at least double thestatewide average annualized unemployment rate for the sameperiod;
as determined by the department of workforce development.
As added by P.L.224-2003, SEC.273. Amended by P.L.1-2007,SEC.7.
IC 4-4-10.9-6.2
"Educational facility project"
Sec. 6.2. (a) "Educational facility project" includes:
(1) the acquisition of land, site improvements, infrastructureimprovements, buildings, or structures, the rehabilitation,renovation, and enlargement of buildings and structures,machinery, equipment, furnishings, or facilities (or anycombination of these):
(A) comprising or being functionally related and subordinateto any aquaria, botanical societies, historical societies,libraries, museums, performing arts associations or societies,scientific societies, zoological societies, and independentelementary, secondary, or postsecondary educationalinstitution (or any combination of these) that engages in thecultural, intellectual, scientific, educational, or artisticenrichment of the people of the state the development orexpansion of which serves the purposes set forth in
IC 4-4-11-2;
(B) is not used or to be used primarily for sectarianinstruction or study or as a place for devotional activities;and
(C) is not used or to be used primarily in connection withany part of the program of a school or department of divinityfor any religious denomination; or
(2) funding (including reimbursement or refinancing) by anonprofit organization described in subsection (b) of:
(A) real property and improvements;
(B) personal property; or
(C) noncapital costs to fund a judgment, a settlement, orother cost or liability, other than an ordinary and recurringoperating cost or expenditure.
(b) For purposes of subsection (a)(2), a nonprofit organizationmust be:
(1) qualified as tax exempt under Section 501(c)(3) of theInternal Revenue Code; and
(2) have headquarters or a primary educational or exhibitfacility located on property owned by or titled in the name ofthe state of Indiana or an agency, a commission, or aninstrumentality of the state of Indiana that serves the purposesset forth in IC 4-4-11-2.
As added by P.L.24-1995, SEC.6. Amended by P.L.4-2002, SEC.1;P.L.2-2007, SEC.21.
IC 4-4-10.9-6.5
"Eligible export loan"
Sec. 6.5. "Eligible export loan" has the meaning set forth inIC 4-4-21.
As added by P.L.20-1988, SEC.2.
IC 4-4-10.9-7
"Equipment"
Sec. 7. "Equipment" means any capital item.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-7.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-8
"Financing agreement"
Sec. 8. "Financing agreement" means an agreement between theauthority and a developer, user, or lender concerning the financingof, the title to, or possession of an industrial development project andthat provides for payments to the authority in an amount sufficient topay the principal of, premium, if any, and interest on bondsauthorized by the authority for the financing of an industrialdevelopment project.As added by P.L.20-1985, SEC.1. Amended by P.L.24-1987, SEC.3;P.L.11-1990, SEC.7.
IC 4-4-10.9-8.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-9
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-9.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-10
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-11
"Industrial development project"
Sec. 11. "Industrial development project" includes:
(1) the acquisition of land, site improvements, infrastructureimprovements, buildings, or structures, rehabilitation,renovation, and enlargement of buildings and structures,machinery, equipment, furnishings, or facilities (or anycombination of these), comprising or being functionally relatedand subordinate to any project (whether manufacturing,commercial, agricultural, environmental, or otherwise) thedevelopment or expansion of which serves the public purposesset forth in IC 4-4-11-2;
(2) educational facility projects;
(3) child care facility projects; and
(4) broadband development projects.
As added by P.L.20-1985, SEC.1. Amended by P.L.10-1986, SEC.1;P.L.25-1987, SEC.1; P.L.15-1991, SEC.1; P.L.13-1993, SEC.3;P.L.24-1995, SEC.7; P.L.227-1999, SEC.5; P.L.273-1999, SEC.194;P.L.14-2000, SEC.9; P.L.4-2005, SEC.3; P.L.235-2005, SEC.5;P.L.162-2007, SEC.3.
IC 4-4-10.9-11.5
"International exports"
Sec. 11.5. "International exports" has the meaning set forth inIC 4-4-21.
As added by P.L.20-1988, SEC.5.
IC 4-4-10.9-12
"Lease"
Sec. 12. "Lease" when used in connection with the multipleproject program means a lease containing an option to purchase the
industrial development project for a nominal sum upon payment infull, or provision therefor, of all bonds issued in connection with theindustrial development project and all interest thereon and all otherexpenses in connection with the industrial development project, anda lease containing an option to purchase the industrial developmentproject at any time, as provided therein, upon payment of thepurchase price which shall be sufficient to pay all bonds issued inconnection with the industrial development project and all interestthereon and all other expenses incurred in connection with theindustrial development project, but which payment may be made inthe form of one (1) or more rental payments, notes, debentures, orother secured or unsecured debt obligations of the lessee providingfor timely payments, including without limitation interest thereonsufficient for such purposes and delivered to the authority or to thetrustee under the indenture, if any, pursuant to which the bonds wereissued.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.9.
IC 4-4-10.9-13
"Lender"
Sec. 13. "Lender" when used in connection with the multipleproject program means any federal or state chartered bank, FederalLand Bank, production credit association, bank for cooperatives,savings association, small business investment company, or any otherinstitution qualified within the state to originate and service loans,such as insurance companies, credit unions, and mortgage loancompanies.
As added by P.L.20-1985, SEC.1. Amended by P.L.79-1998, SEC.2.
IC 4-4-10.9-14
"Loan"
Sec. 14. "Loan" means any lease, loan agreement, or sale contractas defined in this chapter.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-15
"Loan agreement"
Sec. 15. "Loan agreement" when used in connection with themultiple project program means an agreement providing for theauthority, or a lender with which the authority has contracted, to lendthe proceeds derived from the issuance of bonds pursuant toIC 4-4-11 to one (1) or more contracting parties to be used to pay thecost of one (1) or more industrial development projects andproviding for the repayment of such loan by the contracting party orparties, and which may provide for the loans to be secured orevidenced by one (1) or more notes, debentures, or other secured orunsecured debt obligations of the contracting party or parties,delivered to the authority or to the trustee under the indenturepursuant to which the bonds were issued.
As added by P.L.20-1985, SEC.1. Amended by P.L.20-1988, SEC.6;
P.L.11-1990, SEC.10.
IC 4-4-10.9-16
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-17
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-17.3
"Mortgage credit certificates"
Sec. 17.3. "Mortgage credit certificates" refers to mortgage creditcertificates issued under Section 25 of the Internal Revenue Code of1986, including any later amendments.
As added by P.L.24-1995, SEC.8.
IC 4-4-10.9-18
"Mortgage payments"
Sec. 18. "Mortgage payments" means periodic payments called forby the mortgage covering interest, installments of principal, taxesand assessments, mortgage insurance premiums, and hazardinsurance premiums.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-19
"Mortgagee"
Sec. 19. "Mortgagee" means the original lender under a mortgageand his successors and assigns approved by the authority and mayinclude all insurance companies, trust companies, banks, investmentcompanies, savings banks, executors, trustees, and other fiduciaries,including pensions and retirement funds.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.11.
IC 4-4-10.9-20
"Mortgagor"
Sec. 20. "Mortgagor" means the original borrower under amortgage and his successors and assigns.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-21
"Multiple project program"
Sec. 21. "Multiple project program" means, among other things,that program of the authority described under IC 4-4-11-18 pursuantto which it acquires from lenders loans made to developers, users, orboth, for the financing of industrial development projects, thepayment on such loans providing security for the repayment ofbonds.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.12.
IC 4-4-10.9-22
"Person"
Sec. 22. "Person" means any individual or entity.
As added by P.L.20-1985, SEC.1. Amended by P.L.8-1993, SEC.13;P.L.98-2008, SEC.1.
IC 4-4-10.9-23
"Pollution"
Sec. 23. "Pollution" means all forms of environmental pollution,including water pollution, air pollution, sewage, solid and radioactivewaste, thermal pollution, radiation contamination, and noisepollution.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-24
"Pollution control facility"
Sec. 24. "Pollution control facility" means a facility for theabatement, reduction, or prevention of pollution or for the removalor treatment of any substances in materials being processed thatotherwise would cause pollution when used. This includes thefollowing:
(1) Coal washing, coal cleaning, or coal preparation facilitiesdesigned to reduce the sulfur and ash levels of Indiana coal.
(2) Coal-fired boiler facilities designed to reduce emissionswhile burning Indiana coal.
(3) Pollution control equipment to allow for theenvironmentally sound use of Indiana coal.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-24.5
"Public finance director"
Sec. 24.5. "Public finance director" means the public financedirector appointed under IC 4-4-11-9.
As added by P.L.162-2007, SEC.4.
IC 4-4-10.9-25
"Sale contract"
Sec. 25. "Sale contract" when used in connection with themultiple project program means a contract providing for the sale ofone (1) or more industrial development projects to one (1) or morecontracting parties and includes a contract providing for payment ofthe purchase price in one (1) or more installments. If the sale contractpermits title to the industrial development project to pass to thecontracting party or parties prior to payment in full of the entirepurchase price, it shall also provide for the contracting party orparties to deliver to the authority or to the trustee under the indenturepursuant to which the bonds were issued one (1) or more notes,debentures, or other secured or unsecured debt obligations of thecontracting party or parties providing for timely payments, including,without limitation, interest thereon for the balance of the purchase
price at or prior to the passage of title.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.13.
IC 4-4-10.9-26
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-27
"Single project program"
Sec. 27. "Single project program" means, among other things, thatprogram of the authority described in IC 4-4-11-17 pursuant to whichit issues bonds, the proceeds of which are used to finance anindustrial development project or projects pursuant to a loan betweenthe authority and the developer or user.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.14.
IC 4-4-10.9-27.3
"Taxable bonds"
Sec. 27.3. "Taxable bonds" means bonds, the interest on whichwill not be excluded from the gross income of the owners of thebonds under Section 103 of the Internal Revenue Code.
As added by P.L.25-1987, SEC.2.
IC 4-4-10.9-27.7
"Tax-exempt bonds"
Sec. 27.7. "Tax-exempt bonds" means bonds, the interest onwhich will be excluded from the gross income of the owners thereofunder Section 103 of the Internal Revenue Code.
As added by P.L.25-1987, SEC.3.
IC 4-4-10.9-28
"User"
Sec. 28. "User" means a person who has entered into a financingagreement with the authority or lender or contract for use with thedeveloper or lender in contemplation of its use of an industrialdevelopment project.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.15.