CHAPTER 11.5. STATE PRIVATE ACTIVITY BOND CEILING
IC 4-4-11.5
Chapter 11.5. State Private Activity Bond Ceiling
IC 4-4-11.5-1
"Bond" defined
Sec. 1. As used in this chapter, "bond" means any:
(1) bond or mortgage credit certificate for which it is necessaryto procure volume under the volume cap under Section 146 ofthe Internal Revenue Code; or
(2) bond or other obligation for which a special volume cap isauthorized under a federal act.
As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.3;P.L.25-1987, SEC.9; P.L.24-1995, SEC.17; P.L.10-1996, SEC.1;P.L.182-2009(ss), SEC.49.
IC 4-4-11.5-2
"Carryforward election" defined
Sec. 2. As used in this chapter, "carryforward election" means acarryforward election of a part of the volume cap made under theauthority of Section 146(f) of the Internal Revenue Code.
As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.4;P.L.25-1987, SEC.10; P.L.10-1996, SEC.2.
IC 4-4-11.5-3
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-4.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-5
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-11.5-6
"IFA" defined
Sec. 6. As used in this chapter, "IFA" refers to the Indiana financeauthority established by IC 4-4-11.
As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.75;P.L.235-2005, SEC.34.
IC 4-4-11.5-6.3
"IHCDA" defined
Sec. 6.3. As used in this chapter, "IHCDA" refers to the Indianahousing and community development authority established byIC 5-20-1.
As added by P.L.25-1987, SEC.13. Amended by P.L.1-2006, SEC.34and P.L.181-2006, SEC.2.
IC 4-4-11.5-6.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-7
"Internal Revenue Code" defined
Sec. 7. As used in this chapter, "Internal Revenue Code" has themeaning set forth in IC 6-3-1-11.
As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-7.2
"ISMEL" defined
Sec. 7.2. As used in this chapter, "ISMEL" refers to the Indianasecondary market for education loans, incorporated, designated bythe governor under IC 20-12-21.2-2 (before its repeal) orIC 21-16-5-1.
As added by P.L.291-2001, SEC.113. Amended by P.L.2-2007,SEC.23.
IC 4-4-11.5-7.5
"Issuer" defined
Sec. 7.5. As used in this chapter, "issuer" means IFA, IHCDA,ISMEL, a local unit, or any other issuer of bonds that must procurevolume under the volume cap.
As added by P.L.25-1987, SEC.15. Amended by P.L.11-1990,SEC.76; P.L.10-1996, SEC.3; P.L.291-2001, SEC.114;P.L.235-2005, SEC.35; P.L.1-2006, SEC.35 and P.L.181-2006,SEC.3.
IC 4-4-11.5-8
"Local unit" defined
Sec. 8. As used in this chapter, "local unit" means a city, town, orcounty.
As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-8.3
"Mortgage credit certificate" defined
Sec. 8.3. As used in this chapter, "mortgage credit certificate"refers to a mortgage credit certificate issued under Section 25 of theInternal Revenue Code of 1986, including any later amendments.
As added by P.L.24-1995, SEC.18.
IC 4-4-11.5-8.5
"NAICS Manual" defined
Sec. 8.5. As used in this chapter, "NAICS Manual" refers to thecurrent edition of the North American Industry Classification SystemManual - United States published by the National TechnicalInformation Service of the United States Department of Commerce.
As added by P.L.291-2001, SEC.115.
IC 4-4-11.5-9
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-10
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-12
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-13
"SIC Manual" defined
Sec. 13. As used in this chapter, "SIC Manual" refers to thecurrent edition of the Standard Industrial Classification Manual ofthe United States Office of Management and Budget.
As added by P.L.20-1985, SEC.7. Amended by P.L.24-1995, SEC.19.
IC 4-4-11.5-13.5
"Special volume cap" defined
Sec. 13.5. As used in this chapter, "special volume cap" means themaximum dollar amount of bonds that may be allocated to the stateunder the authority of a federal act. The special volume cap is inaddition to the volume cap as defined in section 14 of this chapter.
As added by P.L.182-2009(ss), SEC.51.
IC 4-4-11.5-14
"Volume cap" defined
Sec. 14. As used in this chapter, "volume cap", as it relates to ayear, means the maximum dollar amount of bonds that may be issuedby issuers within that year under Section 146 of the Internal RevenueCode.
As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.6;
P.L.25-1987, SEC.20; P.L.10-1996, SEC.4.
IC 4-4-11.5-15
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-16
"Year" defined
Sec. 16. As used in this chapter, "year" means a calendar year.
As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-16.5
Purpose
Sec. 16.5. The purpose of this chapter is to allocate the volumecap under Section 146 of the Internal Revenue Code.
As added by P.L.10-1996, SEC.5.
IC 4-4-11.5-17
Federal allocation formula supplanted; allocation and assignmentof volume cap
Sec. 17. (a) The allocation formula established by Section 146(b)and Section 146(c) of the Internal Revenue Code for the volume capestablished for Indiana is supplanted under the authority granted bySection 146(e) of the Internal Revenue Code.
(b) All amounts of the volume cap are annually allocated to thestate. Thereafter all amounts of the volume cap are assigned from thestate to other issuers as provided in this chapter.
As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.7;P.L.25-1987, SEC.21; P.L.10-1996, SEC.6.
IC 4-4-11.5-18
Categories of bonds
Sec. 18. (a) The volume cap shall be allocated annually amongcategories of bonds in accordance with section 19 of this chapter.Those categories are as follows:
(1) Bonds issued by the IFA.
(2) Bonds issued by the IHCDA.
(3) Bonds issued by the ISMEL.
(4) Bonds issued by local units or any other issuers notspecifically referred to in this section whose bonds are or maybecome subject to the volume cap for projects described in:
(A) Division A - Agricultural, Forestry, and Fishing;
(B) Division B - Mining;
(C) Division C - Construction;
(D) Division D - Manufacturing;
(E) Division E - Transportation; and
(F) Division F - Wholesale Trade;
of the SIC Manual (or corresponding sector in the NAICSManual), and any projects described in Section 142(a)(3),142(a)(4), 142(a)(5), 142(a)(6), 142(a)(8), 142(a)(9), or
142(a)(10) of the Internal Revenue Code.
(5) Bonds issued by local units or any other issuers notspecifically referred to in this section whose bonds are or maybecome subject to the volume cap for projects described in:
(A) Division G - Retail Trade;
(B) Division H - Finance, Insurance, and Real Estate;
(C) Division I - Services;
(D) Division J - Public Administration; and
(E) Division K - Miscellaneous;
of the SIC Manual (or corresponding sector in the NAICSManual), and any projects described in Section 142(a)(7) or144(c) of the Internal Revenue Code.
(b) For purposes of determining the SIC category of a facility, thedetermination shall be based upon the type of activity engaged in bythe user of the facility within the facility in question, rather thanupon the ultimate enterprise in which the developer or user of thefacility is engaged.
As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.3;P.L.2-1987, SEC.8; P.L.25-1987, SEC.22; P.L.11-1990, SEC.81;P.L.10-1996, SEC.7; P.L.291-2001, SEC.116; P.L.235-2005,SEC.36; P.L.1-2006, SEC.36 and P.L.181-2006, SEC.4.
IC 4-4-11.5-19
Volume cap; allocation among bond categories; alteration ofallocation
Sec. 19. (a) On or before January 1 of each year, the IFA shalldetermine the dollar amount of the volume cap for that year.
(b) Each year the volume cap shall be allocated among thecategories specified in section 18 of this chapter as follows:
Percentage of
Type of Bonds Volume Cap
Bonds issued by the IFA 9%
Bonds issued by the IHCDA 28%
Bonds issued by the ISMEL 1%
Bonds issued by local units or other
issuers under section 18(a)(4)
of this chapter 42%
Bonds issued by local units or other
issuers under section 18(a)(5)
of this chapter 20%
(c) Except as provided in subsection (d), the amount allocated toa category represents the maximum amount of the volume cap thatwill be reserved for bonds included within that category.
(d) The IFA may adopt a resolution to alter the allocations madeby subsection (b) for a year if it determines that the change isnecessary to allow maximum usage of the volume cap and topromote the health and well-being of the residents of Indiana bypromoting the public purposes served by the bond categories thensubject to the volume cap.
(e) The governor may, by executive order, establish for a year a
different dollar amount for the volume cap, different bond categories,and different allocations among the bond categories than those setforth in or established under this section and section 18 of thischapter if it becomes necessary to adopt a different volume cap andbond category allocation system in order to allow maximum usage ofthe volume cap among the bond categories then subject to the volumecap and to promote the health, welfare, and well-being of theresidents of Indiana by promoting the public purposes served by thebond categories then subject to the volume cap.
As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.4;P.L.25-1987, SEC.23; P.L.11-1990, SEC.82; P.L.27-1993, SEC.2;P.L.10-1996, SEC.8; P.L.291-2001, SEC.117; P.L.235-2005,SEC.37; P.L.1-2006, SEC.37 and P.L.181-2006, SEC.5; P.L.1-2009,SEC.6.
IC 4-4-11.5-19.5
Determination of special volume cap
Sec. 19.5. The IFA shall determine the allocation of any specialvolume cap in accordance with the federal act authorizing the specialvolume cap.
As added by P.L.182-2009(ss), SEC.52.
IC 4-4-11.5-20
Repealed
(Repealed by P.L.10-1986, SEC.14.)
IC 4-4-11.5-21
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-22
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-23
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-24
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-25
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-26
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-27
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-28
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-29
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-30
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-31
Elimination of categories; granting and priority of applications
Sec. 31. (a) At 5 p.m. on December 20 of each year, all categoriesestablished by section 18 of this chapter are eliminated and anyremaining amounts in those categories shall be placed in a singlenoncategorized state pool.
(b) After 5 p.m. on December 20 of the year applications for agrant of volume cap shall be granted from the single noncategorizedstate pool. These applications shall be granted in the order of priorityestablished in the guidelines adopted under section 39 of this chapter.
As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.11;P.L.25-1987, SEC.34; P.L.11-1990, SEC.92; P.L.10-1996, SEC.9.
IC 4-4-11.5-32
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-33
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-34
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-35
Public finance director; delegation of duties
Sec. 35. The public finance director appointed under IC 4-4-11-9may delegate any of the duties prescribed by this chapter to anyemployees of the IFA.
As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.96;P.L.10-1996, SEC.10; P.L.235-2005, SEC.38.
IC 4-4-11.5-36
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-37
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-38
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-39
Forms; guidelines
Sec. 39. (a) Notwithstanding IC 5-15-5.1, the IFA has the soleauthority to prescribe and furnish forms used in the administration ofthis chapter.
(b) The IFA may adopt guidelines, without complying withIC 4-22-2, to govern the administration of this chapter. Theguidelines may establish procedures, criteria, and conditions for eachcategory of bonds identified in sections 18 and 19 of this chapter.However, the guidelines may not be inconsistent with therequirements of Section 146 of the Internal Revenue Code.
As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.98;P.L.10-1996, SEC.11; P.L.235-2005, SEC.39.
IC 4-4-11.5-40
Qualifications for grant of volume cap
Sec. 40. To qualify for a grant of volume cap, an applicant mustdo the following:
(1) Apply for the grant in conformity with the proceduresestablished by the IFA.
(2) Provide the information reasonably requested by the IFA tocarry out this chapter.
(3) Meet the criteria established by the IFA for the category ofbond for which the application is filed.
(4) Pay the fees established by the IFA.
As added by P.L.10-1996, SEC.12. Amended by P.L.235-2005,SEC.40.
IC 4-4-11.5-41
Written procedures for applications and carryforward elections
Sec. 41. The IFA shall establish a written:
(1) application procedure for the granting of a portion of thevolume cap to an applicant; and
(2) procedure for filing carryforward elections.
As added by P.L.10-1996, SEC.13. Amended by P.L.235-2005,SEC.41.
IC 4-4-11.5-42
Written criteria for selection of grant applications
Sec. 42. The IFA shall establish written criteria for the selectionof grant applications from among the applicants that qualify for thegrant under section 40 of this chapter. The criteria must promote thehealth and well-being of the residents of Indiana by promoting thepublic purposes served by each of the bond categories subject to thevolume cap.
As added by P.L.10-1996, SEC.14. Amended by P.L.235-2005,SEC.42.
IC 4-4-11.5-43
Conditions for termination of grant of volume cap
Sec. 43. The IFA may establish conditions for the termination ofa grant of volume cap. The conditions may include requirementssuch as the following:
(1) That the amount of volume cap granted may not besubstantially higher than the amount of actual bonds issued.
(2) That the issuer issue bonds within the time specified by theIFA.
As added by P.L.10-1996, SEC.15. Amended by P.L.235-2005,SEC.43.