IC 4-4-21
    Chapter 21. Indiana Finance Authority; Export Promotion

IC 4-4-21-1
"Authority" defined
    Sec. 1. As used in this chapter, "authority" refers to the Indianafinance authority established by IC 4-4-11.
As added by P.L.20-1988, SEC.10. Amended by P.L.11-1990,SEC.100; P.L.235-2005, SEC.44.

IC 4-4-21-2
"Commercial loss" defined
    Sec. 2. As used in this chapter, "commercial loss" means thefailure of the buyer to pay to an Indiana exporter when due all or partof the gross invoice value (as denominated in United States currency)due to the insolvency of the buyer or failure of the buyer to pay to theIndiana exporter all or part of the gross invoice value (asdenominated in United States currency) on the due date.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-3
"Eligible export loan" defined
    Sec. 3. As used in this chapter, "eligible export loan" means anypre-shipment or post-shipment loan from a financial institution to anexporter that is, or will be, supported or funded in whole or in partwith the proceeds of a guaranteed participating loan.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-4
"Financial institution" defined
    Sec. 4. As used in this chapter, "financial institution" means anentity described in IC 5-13-4-10 that has been approved by theauthority to participate in the authority's programs.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-5
"Goods" defined
    Sec. 5. As used in this chapter, "goods" includes manufacturedproducts, natural resources, and agricultural products.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-6
"Gross invoice value" defined
    Sec. 6. As used in this chapter, "gross invoice value" means theinvoice amount in United States dollars of the international exports,plus any insurance, freight, or other charges paid or to be paid in theUnited States in United States dollars by the foreign buyer.
As added by P.L.20-1988, SEC.10.
IC 4-4-21-7
"Guaranteed participating loan" defined
    Sec. 7. As used in this chapter, "guaranteed participating loan"means a loan from the authority to a financial institution undersection 26 of this chapter.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-8
"International exports" defined
    Sec. 8. As used in this chapter, "international exports" meanstrade or commerce in goods or services produced in Indiana that areexported, or in the course of being exported, from Indiana to anyother country.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-9
"Performance bond guarantee" defined
    Sec. 9. As used in this chapter, "performance bond guarantee"means a guarantee of a performance bond required to support aneligible export transaction under section 28 of this chapter.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-10
"Political loss" defined
    Sec. 10. As used in this chapter, "political loss" means a lossincurred by an Indiana exporter on an eligible export loan as a resultof dollar transfer delays, war, revolution, license revocation,diversion of goods, and similar politically related incidents occurringin the buyer's country or in the United States.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-11
"Services" defined
    Sec. 11. As used in this chapter, "services" includes accounting,amusement, architectural, automatic data processing,communications, construction, franchising and licensing, consulting,engineering, financial, insurance, legal, management, repair, tourism,training, and transportation services.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-12
Establishment of authority; purposes; standards
    Sec. 12. (a) The purpose of this chapter is to permit the authorityto promote economic prosperity and employment throughout Indianathrough the establishment of a source of funding and insurance tosupport exports by Indiana businesses, particularly small andmedium-sized businesses.
    (b) To further the purpose set forth in subsection (a), the authoritymay establish eligibility standards for financial institutions and otherprogram standards without complying with IC 4-22-2. However,

before program standards may be adopted, a public hearing must beheld for which notice has been published in a newspaper publishedin Indianapolis at least ten (10) days before the hearing.
As added by P.L.20-1988, SEC.10. Amended by P.L.11-1990,SEC.101.

IC 4-4-21-13
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-14
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-15
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-16
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-17
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-18
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-19
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-20
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-21
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-22
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-23
Personal liability of members or employees
    Sec. 23. The members of the authority, the officers and employeesof the authority, and any agents of the authority are not subject to

personal liability or accountability by reason of any act authorized bythis chapter, including the making of guaranteed participating loansor the providing of performance bond guarantees.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-24
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-25
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-25.5
Additional powers of authority
    Sec. 25.5. To carry out the purposes of this chapter, the authorityhas the powers set forth in IC 4-4-11 and the additional powersspecifically provided in this chapter.
As added by P.L.11-1990, SEC.102.

IC 4-4-21-26
Guaranteed participating loans to financial institutions; conditions
    Sec. 26. (a) The authority may provide a guaranteed participatingloan to a financial institution to finance international exports fromwithin Indiana if the authority determines that:
        (1) the financial institution will use the guaranteed participatingloan exclusively to provide an eligible export loan;
        (2) the guaranteed participating loan is reasonably necessary inorder to stimulate or facilitate:
            (A) the making of the eligible export loan, including themaking of the eligible export loan upon terms that willenable the financing of the international export to bereasonably competitive with similar financing in other statesor foreign countries; or
            (B) the resale of the eligible export loan to a holder in duecourse that would not otherwise purchase the eligible exportloan;
        (3) the guaranteed participating loan will create or maintainemployment in Indiana;
        (4) at least twenty-five percent (25%) of the value of theinternational exports to be financed through the guaranteedparticipating loan consists of goods whose final manufacturingprocess occurs in Indiana or services that are performed inIndiana; and
        (5) the loan is consistent with the purposes of this chapter.
    (b) A guaranteed participating loan may include a pool ofindividual international exports if the authority determines that eachof the international exports meets the conditions of this section.
    (c) A financial institution that receives a guaranteed participatingloan under this section shall:        (1) provide an eligible export loan to an exporter:
            (A) at a fixed interest rate established by the authority; and
            (B) for the term and under the conditions established by theauthority; and
        (2) comply with any other terms and conditions that theauthority considers desirable to carry out the purposes of thischapter.
    (d) A guaranteed participating loan under this section:
        (1) may include insurance against loss up to a stated amount;
        (2) must specify the maximum amount of any insurance payableunder the guaranteed participating loan;
        (3) must be executed by the chairman of the authority or thechairman's designee at the time the authority makes theguaranteed participating loan;
        (4) may not be terminated, cancelled, or otherwise revoked,except in accordance with the terms of the guaranteedparticipating loan;
        (5) is conclusive evidence that the guaranteed participating loancomplies fully with the requirements of this chapter;
        (6) is valid and incontestable in the hands of a holder in duecourse; and
        (7) is subject to any other terms and conditions that theauthority considers desirable to carry out the purposes of thischapter.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-27
Fees for providing guaranteed participating loan to financialinstitution
    Sec. 27. The authority may charge reasonable fees for providinga guaranteed participating loan to a financial institution.
As added by P.L.20-1988, SEC.10.

IC 4-4-21-28
Performance bond guarantees
    Sec. 28. (a) The authority may establish and provide forperformance bond guarantees required to support any eligible exporttransaction. A performance bond guarantee may be made availablewhenever a bond is required of an exporter entering into atransaction financed by the authority. The authority may enter intoagreements with both private and governmental entities for theimplementation and operation of a program, including the insuringor reinsuring of performance bonds or performance bond guarantees.
    (b) The performance bond guarantee program shall be fundedsolely out of a performance bond guarantee fund to be established bythe authority. Money contained in the performance bond guaranteefund may not be commingled with any other funds of the authority.
As added by P.L.20-1988, SEC.10.
IC 4-4-21-29
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-30
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-31
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-32
Repealed
    (Repealed by P.L.11-1990, SEC.135.)

IC 4-4-21-33
Repealed
    (Repealed by P.L.11-1990, SEC.135.)