CHAPTER 17. INDIANA STADIUM AND CONVENTION BUILDING AUTHORITY
IC 5-1-17
Chapter 17. Indiana Stadium and Convention Building Authority
IC 5-1-17-1
"Authority"
Sec. 1. As used in this chapter, "authority" refers to the Indianastadium and convention building authority created by this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-2
"Board"
Sec. 2. As used in this chapter, "board" refers to the board ofdirectors of the authority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-3
"Bonds"
Sec. 3. As used in this chapter, "bonds" means bonds, notes,commercial paper, or other evidences of indebtedness. The termincludes obligations (as defined in IC 8-9.5-9-3) and swapagreements (as defined in IC 8-9.5-9-4).
As added by P.L.214-2005, SEC.6.
IC 5-1-17-4
"Capital improvement board"
Sec. 4. As used in this chapter, "capital improvement board"refers to a capital improvement board of managers created byIC 36-10-8 or IC 36-10-9.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-5
"State agency"
Sec. 5. As used in this chapter, "state agency" has the meaning setforth in IC 4-13.5-1-1.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-6
Establishment
Sec. 6. An Indiana stadium and convention building authority iscreated in Indiana as a separate body corporate and politic as aninstrumentality of the state to acquire, construct, equip, own, lease,and finance facilities for lease to or for the benefit of a capitalimprovement board.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-7
Membership
Sec. 7. (a) The board is composed of the following seven (7)members, who must be residents of Indiana:
(1) Four (4) members appointed by the governor. The president
pro tempore of the senate and the speaker of the house ofrepresentatives may each make one (1) recommendation to thegovernor concerning the appointment of a member under thissubdivision.
(2) Two (2) members appointed by the executive of a countyhaving a consolidated city.
(3) One (1) member appointed by the governor, who has beennominated by the county fiscal body of a county that iscontiguous to a county having a consolidated city, determinedas follows:
(A) The member nominated for the initial term shall benominated by the contiguous county that has the largestpopulation of all the contiguous counties that have adoptedan ordinance to impose a food and beverage tax underIC 6-9-35.
(B) The member nominated for each successive term shall benominated by the contiguous county that:
(i) contributed the most revenues from the tax imposed byIC 6-9-35 to the capital improvement board of managerscreated by IC 36-10-9-3 in the immediately previouscalendar year; and
(ii) has not previously made a nomination to the governoror, if all the contributing counties have previously madesuch a nomination, is the one whose then most recentnomination occurred before those of all the othercontributing counties.
(b) A member appointed under subsection (a)(1) through (a)(2) isentitled to serve a three (3) year term. A member appointed undersubsection (a)(3) is entitled to serve a one (1) year term. A membermay be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the governor shall fill thevacancy by appointing a new member for the remainder of thevacated term. If the vacated member was appointed under subsection(a)(2) or (a)(3), the governor shall appoint a new member who hasbeen nominated by the person or body who made the nomination ofthe vacated member.
(d) A member may be removed for cause by the appointingauthority.
(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) The governor shall nominate an executive director for theauthority, subject to the veto authority of the executive of a countyhaving a consolidated city.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-8
Meetings; officers; quorum
Sec. 8. (a) The board shall hold an initial organizational meeting
on or before June 30, 2005. Immediately after January 15 of eachyear, the board shall hold its annual organizational meeting.
(b) The governor shall appoint a member of the board to serve aschair of the board.
(c) The board shall elect one (1) of the members vice chair andanother secretary-treasurer to perform the duties of those offices.These officers serve from the date of their election and until theirsuccessors are elected and qualified. The board may elect an assistantsecretary-treasurer.
(d) Special meetings may be called by the chair of the board orany three (3) members of the board.
(e) 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.214-2005, SEC.6.
IC 5-1-17-9
Bylaws; rules; code of ethics
Sec. 9. (a) The board may adopt the bylaws and rules it considersnecessary for the proper conduct of its duties and the safeguarding ofthe funds and property entrusted to its care.
(b) The board shall, without complying with IC 4-22-2, adopt thecode of ethics in executive order 05-12 for its members andemployees.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-9.5
Personal liability of members or employees
Sec. 9.5. The:
(1) members of the authority;
(2) officers and employees of the authority; and
(3) executive director;
executing bonds, leases, obligations, or other agreements under thischapter are not subject to personal liability or accountability byreason of any act authorized by this chapter.
As added by P.L.120-2006, SEC.1.
IC 5-1-17-10
Purpose
Sec. 10. The authority is organized for the following purposes:
(1) Acquiring, financing, constructing, and leasing land andcapital improvements to or for the benefit of a capitalimprovement board.
(2) Financing and constructing additional improvements tocapital improvements owned by the authority and leasing themto or for the benefit of a capital improvement board.
(3) Acquiring land or all or a portion of one (1) or more capitalimprovements from a capital improvement board by purchaseor lease and leasing the land or these capital improvements backto the capital improvement board, with any additional
improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more capitalimprovements from a 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.214-2005, SEC.6.
IC 5-1-17-11
Powers
Sec. 11. (a) The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,lease, acquire, and equip land and capital improvements;
(2) lease the land or those capital improvements to a capitalimprovement board;
(3) sue, be sued, plead, and be impleaded;
(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) after giving notice, enter upon any lots or lands for thepurpose of surveying or examining them to determine thelocation of a capital improvement;
(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;
(9) make and enter into all contracts and agreements, includingagreements to arbitrate, that are necessary or incidental to theperformance of its duties and the execution of its powers underthis chapter;
(10) acquire in the name of the authority by the exercise of theright of condemnation, in the manner provided in subsection(c), public or private lands, or rights in lands, rights-of-way,property, rights, easements, and interests, as it considersnecessary for carrying out this chapter; and
(11) take any other action necessary to implement its purposesas set forth in section 10 of this chapter.
(b) The authority is subject to the provisions of 25 IAC 5concerning equal opportunities for minority business enterprises andwomen's business enterprises to participate in procurement andcontracting processes. In addition, the authority shall set a goal forparticipation by minority business enterprises of fifteen percent(15%) and women's business enterprises of five percent (5%),consistent with the goals of delivering the project on time and within
the budgeted amount and, insofar as possible, using Indianabusinesses for employees, goods, and services. In fulfilling the goal,the authority shall take into account historical precedents in the samemarket.
(c) If the authority is unable to agree with the owners, lessees, oroccupants of any real property selected for the purposes of thischapter, the authority may proceed to procure the condemnation ofthe property under IC 32-24-1. The authority may not institute aproceeding until the authority has adopted a resolution that:
(1) describes the real property sought to be acquired and thepurpose for which the real property is to be used;
(2) declares that the public interest and necessity require theacquisition by the authority of the property involved; and
(3) sets out any other facts that the authority considersnecessary or pertinent.
The resolution is conclusive evidence of the public necessity of theproposed acquisition and shall be referred to the attorney general foraction, in the name of the authority, in the circuit or superior court ofthe county in which the real property is located.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-12
Bonds; refunding; leases; property
Sec. 12. (a) Bonds issued under IC 36-10-8 or IC 36-10-9 or priorlaw may be refunded as provided in this section.
(b) A capital improvement board may:
(1) lease all or a portion of land or 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 36-10-8 or IC 36-10-9 or prior law and issuing its bonds torefund those bonds; and
(2) sell all or a portion of land or a capital improvement orimprovements to the authority for a price sufficient to providefor the refunding of those bonds and lease back the land orcapital improvement or improvements from the authority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-13
Lease; findings; term; conditions
Sec. 13. (a) Before a lease may be entered into by a capitalimprovement board under this chapter, the capital improvementboard must find that the lease rental provided for is fair andreasonable.
(b) A lease or sublease of land or capital improvements from theauthority, or from a state agency under section 26 of this chapter, toa capital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rentals for a newlyconstructed capital improvement or for improvements to an
existing 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 of thatcapital improvement or any other capital improvement; and
(B) requiring payment of lease rentals for land, for anexisting capital improvement being used, reconstructed, orrenovated, or for any other existing capital improvement;
(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:
(A) during the term of the lease for a price equal to theamount required to pay all indebtedness incurred on accountof the capital improvement, including indebtedness incurredfor the refunding of that indebtedness; or
(B) for one dollar ($1) after the term of the lease, if allindebtedness incurred on account of the capitalimprovement, including indebtedness incurred for therefunding of that indebtedness, is no longer outstanding;
(6) may be entered into before acquisition or construction of acapital improvement;
(7) 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;
(C) assume responsibility for utilities, repairs, alterations,and any costs of operation; and
(D) pay a deposit or series of deposits to the authority fromany funds legally available to the capital improvement boardbefore the commencement of the lease to secure theperformance of the capital improvement board's obligationsunder the lease;
(8) subject to IC 36-10-8-13 and IC 36-10-9-11, may providethat the lease rental payments by the capital improvement boardshall be made from:
(A) proceeds of one (1) or more of the excise taxes asdefined in IC 36-10-8 or IC 36-10-9;
(B) proceeds of the county supplemental auto rental excisetax imposed under IC 6-6-9.7;
(C) that part of the proceeds of the county food and beveragetax imposed under IC 6-9-35, which the capital improvementboard or its designee receives pursuant thereto;
(D) revenue captured under IC 36-7-31;
(E) net revenues of the capital improvement; (F) any other funds available to the capital improvementboard; or
(G) any combination of the sources described in clauses (A)through (F);
(9) subject to subdivision (10), must provide that the capitalimprovement board is solely responsible for the operation andmaintenance of the capital improvement upon completion ofconstruction, including the negotiation and maintenance ofagreements with tenants or users of the capital improvement;
(10) must provide that, during the term of the lease, theauthority retains the right to approve any lease agreements andamendments to any lease agreements between the capitalimprovement board and any National Football Leaguefranchised professional football team that will use the capitalimprovement;
(11) must provide that:
(A) subject to the terms of the lease, the capital improvementboard will retain all revenues from operation of the capitalimprovement; and
(B) the authority has no responsibility to fund the ongoingmaintenance and operations of the capital improvement; and
(12) with respect to a capital improvement that is subject to thecounty admissions tax imposed by IC 6-9-13, must provide thatupon request of the authority the capital improvement boardwill impose a fee:
(A) not to exceed three dollars ($3), as determined by theauthority, for each admission to a professional sporting eventdescribed in IC 6-9-13-1; and
(B) not to exceed one dollar ($1), as determined by theauthority, for each admission to any other event described inIC 6-9-13-1;
and, so long as there are any current or future obligations owedby the capital improvement board to the authority or any stateagency pursuant to a lease or other agreement entered intobetween the capital improvement board and the authority or anystate agency under section 26 of this chapter, the capitalimprovement board or its designee shall deposit the revenuesreceived from the fee imposed under this subdivision in aspecial fund, which may be used only for the payment of theobligations described in this subdivision.
(c) A capital improvement board may designate the authority asits agent to receive on behalf of the capital improvement board anyof the revenues identified in subsection (b)(8).
(d) All information prepared by the capital improvement board ora political subdivision served by the capital improvement board withrespect to a capital improvement proposed to be financed under thischapter, including a construction budget and timeline, must beprovided to the budget director. Any information described in thissubsection that was prepared before May 15, 2005, must be providedto the budget director not later than May 15, 2005.As added by P.L.214-2005, SEC.6.
IC 5-1-17-14
Complete authority
Sec. 14. This chapter contains full and complete authority forleases between the authority and a 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.214-2005, SEC.6.
IC 5-1-17-15
Capital improvement plans and specifications; approval
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 all agenciesdesignated by law to pass on plans and specifications for publicbuildings.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-16
Agreements; common wall; easements; licenses
Sec. 16. The authority and a capital improvement board may enterinto common wall (party wall) agreements or other agreementsconcerning easements or licenses. These agreements shall berecorded with the recorder of the county in which the capitalimprovement is located.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-17
Capital improvement; land; sale; lease
Sec. 17. (a) A capital improvement board may lease for a nominallease 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 acapital 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) A capital improvement board may sell property to theauthority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-18
Bond issues
Sec. 18. (a) Subject to subsection (h), the authority may issuebonds for the purpose of obtaining money to pay the cost of:
(1) acquiring real or personal property, including existing
capital improvements;
(2) constructing, improving, reconstructing, or renovating one(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-8 orIC 36-10-9 or prior law.
(b) The bonds are payable from the lease rentals from the lease ofthe capital improvements for which the bonds were issued, insuranceproceeds, 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 upon theterms determined by the board.
(g) All money received from any bonds issued under this chaptershall be applied to the payment of the cost of the acquisition orconstruction, 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's 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 (if any) for, and interest on,the bonds being refunded or refinanced.
(h) The authority may not issue bonds under this chapter unlessthe authority first finds that the following conditions are met:
(1) Each contract or subcontract for the construction of afacility and all buildings, facilities, structures, andimprovements related to that facility to be financed in whole orin part through the issuance of the bonds:
(A) requires payment of the common construction wagerequired by IC 5-16-7; and
(B) requires the contractor or subcontractor to enter into aproject labor agreement as a condition of being awarded andperforming work on the contract.
(2) The capital improvement board and the authority have
entered into a written agreement concerning the terms of thefinancing of the facility. This agreement must include thefollowing provisions:
(A) Notwithstanding any other law, if the capitalimprovement board selected a construction manager and anarchitect for a facility before May 15, 2005, the authoritywill contract with that construction manager and architectand use plans as developed by that construction manager andarchitect. In addition, any other agreements entered into bythe capital improvement board or a political subdivisionserved by the capital improvement board with respect to thedesign and construction of the facility will be reviewed by aselection committee consisting of:
(i) two (2) of the members appointed to the board ofdirectors of the authority under section 7(a)(1) of thischapter, as designated by the governor;
(ii) the two (2) members appointed to the board ofdirectors of the authority under section 7(a)(2) of thischapter; and
(iii) the executive director of the authority.
The selection committee is not bound by any priorcommitments of the capital improvement board or thepolitical subdivision, other than the general project design,and will approve all contracts necessary for the design andconstruction of the facility.
(B) If before May 15, 2005, the capital improvement boardacquired any land, plans, or other information necessary forthe facility and the board had budgeted for these items, thecapital improvement board will transfer the land, plans, orother information useful to the authority for a price not toexceed the lesser of:
(i) the actual cost to the capital improvement board; or
(ii) three million five hundred thousand dollars($3,500,000).
(C) The capital improvement board agrees to take any legalaction that the authority considers necessary to facilitate thefinancing of the facility, including entering into agreementsduring the design and construction of the facility or asublease of a capital improvement to any state agency that isthen leased by the authority to any state agency undersection 26 of this chapter.
(D) The capital improvement board is prohibited from takingany other action with respect to the financing of the facilitywithout the prior approval of the authority. The authority isnot bound by the terms of any agreement entered into by thecapital improvement board with respect to the financing ofthe facility without the prior approval of the authority.
(E) As the project financier, the Indiana finance authority (orits successor agency) and the public finance director will beresponsible for selecting all investment bankers, bond
counsel, trustees, and financial advisors.
(F) The capital improvement board agrees to deliver to theauthority the one hundred million dollars ($100,000,000)that is owed to the capital improvement board, theconsolidated city, or the county having a consolidated citypursuant to an agreement between the National FootballLeague franchised professional football team and the capitalimprovement board, the consolidated city, or the county.This amount shall be applied to the cost of construction forthe stadium part of the facility. This amount does not haveto be delivered until a lease is entered into for the stadiumbetween the authority and the capital improvement board.
(G) The authority agrees to consult with the staff of thecapital improvement board on an as needed basis during thedesign and construction of the facility, and the capitalimprovement board agrees to make its staff available for thispurpose.
(H) The authority, the county, the consolidated city, thecapital improvement board and the National Football Leaguefranchised professional football team must commit to usingtheir best efforts to assist and cooperate with one another todesign and construct the facility on time and on budget.
(3) The capital improvement board and the National FootballLeague franchised professional football team have entered intoa lease for the stadium part of the facility that has beenapproved by the authority and has a term of at least thirty (30)years.
As added by P.L.214-2005, SEC.6. Amended by P.L.1-2006, SEC.87.
IC 5-1-17-18.5
Negotiating with a single bidder for a project
Sec. 18.5. (a) This section applies to bids received with respect toa capital improvement under this chapter:
(1) that is constructed by, for, or on behalf of the authority; and
(2) for which only one (1) bid was received from a responsiblebidder.
(b) The board may attempt to negotiate a more advantageousproposal and contract with the bidder if the board determines thatrebidding:
(1) is not practicable or advantageous; or
(2) would adversely affect the construction schedule or budgetof the project.
(c) The board shall prepare a bid file containing the followinginformation:
(1) A copy of all documents that are included as part of theinvitation for bids.
(2) A list of all persons to whom copies of the invitation forbids were given, including the following information:
(A) The name and address of each person who received aninvitation for bids. (B) The name of each bidder who responded and the dollaramount of the bid.
(C) A summary of the bid received.
(3) The basis on which the bid was accepted.
(4) Documentation of the board's negotiating process with thebidder. The documentation must include the following:
(A) A log of the dates and times of each meeting with thebidder.
(B) A description of the nature of all communications withthe bidder.
(C) A copy of all written communications, includingelectronic communications, with the bidder.
(5) The entire contents of the contract file except for proprietaryinformation included with the bid, such as trade secrets,manufacturing processes, and financial information that was notrequired to be made available for public inspection by the termsof the invitation for bids.
As added by P.L.120-2006, SEC.2.
IC 5-1-17-19
Bonds; complete authority
Sec. 19. This chapter contains full and complete authority for theissuance of bonds. No law, procedure, proceedings, publications,notices, consents, approvals, orders, or acts by the board or 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.214-2005, SEC.6.
IC 5-1-17-20
Bonds; legal investments
Sec. 20. 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.214-2005, SEC.6.
IC 5-1-17-21
Bonds; security
Sec. 21. (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 or
capital 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 or not they havenotice of the lien. Any trust indenture by which a pledge is createdor an assignment made need not be filed or recorded. The lien isperfected against third parties by filing the trust indenture in therecords of the board.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-22
Bond issue for leased property purchase
Sec. 22. If a capital improvement board exercises its option topurchase leased property, it may issue its bonds as authorized bystatute.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-23
Tax exemption
Sec. 23. 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.214-2005, SEC.6.
IC 5-1-17-24
Bonds; contesting validity
Sec. 24. 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.214-2005, SEC.6.
IC 5-1-17-25
Bonds; maximum amount; conditions
Sec. 25. The authority shall not issue bonds in a principal amountexceeding five hundred million dollars ($500,000,000) to finance anycapital improvement in a county having a consolidated first class cityunless:
(1) on or before June 30, 2005, the county fiscal body:
(A) increases the rate of the tax authorized by IC 6-6-9.7 bythe maximum amount authorized by IC 6-6-9.7-7(c);
(B) increases the rate of the tax authorized by IC 6-9-8 bythe maximum amount authorized by IC 6-9-8-3(d);
(C) increases the rate of tax authorized by IC 6-9-12 by themaximum amount authorized by IC 6-9-12-5(b); and
(D) increases the rate of the tax authorized by IC 6-9-13 bythe maximum amount authorized by IC 6-9-13-2(b); and
(2) on or before October 1, 2005, the budget director makes adetermination under IC 36-7-31-14.1 to increase the amount ofmoney captured in a tax area established under IC 36-7-31 byup to eleven million dollars ($11,000,000) per year,commencing July 1, 2007.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-26
Leases between authority and state agency
Sec. 26. (a) Notwithstanding any other law, any capitalimprovement that may be leased by the authority to a capitalimprovement board under this chapter may also be leased by theauthority to any state agency to accomplish the purposes of thischapter. Any lease between the authority and a state agency underthis chapter:
(1) must set forth the terms and conditions of the use andoccupancy under the lease;
(2) must set forth the amounts agreed to be paid at statedintervals for the use and occupancy under the lease;
(3) must provide that the state agency is not obligated tocontinue to pay for the use and occupancy under the lease butis instead required to vacate the facility if it is shown that theterms and conditions of the use and occupancy and the amountto be paid for the use and occupancy are unjust andunreasonable considering the value of the services and facilitiesthereby afforded;
(4) must provide that the state agency is required to vacate thefacility if funds have not been appropriated or are not availableto pay any sum agreed to be paid for use and occupancy whendue;
(5) may provide for such costs as maintenance, operations,taxes, and insurance to be paid by the state agency;
(6) may contain an option to renew the lease;
(7) may contain an option to purchase the facility for an amountequal to the amount required to pay the principal and interest of
indebtedness of the authority incurred on account of the facilityand expenses of the authority attributable to the facility;
(8) may provide for payment of sums for use and occupancy ofan existing capital improvement being used by the state agency,but may not provide for payment of sums for use and occupancyof a new capital improvement until the construction of thecapital improvement or portion thereof has been completed andthe new capital improvement or a portion thereof is availablefor use and occupancy by the state agency; and
(9) may contain any other provisions agreeable to the authorityand the state agency.
(b) Any state agency that leases a capital improvement from theauthority under this chapter may sublease the capital improvementto a capital improvement board under the terms and conditions setforth in section 13(a) of this chapter, section 13(b)(1) through13(b)(4) of this chapter, section 13(b)(6) through 13(b)(8) of thischapter, and section 13(c) of this chapter.
(c) Notwithstanding any other law, in anticipation of theconstruction of any capital improvement and the lease of that capitalimprovement by the authority to a state agency, the authority mayacquire an existing facility owned by the state agency and then leasethe facility to the state agency. A lease made under this subsectionshall describe the capital improvement to be constructed and mayprovide for the payment of rent by the state agency for the use of theexisting facility. If such rent is to be paid pursuant to the lease, thelease shall provide that upon completion of the construction of thecapital improvement, the capital improvement shall be substituted forthe existing facility under the lease. The rent required to be paid bythe state agency pursuant to the lease shall not constitute a debt ofthe state for purposes of the Constitution of the State of Indiana. Alease entered into under this subsection is subject to the samerequirements for a lease entered into under subsection (a) withrespect to both the existing facility and the capital improvementanticipated to be constructed.
(d) This chapter contains full and complete authority for leasesbetween the authority and a state agency and subleases between astate agency and a capital improvement board. No laws, procedures,proceedings, publications, notices, consents, approvals, orders, oracts by the board, the governing body of any state agency or thecapital improvement board or any other officer, department, agency,or instrumentality of the state or any political subdivision is requiredto enter into any such lease or sublease, except as prescribed in thischapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-27
Real property conveyance without bid or advertisement
Sec. 27. In order to enable the authority to lease a capitalimprovement or existing facility to a state agency under section 26of this chapter, the governor may convey, transfer, or sell, with or
without consideration, real property (including the buildings,structures, and improvements), title to which is held in the name ofthe state, to the authority, without being required to advertise orsolicit bids or proposals, in order to accomplish the governmentalpurposes of this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-28
Lease payments from taxes; budget director designee
Sec. 28. If the authority enters into a lease with a capitalimprovement board under section 13 of this chapter or a state agencyunder section 26 of this chapter, which then enters into a subleasewith a capital improvement board under section 26(b) of this chapter,and the rental payments owed by the capital improvement board tothe authority under the lease or to the state agency under the subleaseare payable from the taxes described in section 25 of this chapter orfrom the taxes authorized under IC 6-9-35, the budget director maychoose the designee of the capital improvement board, which shallreceive and deposit the revenues derived from such taxes. Thedesignee shall hold the revenues on behalf of the capitalimprovement board pursuant to an agreement between the authorityand the capital improvement board or between a state agency and thecapital improvement board. The agreement shall provide for theapplication of the revenues in a manner that does not adversely affectthe validity of the lease or the sublease, as applicable.
As added by P.L.214-2005, SEC.6.