CHAPTER 5. GENERAL POWERS
IC 5-28-5
Chapter 5. General Powers
IC 5-28-5-1
Economic development functions
Sec. 1. The corporation shall carry out the economic developmentfunctions of the state in conformity with the laws enacted by thegeneral assembly.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-2
Grant of necessary and appropriate powers
Sec. 2. The corporation is granted all powers necessary orappropriate to carry out the corporation's public and corporatepurposes under this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-3
Employees and agents; contracts
Sec. 3. (a) Subject to approval by the budget agency, thecorporation may, without the approval of the attorney general,employ legal counsel, technical experts, and other officers, agents,and employees, permanent or temporary, the corporation considersnecessary to carry out the efficient operation of the corporation.
(b) Subject to approval by the budget agency, the corporation mayenter into contracts without the approval of the attorney general.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-4
Terms of employment; retirement fund and employee benefits
Sec. 4. (a) The corporation shall determine qualifications, duties,compensation, and terms of service for persons employed by thecorporation as employees or as independent contractors.
(b) The board may adopt a resolution providing that thecorporation's employees who are eligible to participate in the publicemployees' retirement fund under the eligibility requirements setforth in IC 5-10.2 and IC 5-10.3 shall participate in the fund.
(c) The board may adopt a resolution to allow the corporation'semployees to participate in group insurance and other benefit plans,including the state employees' deferred compensation plan, that areavailable to state employees.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-5
Ethics
Sec. 5. The board and the employees of the corporation are:
(1) under the jurisdiction of and rules adopted by the stateethics commission; and
(2) subject to ethics rules and requirements that apply to theexecutive branch of state government.However, the board may adopt additional ethics rules andrequirements that are more stringent than those adopted by the stateethics commission.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-6
Advisory committee
Sec. 6. The board shall establish an advisory committee to advisethe board and the corporation on issues determined by the board. Theadvisory committee must:
(1) have members that represent diverse geographic areas andeconomic sectors of Indiana; and
(2) include members or representatives of local economicdevelopment organizations.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-6.5
Small business division
Sec. 6.5. The board shall maintain a small business division,including the Small Business Development Center Lead Center, tocarry out the corporation's duties under IC 5-28-17. The board shallstaff the division with employees of the corporation.
As added by P.L.56-2009, SEC.2.
IC 5-28-5-7
Contract, tort, and civil rights claims
Sec. 7. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4,the board and the employees of the corporation are public employees(as defined in IC 34-6-2-38).
As added by P.L.4-2005, SEC.34.
IC 5-28-5-8
Adoption of rules; emergency rules
Sec. 8. The corporation shall adopt rules under IC 4-22-2 to carryout its duties under this article. The board may also adopt emergencyrules under IC 4-22-2-37.1 to carry out its duties under this article.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-9
Public meetings and public records laws
Sec. 9. Except as specifically provided by law, the corporationand the board are subject to IC 5-14-1.5 and IC 5-14-3.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-10
Reimbursement of employee expenses
Sec. 10. An employee of the corporation is entitled toreimbursement for traveling expenses as provided under IC 4-13-1-4and other expenses actually incurred in connection with theemployee's duties as approved by the budget agency.As added by P.L.4-2005, SEC.34.
IC 5-28-5-11
Request for appropriations
Sec. 11. The corporation may request appropriations from thegeneral assembly to:
(1) carry out the corporation's duties under this article; and
(2) fund economic development and job creation programs.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-12
Promotion fund
Sec. 12. (a) The Indiana promotion fund is established within thestate treasury.
(b) Except as provided in section 13 of this chapter, thecorporation shall deposit the following in the fund:
(1) All funding received from the private sector underIC 5-28-6-1(6).
(2) All other gifts, donations, bequests, devises, andcontributions received by the corporation.
(c) The corporation shall administer the fund. The treasurer ofstate shall invest the money in the fund not currently needed to meetthe obligations of the fund in the same manner as public money maybe invested. Interest that accrues from these investments shall bedeposited in the fund.
(d) Money in the fund at the end of a state fiscal year does notrevert to the state general fund.
(e) Except as provided in the terms of a gift, a donation, acontribution, a bequest, a devise, or other private sector funding,money in the fund may be used at the discretion of the board to carryout in any manner the corporation's purposes under this article.
(f) Money in the fund may be transferred to any fund administeredby the corporation.
(g) Money in the fund is continuously appropriated to thecorporation for the purposes of this article.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-13
Nonprofit subsidiary corporation
Sec. 13. (a) Notwithstanding section 12 of this chapter, the boardmay establish a nonprofit subsidiary corporation to solicit and acceptprivate sector funding, gifts, donations, bequests, devises, andcontributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry outin any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by thesubsidiary corporation; and (3) may deposit money received under subsection (a) in anaccount or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) The state board of accounts shall annually audit a subsidiarycorporation established under this section.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-14
Fees and charges
Sec. 14. The corporation may fix and revise periodically, andcharge and collect, fees and charges that the corporation determinesto be reasonable in connection with:
(1) the corporation's loans, guarantees, advances, insurance,commitments, and servicing; and
(2) the use of the corporation's services or facilities.
As added by P.L.162-2007, SEC.21.
IC 5-28-5-15
Powers in the event of default
Sec. 15. The corporation may take assignments of accountsreceivable, loans, guarantees, insurance, notes, mortgages, securityagreements securing notes, and other forms of security, attach, seize,or take title by foreclosure or conveyance to an industrialdevelopment project when a guaranteed loan on the industrialdevelopment project is clearly in default and when in the opinion ofthe corporation such an acquisition is necessary to safeguard theindustrial development project guaranty fund, and sell, or on atemporary basis, lease or rent such industrial development project forany use.
As added by P.L.162-2007, SEC.22.