CHAPTER 8. ECONOMIC DEVELOPMENT FUND

IC 5-28-8
    Chapter 8. Economic Development Fund

IC 5-28-8-1
"Federal agency"
    Sec. 1. As used in this chapter, "federal agency" means theEconomic Development Administration of the United StatesDepartment of Commerce.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-2
"Federal program"
    Sec. 2. As used in this chapter, "federal program" means a federalloan or grant program that promotes economic development.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-3
"Fund"
    Sec. 3. As used in this chapter, "fund" refers to the economicdevelopment fund established by section 5 of this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-4
"Qualified entity"
    Sec. 4. As used in this chapter, "qualified entity" means the state,a political subdivision of the state, an agency of the state or apolitical subdivision of the state, a nonprofit corporation, or theIndiana finance authority established under IC 4-4-10.9 andIC 4-4-11.
As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005,SEC.93.

IC 5-28-8-5
Fund established; purpose
    Sec. 5. (a) The economic development fund is established withinthe state treasury. The fund is a revolving fund to provide grants andloans for economic development activities in Indiana for thepurposes of this chapter.
    (b) The fund consists of appropriations from the general assemblyand loan repayments.
    (c) The corporation shall administer the fund. The following maybe paid from money in the fund:
        (1) Expenses of administering the fund.
        (2) Nonrecurring administrative expenses incurred to carry outthe purposes of this chapter.
    (d) Earnings from loans made under this chapter shall bedeposited in the fund.
    (e) The money in the fund at the end of a state fiscal year does notrevert to the state general fund but remains in the fund.
As added by P.L.4-2005, SEC.34.
IC 5-28-8-6
Investment of fund by treasurer of state
    Sec. 6. (a) The treasurer of state shall invest the money in the fundnot currently needed to meet the obligations of the fund in the samemanner as other public funds may be invested. Interest that accruesfrom these investments shall be deposited in the fund.
    (b) The treasurer of state shall also:
        (1) receive cash receipts belonging to the fund, deposit theseamounts in the fund, and submit a monthly report to thecorporation of these transactions; and
        (2) make payments on vouchers authorized by the corporation.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-7
Drawing of warrants
    Sec. 7. The auditor of state shall draw warrants on the treasurer ofstate in payment of properly prepared vouchers signed by thepresident of the corporation or the president's designee.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-8
Guidelines for receipt of grants and loans
    Sec. 8. (a) The corporation shall receive grants allocated by afederal program for the purposes specified in section 9(c) of thischapter. Guidelines shall be prepared by the corporation enumeratingthe qualification procedures for receipt of grants and loans from thefund. These guidelines must be consistent with Indiana law andfederal program requirements.
    (b) The board, with the approval of the budget agency and thegovernor, shall allocate parts of the fund for the purposes specifiedin section 9(c) of this chapter. The corporation shall make allocationson the basis of the need of the qualified entity.
    (c) The corporation shall keep complete sets of records showingall transactions by the fund in a manner that enables the corporationto prepare at the end of each fiscal year a complete report for thegeneral assembly. The information in the report must be sufficient topermit a complete review and understanding of the operation andfinancial condition of the fund. The report must be submitted inelectronic format under IC 5-14-6.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-9
Applications for grants; approved projects
    Sec. 9. (a) If federal money will not be used in conjunction withfund money, a qualified entity that wants a grant from the fund mustsubmit an application for the grant to the corporation. Thecorporation shall review the application and may approve theapplication if the activities for which the grant money is to be usedare activities:
        (1) that the qualified entity has statutory authority to perform;

and
        (2) for which this chapter permits fund money to be used.
    (b) When fund money is to be used to match federal money, aqualified entity that wants a grant must submit to the corporation anapplication for a grant under the federal program. The corporationshall review the application and shall submit the application to thefederal agency if the corporation finds that the activities for whichthe grant money is to be used are activities:
        (1) that the qualified entity has statutory authority to perform;and
        (2) for which the federal program permits money to be used.
Before submitting an application to the federal agency, thecorporation must also approve the completeness and technicalaccuracy of the qualified entity's application.
    (c) Money from the fund and money from a federal program maybe used for the following projects:
        (1) Public works.
        (2) Technical assistance.
        (3) Economic adjustment assistance.
        (4) Other economic development programs.
    (d) If the qualified entity proposes to use its money for a loanprogram, the application from the qualified entity must contain theconditions under which loans will be made and the interest rate thatwill be charged.
As added by P.L.4-2005, SEC.34.

IC 5-28-8-10
Applications for loans; repayment
    Sec. 10. (a) A qualified entity may apply to the corporation for aloan from the fund to be used for economic development programs.
    (b) An amount loaned to a qualified entity is an obligation of thequalified entity and shall be repaid to the corporation within a timeto be fixed by the corporation, not to exceed three (3) years.
    (c) The corporation shall determine interest rates for the loans tobe made under this section.
    (d) Final disbursements of money under this section must be madewith the approval of the state board of finance.
    (e) If a qualified entity fails to make repayment of money loanedunder this section, the amount payable may be:
        (1) withheld by the auditor of state from money payable to thequalified entity and transferred to the fund; or
        (2) recovered in an action by the state on relation of thecorporation, prosecuted by the attorney general, in the circuit orsuperior court of the county in which the qualified entity islocated.
As added by P.L.4-2005, SEC.34.