CHAPTER 2. DEFINITIONS
IC 8-14.5-2
Chapter 2. Definitions
IC 8-14.5-2-1
Applicability of definitions
Sec. 1. The definitions in this chapter apply throughout thisarticle.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-2
Authority
Sec. 2. "Authority" refers to the Indiana finance authorityestablished under IC 4-4-11.
As added by P.L.68-1988, SEC.12. Amended by P.L.235-2005,SEC.114.
IC 8-14.5-2-3
Bonds
Sec. 3. "Bonds" refers to bonds of the authority issued underIC 8-14.5-6 or IC 8-14.5-7.
As added by P.L.68-1988, SEC.12. Amended by P.L.246-2005,SEC.80.
IC 8-14.5-2-4
Capitalized interest
Sec. 4. "Capitalized interest" means interest cost on bonds ornotes before and during the period of construction of the project forwhich the bonds or notes were issued, and for a period not to exceedone (1) year after completion of construction.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-5
Construction
Sec. 5. "Construction" means the construction, acquisition,reconstruction, improvement, and extension of a project.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-6
Costs
Sec. 6. "Costs" as applied to any project includes any item or costof a capital nature incurred in the construction of a project,including:
(1) the cost of construction;
(2) the cost of acquisition of all land, rights-of-way, property,rights, easements, and any other legal or equitable interestsacquired by the authority for the construction, including the costof any relocations incident to the acquisition;
(3) the cost of demolishing or removing any buildings,structures, or improvements on property acquired by theauthority including the cost of: (A) acquiring any property to which the buildings,structures, or improvements may be moved; or
(B) acquiring any property which may be exchanged forproperty acquired by the authority;
(4) financing charges;
(5) costs of issuance of bonds or notes, including costs of creditenhancement, such as bond or note insurance;
(6) remarketing or conversion fees;
(7) bond or note discount;
(8) capitalized interest;
(9) the cost of funding any reserves to secure the payment ofbonds or notes;
(10) engineering and legal expenses, costs of plans,specifications, surveys, estimates, and any necessary feasibilitystudies;
(11) other expenses necessary or incident to determining thefeasibility or practicability of constructing any project;
(12) administrative expenses of the authority or the departmentrelating to any project financed by bonds or notes;
(13) reimbursement of the department for:
(A) any cost, obligation, or expense incurred by thedepartment relating to a project;
(B) advances relating to a project from the department to theauthority for surveys, borings, preparation of plans andspecifications, or engineering services; or
(C) any other cost of construction incurred by thedepartment or paid from advances; and
(14) other expenses the authority finds necessary or incident tothe construction of the project, the financing of theconstruction, and the placing of the project in operation.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-7
Department
Sec. 7. "Department" refers to the Indiana department oftransportation established under IC 8-23-2.
As added by P.L.68-1988, SEC.12. Amended by P.L.18-1990,SEC.125.
IC 8-14.5-2-8
Notes
Sec. 8. "Notes" refers to notes of the authority issued underIC 8-14.5-6 or IC 8-14.5-7 and includes any evidences ofindebtedness of the authority except bonds.
As added by P.L.68-1988, SEC.12. Amended by P.L.246-2005,SEC.81.
IC 8-14.5-2-9
Project
Sec. 9. "Project" means any: (1) express highway;
(2) superhighway;
(3) state highway;
(4) public highway;
(5) road;
(6) street;
(7) motorway;
(8) bridge;
(9) tunnel;
(10) overpass;
(11) underpass;
(12) interchange;
(13) entrance;
(14) approach; or
(15) other public way;
that the authority considers necessary or desirable for the operationof transportation systems. "Project" includes all land, rights-of-way,property, rights, easements, materials, and legal or equitable intereststhat may be acquired by the authority for the construction of theproject.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-10
Property owner
Sec. 10. "Property owner" means all individuals, copartnerships,associations, governmental units or entities, corporations, limitedliability companies, or other legal entities having any title or interestin any land, rights-of-way, property, rights, easements, or legal orequitable interests that may be acquired by the authority.
As added by P.L.68-1988, SEC.12. Amended by P.L.8-1993,SEC.142.
IC 8-14.5-2-11
Public thoroughfares
Sec. 11. "Public thoroughfares" means any facilities for themovement of vehicular traffic owned by any governmental entityother than the state.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-12
Transportation systems
Sec. 12. "Transportation systems" means any facilities for themovement of vehicular traffic owned, leased, or operated by the stateor the authority.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-13
Weighted average life
Sec. 13. "Weighted average life" of an issue of bonds or notesmeans: (1) the sum of the products of the face amount of each maturityand the number of years to maturity (determined separately foreach maturity and by taking into account mandatory sinkingfund redemptions); divided by
(2) the face amount of the entire issue of bonds or notes.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-14
Weighted average useful life
Sec. 14. "Weighted average useful life" of a project or projectsmeans:
(1) the sum of the products of the cost of each asset comprisingthe project or projects and the useful life of the respective asset;divided by
(2) the total cost of all the assets comprising the project orprojects.
For purposes of this computation, the useful life of land is fifty (50)years. The useful life of all other assets comprising the project shallbe conclusively evidenced by a certificate of the department based onits experience in maintaining transportation systems. The weightedaverage useful life of any project shall be determined as of the laterof the date on which the project is expected to be placed in serviceand the date on which the bonds or notes are issued.
As added by P.L.68-1988, SEC.12.