CHAPTER 11. AIRPORT DEVELOPMENT PROGRAM
IC 8-21-11
Chapter 11. Airport Development Program
IC 8-21-11-1
"Airport" defined
Sec. 1. Notwithstanding IC 8-21-1-1, as used in this chapter,"airport" means a public use airport (as defined in 49 U.S.C. 47102).
As added by P.L.34-1990, SEC.2. Amended by P.L.1-1999, SEC.22.
IC 8-21-11-2
"Grant fund" defined
Sec. 2. As used in this chapter, "grant fund" refers to the airportdevelopment grant fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-3
"Loan fund" defined
Sec. 3. As used in this chapter, "loan fund" refers to the airportdevelopment revolving loan fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-4
Grant fund; revolving loan fund; administration
Sec. 4. (a) The airport development grant fund and the airportdevelopment revolving loan fund are established for the purposes ofthis chapter. The department shall administer the two (2) funds.
(b) The department shall pay the expenses of administering thefunds.
(c) The treasurer of state shall invest the money in each fund notcurrently 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 that earns theinterest.
(d) Money in a fund at the end of a state fiscal year does not revertto the state general fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-5
Program to foster airport development; components; rules
Sec. 5. (a) The department shall adopt rules under IC 4-22-2 toestablish a program to foster airport development in Indiana withspecial emphasis on improvement of airports as an economicdevelopment tool. The program must include the followingcomponents:
(1) State grants to airports from the grant fund to match federalAviation Trust Fund grants.
(2) State grants to airports from the grant fund for airportdevelopment projects for which federal grants are not available.
(3) Loans to airports from the loan fund for airport developmentprojects. (b) The rules must establish the following for both grants andloans:
(1) Standards of eligibility.
(2) The maximum amount of money for which any one (1)airport or airport development project is eligible.
(3) Application procedures.
(4) The local matching funds that are required.
(5) Other provisions to administer the grant and loan programs.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-6
Eligibility for grant or loan
Sec. 6. The following may apply to the department for a grant ora loan for an airport development project:
(1) An eligible entity that has established a board of aviationcommissioners under IC 8-22-2.
(2) An airport authority established under IC 8-22-3.
(3) A public airport established under IC 21-31-7.
(4) Any airport that is eligible for an exemption underIC 6-1.1-10-15.
As added by P.L.34-1990, SEC.2. Amended by P.L.114-1995, SEC.1;P.L.2-2007, SEC.138.
IC 8-21-11-7
Allocation of grant funds
Sec. 7. (a) The department shall determine the allocation of grantfunds among eligible applicants. However, the total amount of grantsunder this chapter may not exceed the balance in the grant fund.
(b) The budget agency shall certify to the department, the auditorof state, and the treasurer of state that funds are available for aspecific grant under subsection (a). Upon receipt of the certificationfrom the budget agency, the funds shall be transmitted to the grantrecipient.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-8
Allocation of loan funds; maximum amount
Sec. 8. (a) The department shall determine the allocation of loanfunds among eligible applicants. However, the total amount of loansunder this chapter may not exceed the balance in the loan fund.
(b) An application for a loan must comply with the following:
(1) Be accompanied by a request for the loan in the form of aresolution adopted by the applicant's fiscal body in the case ofan eligible entity or the applicant's governing board in the caseof an airport authority.
(2) Be accompanied by a plan for repayment that is determinedby the department to be an adequate plan.
(3) Meet all requirements for a grant from the fund, but not bethe recipient of such a grant.
(4) Meet all requirements that the department establishes.As added by P.L.34-1990, SEC.2.
IC 8-21-11-9
Terms of loans
Sec. 9. The department shall determine the terms of each loan,which must include the following:
(1) The duration of the loan, which may not exceed twelve (12)years.
(2) The repayment schedule of the loan, which must providethat no payments are due during the first two (2) years of theloan.
(3) A variable rate of interest to be determined by thedepartment and adjusted annually. The interest rate must be thegreater of:
(A) five percent (5%); or
(B) two-thirds (2/3) of the interest rate for fifty-two (52)week United States Treasury bills on the anniversary date ofthe loan, but not to exceed ten percent (10%).
(4) The amount of the loan.
(5) Any other conditions specified by the department.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-10
Repayment of loans; source
Sec. 10. As set forth in IC 5-1-14, an applicant may use anysource of revenue to repay a loan under this chapter. This sectionconstitutes complete authority for an applicant to borrow from theloan fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-11
Default on loan repayments; withholding of state funds payable torecipient
Sec. 11. If a loan recipient fails to make any repayments of a loan,the auditor of state shall withhold the repayment amount from anyother money payable by the state to the recipient. The amountwithheld shall be transferred to the loan fund to the credit of therecipient.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-12
Deposit of repayments
Sec. 12. The department shall deposit repayments of principal andinterest on loans in the loan fund to increase the amount that isavailable for new loans.
As added by P.L.34-1990, SEC.2.