IC 36-10-9.1
Chapter 9.1. Marion County Convention and Recreational
Facilities Authority
IC 36-10-9.1-1 Application of chapter
Sec. 1. This chapter applies to each county having a consolidated
city. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-2 "Authority" defined
Sec. 2. As used in this chapter, "authority" refers to the county
convention and recreational facilities authority created by this
chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-3 "Board" defined
Sec. 3. As used in this chapter, "board" refers to the board of
directors of the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-4 "Bonds" defined
Sec. 4. As used in this chapter, "bonds" means bonds, notes, or
other evidence of indebtedness. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-5 "Capital improvement board" defined
Sec. 5. As used in this chapter, "capital improvement board"
refers to the capital improvement board of managers created by
IC 36-10-9. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-6 Creation of authority
Sec. 6. A ________ County Convention and Recreational
Facilities Authority (the blank to be filled in with the name of the
county) is created in the county as a separate body corporate and
politic as an instrumentality of the county to finance facilities for
lease to the capital improvement board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-7 Board of directors; members
Sec. 7. (a) The board is composed of three (3) members, who must
be residents of the county appointed by the executive of the county.
(b) A member is entitled to serve a three (3) year term. A member
may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the executive of the county
shall fill the vacancy by appointing a new member for the remainder
of the vacated term.
(d) A board member may be removed for cause by the executive
of the county.
(e) Each member, before entering upon the duties of office, must
take and subscribe an oath of office under IC 5-4-1, which shall be
endorsed upon the certificate of appointment and filed with the
records of the board.
(f) A member may not receive a salary. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-8 Organizational meeting; officers; special meetings; quorum
Sec. 8. (a) Immediately after January 15 of each year, the board
shall hold an organizational meeting. It shall elect one (1) of the
members president, another vice president, and another
secretary-treasurer to perform the duties of those offices. These
officers serve from the date of their election and until their
successors are elected and qualified. The board may elect an assistant
secretary-treasurer.
(b) Special meetings may be called by the president of the board
or any two (2) members of the board.
(c) A majority of the members constitutes a quorum, and the
concurrence of a majority of the members is necessary to authorize
any action. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-9 Bylaws and rules
Sec. 9. The board may adopt such bylaws and rules as it considers
necessary for the proper conduct of its duties and the safeguarding of
the funds and property entrusted to its care. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-10 Purposes
Sec. 10. The authority is organized for the following purposes:
(1) Financing, constructing, and leasing capital improvements
to the capital improvement board.
(2) Financing and constructing additional improvements to
capital improvements owned by the authority and leasing them
to the capital improvement board.
(3) Acquiring all or a portion of one (1) or more capital
improvements from the capital improvement board by purchase
or lease and leasing these capital improvements back to 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 capital
improvements from the capital improvement board by purchase
or lease to fund or refund indebtedness incurred on account of
those capital improvements to enable the capital improvement
board to make a savings in debt service obligations or lease
rental obligations or to obtain relief from covenants that the
capital improvement board considers to be unduly burdensome. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-11 Powers
Sec. 11. The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,
lease, acquire, and equip capital improvements;
(2) lease those capital improvements to the capital improvement
board;
(3) sue, be sued, plead, and be impleaded, but all actions against
the authority must be brought in the circuit or superior court of
the county in which the authority is located;
(4) condemn, appropriate, lease, rent, purchase, and hold any
real or personal property needed or considered useful in
connection with capital improvements;
(5) acquire real or personal property by gift, devise, or bequest
and hold, use, or dispose of that property for the purposes
authorized by this chapter;
(6) enter upon any lots or lands for the purpose of surveying or
examining them to determine the location of a capital
improvement;
(7) design, order, contract for, and construct, reconstruct, and
renovate any capital improvements or improvements thereto;
(8) employ managers, superintendents, architects, engineers,
attorneys, auditors, clerks, construction managers, and other
employees necessary for construction of capital improvements
or improvements thereto;
(9) make and enter into all contracts and agreements necessary
or incidental to the performance of its duties and the execution
of its powers under this chapter; and
(10) take any other action necessary to implement its purposes
as set forth in section 10 of this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-12 Refunding of bonds
Sec. 12. (a) Bonds issued under IC 36-10-9 or prior law may be
refunded as provided in this section.
(b) The capital improvement board may:
(1) lease all or a portion of a capital improvement or
improvements to the authority, which may be at a nominal lease
rental with a lease back to the capital improvement board,
conditioned upon the authority assuming bonds issued under
IC 36-10-9 or prior law and issuing its bonds to refund those
bonds; and
(2) sell all or a portion of a capital improvement or
improvements to the authority for a price sufficient to provide
for the refunding of those bonds and lease back the capital
improvement or improvements from the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-13 Lease of capital improvements to capital improvement board;
terms
Sec. 13. (a) Before a lease may be entered into, both the capital
improvement board and the executive of the county must find that
the lease rental provided for is fair and reasonable.
(b) A lease of capital improvements from the authority to the
capital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rental for a newly
constructed capital improvement or for improvements to an
existing capital improvement until the capital improvement or
improvements thereto have been completed and are ready for
occupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue to
operate an existing capital improvement until completion of
the improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing capital
improvement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board to
purchase the capital improvement upon the terms stated in the
lease during the term of the lease for a price equal to the amount
required to pay all indebtedness incurred on account of the
capital improvement, including indebtedness incurred for the
refunding of that indebtedness;
(6) may be entered into before acquisition or construction of a
capital improvement;
(7) must be approved by the executive of the county;
(8) may provide that the capital improvement board shall agree
to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the
authority; and
(C) assume responsibility for utilities, repairs, alterations,
and any costs of operation; and
(9) subject to IC 36-10-9-11, may provide that the lease rental
payments by the capital improvement board shall be made from
any one (1) or more of the following sources:
(A) Proceeds of one (1) or more of the excise taxes as
defined in IC 36-10-9.
(B) Net revenues of the capital improvement.
(C) Any other funds available to the capital improvement
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-14 Leases; exclusivity of provisions of this chapter
Sec. 14. This chapter contains full and complete authority for
leases between the authority and the capital improvement board. No
law, procedure, proceedings, publications, notices, consents,
approvals, orders, or acts by the board or the capital improvement
board or any other officer, department, agency, or instrumentality of
the state or any political subdivision is required to enter into any
lease, except as prescribed in this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-15 Approval of plans and specifications
Sec. 15. If the lease provides for a capital improvement or
improvements thereto to be constructed by the authority, the plans
and specifications shall be submitted to and approved by the capital
improvement board and all agencies designated by law to pass on
plans and specifications for public buildings. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-16 Common wall agreements
Sec. 16. The authority and the capital improvement board may
enter into common wall (party wall) agreements or other agreements
concerning easements or licenses. These agreements shall be
recorded with the recorder of the county. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-17 Lease or sale of property by capital improvement board to the
authority
Sec. 17. (a) The capital improvement board may lease for a
nominal lease rental, or sell to the authority, one (1) or more capital
improvements or portions thereof or land upon which a capital
improvement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by the
capital improvement board to the authority must be for a term equal
to the term of the lease of that capital improvement back to the
capital improvement board.
(c) The capital improvement board may sell property to the
authority for such amount as it determines to be in the best interest
of the capital improvement board, which amount may be paid from
the proceeds of bonds of the authority. As added by P.L.82-1985, SEC.12. IC 36-10-9.1-18
Repealed
(Repealed by P.L.19-1986, SEC.62.)
IC 36-10-9.1-18.1 Bonds; issuance by authority
Sec. 18.1. (a) The authority may issue bonds for the purpose of
obtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one
(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-9 or prior
law.
(b) The bonds are payable solely from the lease rentals from the
lease of the capital improvements for which the bonds were issued,
insurance proceeds, 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 the
resolution 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
such terms as determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of the acquisition
or construction, or both, of capital improvements, or the cost of
refunding or refinancing outstanding bonds, for which the bonds are
issued. 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 for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the capital improvement suitable
for use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of 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 the
principal of, redemption premiums (in any) for, and interest on,
the bonds being refunded or refinanced. As added by P.L.19-1986, SEC.63. Amended by P.L.11-1987,
SEC.35.
IC 36-10-9.1-18.2 Bonds; exclusivity of this chapter
Sec. 18.2. This chapter contains full and complete authority for
the issuance of bonds. No law, procedure, proceedings, publications,
notices, consents, approvals, orders, or acts by the board of any other
officer, department, agency, or instrumentality of the state or of any
political subdivision is required to issue any bonds, except as
prescribed in this chapter. As added by P.L.19-1986, SEC.64.
IC 36-10-9.1-19 Investment in bonds of authority
Sec. 19. Bonds issued under this chapter are legal investments for
private trust funds and the funds of banks, trust companies, insurance
companies, building and loan associations, credit unions, banks of
discount and deposit, savings banks, loan and trust and safe deposit
companies, rural loan and savings associations, guaranty loan and
savings associations, mortgage guaranty companies, small loan
companies, industrial loan and investment companies, and other
financial institutions organized under Indiana law. As added by P.L.82-1985, SEC.12. Amended by P.L.42-1993,
SEC.101.
IC 36-10-9.1-20 Trust indenture as security for bonds
Sec. 20. (a) The authority may secure bonds issued under this
chapter by a trust indenture between the authority and a corporate
trustee, which may be any trust company or national or state bank
within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from
leased capital improvements, but may not mortgage land or
capital improvements;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants 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 this
section is valid and binding from the time that the pledge or
assignment is made, against all persons whether they have notice of
the lien or not. Any trust indenture by which a pledge is created or an
assignment made need not be filed or recorded. The lien is perfected
against third parties by filing the trust indenture in the records of the
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-21 Bonds; issuance by capital improvement board
Sec. 21. If the capital improvement board exercises its option to
purchase leased property, it may issue its bonds as authorized by
statute. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-22 Tax exemption
Sec. 22. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the
extent of the holder's cost of acquisition, proceeds received
upon redemption before maturity, proceeds received at maturity,
and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1. As added by P.L.82-1985, SEC.12. Amended by P.L.21-1990,
SEC.58; P.L.254-1997(ss), SEC.35.
IC 36-10-9.1-23 Actions contesting validity of bonds; limitations
Sec. 23. Any action to contest the validity of bonds to be issued
under this chapter may not be brought after the fifteenth day
following:
(1) the receipt of bids for the bonds, if the bonds are sold at
public sale; or
(2) the publication one (1) time in a newspaper of general
circulation published in the county of notice of the execution
and delivery of the contract for the sale of bonds;
whichever occurs first. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1
Chapter 9.1. Marion County Convention and Recreational
Facilities Authority
IC 36-10-9.1-1 Application of chapter
Sec. 1. This chapter applies to each county having a consolidated
city. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-2 "Authority" defined
Sec. 2. As used in this chapter, "authority" refers to the county
convention and recreational facilities authority created by this
chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-3 "Board" defined
Sec. 3. As used in this chapter, "board" refers to the board of
directors of the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-4 "Bonds" defined
Sec. 4. As used in this chapter, "bonds" means bonds, notes, or
other evidence of indebtedness. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-5 "Capital improvement board" defined
Sec. 5. As used in this chapter, "capital improvement board"
refers to the capital improvement board of managers created by
IC 36-10-9. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-6 Creation of authority
Sec. 6. A ________ County Convention and Recreational
Facilities Authority (the blank to be filled in with the name of the
county) is created in the county as a separate body corporate and
politic as an instrumentality of the county to finance facilities for
lease to the capital improvement board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-7 Board of directors; members
Sec. 7. (a) The board is composed of three (3) members, who must
be residents of the county appointed by the executive of the county.
(b) A member is entitled to serve a three (3) year term. A member
may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the executive of the county
shall fill the vacancy by appointing a new member for the remainder
of the vacated term.
(d) A board member may be removed for cause by the executive
of the county.
(e) Each member, before entering upon the duties of office, must
take and subscribe an oath of office under IC 5-4-1, which shall be
endorsed upon the certificate of appointment and filed with the
records of the board.
(f) A member may not receive a salary. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-8 Organizational meeting; officers; special meetings; quorum
Sec. 8. (a) Immediately after January 15 of each year, the board
shall hold an organizational meeting. It shall elect one (1) of the
members president, another vice president, and another
secretary-treasurer to perform the duties of those offices. These
officers serve from the date of their election and until their
successors are elected and qualified. The board may elect an assistant
secretary-treasurer.
(b) Special meetings may be called by the president of the board
or any two (2) members of the board.
(c) A majority of the members constitutes a quorum, and the
concurrence of a majority of the members is necessary to authorize
any action. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-9 Bylaws and rules
Sec. 9. The board may adopt such bylaws and rules as it considers
necessary for the proper conduct of its duties and the safeguarding of
the funds and property entrusted to its care. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-10 Purposes
Sec. 10. The authority is organized for the following purposes:
(1) Financing, constructing, and leasing capital improvements
to the capital improvement board.
(2) Financing and constructing additional improvements to
capital improvements owned by the authority and leasing them
to the capital improvement board.
(3) Acquiring all or a portion of one (1) or more capital
improvements from the capital improvement board by purchase
or lease and leasing these capital improvements back to 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 capital
improvements from the capital improvement board by purchase
or lease to fund or refund indebtedness incurred on account of
those capital improvements to enable the capital improvement
board to make a savings in debt service obligations or lease
rental obligations or to obtain relief from covenants that the
capital improvement board considers to be unduly burdensome. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-11 Powers
Sec. 11. The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,
lease, acquire, and equip capital improvements;
(2) lease those capital improvements to the capital improvement
board;
(3) sue, be sued, plead, and be impleaded, but all actions against
the authority must be brought in the circuit or superior court of
the county in which the authority is located;
(4) condemn, appropriate, lease, rent, purchase, and hold any
real or personal property needed or considered useful in
connection with capital improvements;
(5) acquire real or personal property by gift, devise, or bequest
and hold, use, or dispose of that property for the purposes
authorized by this chapter;
(6) enter upon any lots or lands for the purpose of surveying or
examining them to determine the location of a capital
improvement;
(7) design, order, contract for, and construct, reconstruct, and
renovate any capital improvements or improvements thereto;
(8) employ managers, superintendents, architects, engineers,
attorneys, auditors, clerks, construction managers, and other
employees necessary for construction of capital improvements
or improvements thereto;
(9) make and enter into all contracts and agreements necessary
or incidental to the performance of its duties and the execution
of its powers under this chapter; and
(10) take any other action necessary to implement its purposes
as set forth in section 10 of this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-12 Refunding of bonds
Sec. 12. (a) Bonds issued under IC 36-10-9 or prior law may be
refunded as provided in this section.
(b) The capital improvement board may:
(1) lease all or a portion of a capital improvement or
improvements to the authority, which may be at a nominal lease
rental with a lease back to the capital improvement board,
conditioned upon the authority assuming bonds issued under
IC 36-10-9 or prior law and issuing its bonds to refund those
bonds; and
(2) sell all or a portion of a capital improvement or
improvements to the authority for a price sufficient to provide
for the refunding of those bonds and lease back the capital
improvement or improvements from the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-13 Lease of capital improvements to capital improvement board;
terms
Sec. 13. (a) Before a lease may be entered into, both the capital
improvement board and the executive of the county must find that
the lease rental provided for is fair and reasonable.
(b) A lease of capital improvements from the authority to the
capital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rental for a newly
constructed capital improvement or for improvements to an
existing capital improvement until the capital improvement or
improvements thereto have been completed and are ready for
occupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue to
operate an existing capital improvement until completion of
the improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing capital
improvement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board to
purchase the capital improvement upon the terms stated in the
lease during the term of the lease for a price equal to the amount
required to pay all indebtedness incurred on account of the
capital improvement, including indebtedness incurred for the
refunding of that indebtedness;
(6) may be entered into before acquisition or construction of a
capital improvement;
(7) must be approved by the executive of the county;
(8) may provide that the capital improvement board shall agree
to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the
authority; and
(C) assume responsibility for utilities, repairs, alterations,
and any costs of operation; and
(9) subject to IC 36-10-9-11, may provide that the lease rental
payments by the capital improvement board shall be made from
any one (1) or more of the following sources:
(A) Proceeds of one (1) or more of the excise taxes as
defined in IC 36-10-9.
(B) Net revenues of the capital improvement.
(C) Any other funds available to the capital improvement
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-14 Leases; exclusivity of provisions of this chapter
Sec. 14. This chapter contains full and complete authority for
leases between the authority and the capital improvement board. No
law, procedure, proceedings, publications, notices, consents,
approvals, orders, or acts by the board or the capital improvement
board or any other officer, department, agency, or instrumentality of
the state or any political subdivision is required to enter into any
lease, except as prescribed in this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-15 Approval of plans and specifications
Sec. 15. If the lease provides for a capital improvement or
improvements thereto to be constructed by the authority, the plans
and specifications shall be submitted to and approved by the capital
improvement board and all agencies designated by law to pass on
plans and specifications for public buildings. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-16 Common wall agreements
Sec. 16. The authority and the capital improvement board may
enter into common wall (party wall) agreements or other agreements
concerning easements or licenses. These agreements shall be
recorded with the recorder of the county. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-17 Lease or sale of property by capital improvement board to the
authority
Sec. 17. (a) The capital improvement board may lease for a
nominal lease rental, or sell to the authority, one (1) or more capital
improvements or portions thereof or land upon which a capital
improvement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by the
capital improvement board to the authority must be for a term equal
to the term of the lease of that capital improvement back to the
capital improvement board.
(c) The capital improvement board may sell property to the
authority for such amount as it determines to be in the best interest
of the capital improvement board, which amount may be paid from
the proceeds of bonds of the authority. As added by P.L.82-1985, SEC.12. IC 36-10-9.1-18
Repealed
(Repealed by P.L.19-1986, SEC.62.)
IC 36-10-9.1-18.1 Bonds; issuance by authority
Sec. 18.1. (a) The authority may issue bonds for the purpose of
obtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one
(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-9 or prior
law.
(b) The bonds are payable solely from the lease rentals from the
lease of the capital improvements for which the bonds were issued,
insurance proceeds, 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 the
resolution 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
such terms as determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of the acquisition
or construction, or both, of capital improvements, or the cost of
refunding or refinancing outstanding bonds, for which the bonds are
issued. 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 for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the capital improvement suitable
for use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of 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 the
principal of, redemption premiums (in any) for, and interest on,
the bonds being refunded or refinanced. As added by P.L.19-1986, SEC.63. Amended by P.L.11-1987,
SEC.35.
IC 36-10-9.1-18.2 Bonds; exclusivity of this chapter
Sec. 18.2. This chapter contains full and complete authority for
the issuance of bonds. No law, procedure, proceedings, publications,
notices, consents, approvals, orders, or acts by the board of any other
officer, department, agency, or instrumentality of the state or of any
political subdivision is required to issue any bonds, except as
prescribed in this chapter. As added by P.L.19-1986, SEC.64.
IC 36-10-9.1-19 Investment in bonds of authority
Sec. 19. Bonds issued under this chapter are legal investments for
private trust funds and the funds of banks, trust companies, insurance
companies, building and loan associations, credit unions, banks of
discount and deposit, savings banks, loan and trust and safe deposit
companies, rural loan and savings associations, guaranty loan and
savings associations, mortgage guaranty companies, small loan
companies, industrial loan and investment companies, and other
financial institutions organized under Indiana law. As added by P.L.82-1985, SEC.12. Amended by P.L.42-1993,
SEC.101.
IC 36-10-9.1-20 Trust indenture as security for bonds
Sec. 20. (a) The authority may secure bonds issued under this
chapter by a trust indenture between the authority and a corporate
trustee, which may be any trust company or national or state bank
within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from
leased capital improvements, but may not mortgage land or
capital improvements;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants 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 this
section is valid and binding from the time that the pledge or
assignment is made, against all persons whether they have notice of
the lien or not. Any trust indenture by which a pledge is created or an
assignment made need not be filed or recorded. The lien is perfected
against third parties by filing the trust indenture in the records of the
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-21 Bonds; issuance by capital improvement board
Sec. 21. If the capital improvement board exercises its option to
purchase leased property, it may issue its bonds as authorized by
statute. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-22 Tax exemption
Sec. 22. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the
extent of the holder's cost of acquisition, proceeds received
upon redemption before maturity, proceeds received at maturity,
and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1. As added by P.L.82-1985, SEC.12. Amended by P.L.21-1990,
SEC.58; P.L.254-1997(ss), SEC.35.
IC 36-10-9.1-23 Actions contesting validity of bonds; limitations
Sec. 23. Any action to contest the validity of bonds to be issued
under this chapter may not be brought after the fifteenth day
following:
(1) the receipt of bids for the bonds, if the bonds are sold at
public sale; or
(2) the publication one (1) time in a newspaper of general
circulation published in the county of notice of the execution
and delivery of the contract for the sale of bonds;
whichever occurs first. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1
Chapter 9.1. Marion County Convention and Recreational
Facilities Authority
IC 36-10-9.1-1 Application of chapter
Sec. 1. This chapter applies to each county having a consolidated
city. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-2 "Authority" defined
Sec. 2. As used in this chapter, "authority" refers to the county
convention and recreational facilities authority created by this
chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-3 "Board" defined
Sec. 3. As used in this chapter, "board" refers to the board of
directors of the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-4 "Bonds" defined
Sec. 4. As used in this chapter, "bonds" means bonds, notes, or
other evidence of indebtedness. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-5 "Capital improvement board" defined
Sec. 5. As used in this chapter, "capital improvement board"
refers to the capital improvement board of managers created by
IC 36-10-9. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-6 Creation of authority
Sec. 6. A ________ County Convention and Recreational
Facilities Authority (the blank to be filled in with the name of the
county) is created in the county as a separate body corporate and
politic as an instrumentality of the county to finance facilities for
lease to the capital improvement board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-7 Board of directors; members
Sec. 7. (a) The board is composed of three (3) members, who must
be residents of the county appointed by the executive of the county.
(b) A member is entitled to serve a three (3) year term. A member
may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the executive of the county
shall fill the vacancy by appointing a new member for the remainder
of the vacated term.
(d) A board member may be removed for cause by the executive
of the county.
(e) Each member, before entering upon the duties of office, must
take and subscribe an oath of office under IC 5-4-1, which shall be
endorsed upon the certificate of appointment and filed with the
records of the board.
(f) A member may not receive a salary. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-8 Organizational meeting; officers; special meetings; quorum
Sec. 8. (a) Immediately after January 15 of each year, the board
shall hold an organizational meeting. It shall elect one (1) of the
members president, another vice president, and another
secretary-treasurer to perform the duties of those offices. These
officers serve from the date of their election and until their
successors are elected and qualified. The board may elect an assistant
secretary-treasurer.
(b) Special meetings may be called by the president of the board
or any two (2) members of the board.
(c) A majority of the members constitutes a quorum, and the
concurrence of a majority of the members is necessary to authorize
any action. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-9 Bylaws and rules
Sec. 9. The board may adopt such bylaws and rules as it considers
necessary for the proper conduct of its duties and the safeguarding of
the funds and property entrusted to its care. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-10 Purposes
Sec. 10. The authority is organized for the following purposes:
(1) Financing, constructing, and leasing capital improvements
to the capital improvement board.
(2) Financing and constructing additional improvements to
capital improvements owned by the authority and leasing them
to the capital improvement board.
(3) Acquiring all or a portion of one (1) or more capital
improvements from the capital improvement board by purchase
or lease and leasing these capital improvements back to 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 capital
improvements from the capital improvement board by purchase
or lease to fund or refund indebtedness incurred on account of
those capital improvements to enable the capital improvement
board to make a savings in debt service obligations or lease
rental obligations or to obtain relief from covenants that the
capital improvement board considers to be unduly burdensome. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-11 Powers
Sec. 11. The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,
lease, acquire, and equip capital improvements;
(2) lease those capital improvements to the capital improvement
board;
(3) sue, be sued, plead, and be impleaded, but all actions against
the authority must be brought in the circuit or superior court of
the county in which the authority is located;
(4) condemn, appropriate, lease, rent, purchase, and hold any
real or personal property needed or considered useful in
connection with capital improvements;
(5) acquire real or personal property by gift, devise, or bequest
and hold, use, or dispose of that property for the purposes
authorized by this chapter;
(6) enter upon any lots or lands for the purpose of surveying or
examining them to determine the location of a capital
improvement;
(7) design, order, contract for, and construct, reconstruct, and
renovate any capital improvements or improvements thereto;
(8) employ managers, superintendents, architects, engineers,
attorneys, auditors, clerks, construction managers, and other
employees necessary for construction of capital improvements
or improvements thereto;
(9) make and enter into all contracts and agreements necessary
or incidental to the performance of its duties and the execution
of its powers under this chapter; and
(10) take any other action necessary to implement its purposes
as set forth in section 10 of this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-12 Refunding of bonds
Sec. 12. (a) Bonds issued under IC 36-10-9 or prior law may be
refunded as provided in this section.
(b) The capital improvement board may:
(1) lease all or a portion of a capital improvement or
improvements to the authority, which may be at a nominal lease
rental with a lease back to the capital improvement board,
conditioned upon the authority assuming bonds issued under
IC 36-10-9 or prior law and issuing its bonds to refund those
bonds; and
(2) sell all or a portion of a capital improvement or
improvements to the authority for a price sufficient to provide
for the refunding of those bonds and lease back the capital
improvement or improvements from the authority. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-13 Lease of capital improvements to capital improvement board;
terms
Sec. 13. (a) Before a lease may be entered into, both the capital
improvement board and the executive of the county must find that
the lease rental provided for is fair and reasonable.
(b) A lease of capital improvements from the authority to the
capital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rental for a newly
constructed capital improvement or for improvements to an
existing capital improvement until the capital improvement or
improvements thereto have been completed and are ready for
occupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue to
operate an existing capital improvement until completion of
the improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing capital
improvement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board to
purchase the capital improvement upon the terms stated in the
lease during the term of the lease for a price equal to the amount
required to pay all indebtedness incurred on account of the
capital improvement, including indebtedness incurred for the
refunding of that indebtedness;
(6) may be entered into before acquisition or construction of a
capital improvement;
(7) must be approved by the executive of the county;
(8) may provide that the capital improvement board shall agree
to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the
authority; and
(C) assume responsibility for utilities, repairs, alterations,
and any costs of operation; and
(9) subject to IC 36-10-9-11, may provide that the lease rental
payments by the capital improvement board shall be made from
any one (1) or more of the following sources:
(A) Proceeds of one (1) or more of the excise taxes as
defined in IC 36-10-9.
(B) Net revenues of the capital improvement.
(C) Any other funds available to the capital improvement
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-14 Leases; exclusivity of provisions of this chapter
Sec. 14. This chapter contains full and complete authority for
leases between the authority and the capital improvement board. No
law, procedure, proceedings, publications, notices, consents,
approvals, orders, or acts by the board or the capital improvement
board or any other officer, department, agency, or instrumentality of
the state or any political subdivision is required to enter into any
lease, except as prescribed in this chapter. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-15 Approval of plans and specifications
Sec. 15. If the lease provides for a capital improvement or
improvements thereto to be constructed by the authority, the plans
and specifications shall be submitted to and approved by the capital
improvement board and all agencies designated by law to pass on
plans and specifications for public buildings. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-16 Common wall agreements
Sec. 16. The authority and the capital improvement board may
enter into common wall (party wall) agreements or other agreements
concerning easements or licenses. These agreements shall be
recorded with the recorder of the county. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-17 Lease or sale of property by capital improvement board to the
authority
Sec. 17. (a) The capital improvement board may lease for a
nominal lease rental, or sell to the authority, one (1) or more capital
improvements or portions thereof or land upon which a capital
improvement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by the
capital improvement board to the authority must be for a term equal
to the term of the lease of that capital improvement back to the
capital improvement board.
(c) The capital improvement board may sell property to the
authority for such amount as it determines to be in the best interest
of the capital improvement board, which amount may be paid from
the proceeds of bonds of the authority. As added by P.L.82-1985, SEC.12. IC 36-10-9.1-18
Repealed
(Repealed by P.L.19-1986, SEC.62.)
IC 36-10-9.1-18.1 Bonds; issuance by authority
Sec. 18.1. (a) The authority may issue bonds for the purpose of
obtaining money to pay the cost of:
(1) acquiring property;
(2) constructing, improving, reconstructing, or renovating one
(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-9 or prior
law.
(b) The bonds are payable solely from the lease rentals from the
lease of the capital improvements for which the bonds were issued,
insurance proceeds, 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 the
resolution 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
such terms as determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of the acquisition
or construction, or both, of capital improvements, or the cost of
refunding or refinancing outstanding bonds, for which the bonds are
issued. 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 for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the capital improvement suitable
for use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of 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 the
principal of, redemption premiums (in any) for, and interest on,
the bonds being refunded or refinanced. As added by P.L.19-1986, SEC.63. Amended by P.L.11-1987,
SEC.35.
IC 36-10-9.1-18.2 Bonds; exclusivity of this chapter
Sec. 18.2. This chapter contains full and complete authority for
the issuance of bonds. No law, procedure, proceedings, publications,
notices, consents, approvals, orders, or acts by the board of any other
officer, department, agency, or instrumentality of the state or of any
political subdivision is required to issue any bonds, except as
prescribed in this chapter. As added by P.L.19-1986, SEC.64.
IC 36-10-9.1-19 Investment in bonds of authority
Sec. 19. Bonds issued under this chapter are legal investments for
private trust funds and the funds of banks, trust companies, insurance
companies, building and loan associations, credit unions, banks of
discount and deposit, savings banks, loan and trust and safe deposit
companies, rural loan and savings associations, guaranty loan and
savings associations, mortgage guaranty companies, small loan
companies, industrial loan and investment companies, and other
financial institutions organized under Indiana law. As added by P.L.82-1985, SEC.12. Amended by P.L.42-1993,
SEC.101.
IC 36-10-9.1-20 Trust indenture as security for bonds
Sec. 20. (a) The authority may secure bonds issued under this
chapter by a trust indenture between the authority and a corporate
trustee, which may be any trust company or national or state bank
within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from
leased capital improvements, but may not mortgage land or
capital improvements;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants 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 this
section is valid and binding from the time that the pledge or
assignment is made, against all persons whether they have notice of
the lien or not. Any trust indenture by which a pledge is created or an
assignment made need not be filed or recorded. The lien is perfected
against third parties by filing the trust indenture in the records of the
board. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-21 Bonds; issuance by capital improvement board
Sec. 21. If the capital improvement board exercises its option to
purchase leased property, it may issue its bonds as authorized by
statute. As added by P.L.82-1985, SEC.12.
IC 36-10-9.1-22 Tax exemption
Sec. 22. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the
extent of the holder's cost of acquisition, proceeds received
upon redemption before maturity, proceeds received at maturity,
and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1. As added by P.L.82-1985, SEC.12. Amended by P.L.21-1990,
SEC.58; P.L.254-1997(ss), SEC.35.
IC 36-10-9.1-23 Actions contesting validity of bonds; limitations
Sec. 23. Any action to contest the validity of bonds to be issued
under this chapter may not be brought after the fifteenth day
following:
(1) the receipt of bids for the bonds, if the bonds are sold at
public sale; or
(2) the publication one (1) time in a newspaper of general
circulation published in the county of notice of the execution
and delivery of the contract for the sale of bonds;
whichever occurs first. As added by P.L.82-1985, SEC.12.