IC 4-4-11.5
Chapter 11.5. State Private Activity Bond Ceiling
IC 4-4-11.5-1 "Bond" defined
Sec. 1. As used in this chapter, "bond" means any:
(1) bond or mortgage credit certificate for which it is necessary
to procure volume under the volume cap under Section 146 of
the Internal Revenue Code; or
(2) bond or other obligation for which a special volume cap is
authorized under a federal act. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.3;
P.L.25-1987, SEC.9; P.L.24-1995, SEC.17; P.L.10-1996, SEC.1;
P.L.182-2009(ss), SEC.49.
IC 4-4-11.5-2 "Carryforward election" defined
Sec. 2. As used in this chapter, "carryforward election" means a
carryforward election of a part of the volume cap made under the
authority of Section 146(f) of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.4;
P.L.25-1987, SEC.10; P.L.10-1996, SEC.2.
IC 4-4-11.5-3
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-4.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-5
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-11.5-6 "IFA" defined
Sec. 6. As used in this chapter, "IFA" refers to the Indiana finance
authority established by IC 4-4-11. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.75;
P.L.235-2005, SEC.34. IC 4-4-11.5-6.3 "IHCDA" defined
Sec. 6.3. As used in this chapter, "IHCDA" refers to the Indiana
housing and community development authority established by
IC 5-20-1. As added by P.L.25-1987, SEC.13. Amended by P.L.1-2006, SEC.34
and P.L.181-2006, SEC.2.
IC 4-4-11.5-6.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-7 "Internal Revenue Code" defined
Sec. 7. As used in this chapter, "Internal Revenue Code" has the
meaning set forth in IC 6-3-1-11. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-7.2 "ISMEL" defined
Sec. 7.2. As used in this chapter, "ISMEL" refers to the Indiana
secondary market for education loans, incorporated, designated by
the governor under IC 20-12-21.2-2 (before its repeal) or
IC 21-16-5-1. As added by P.L.291-2001, SEC.113. Amended by P.L.2-2007,
SEC.23.
IC 4-4-11.5-7.5 "Issuer" defined
Sec. 7.5. As used in this chapter, "issuer" means IFA, IHCDA,
ISMEL, a local unit, or any other issuer of bonds that must procure
volume under the volume cap. As added by P.L.25-1987, SEC.15. Amended by P.L.11-1990,
SEC.76; P.L.10-1996, SEC.3; P.L.291-2001, SEC.114;
P.L.235-2005, SEC.35; P.L.1-2006, SEC.35 and P.L.181-2006,
SEC.3.
IC 4-4-11.5-8 "Local unit" defined
Sec. 8. As used in this chapter, "local unit" means a city, town, or
county. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-8.3 "Mortgage credit certificate" defined
Sec. 8.3. As used in this chapter, "mortgage credit certificate"
refers to a mortgage credit certificate issued under Section 25 of the
Internal Revenue Code of 1986, including any later amendments. As added by P.L.24-1995, SEC.18. IC 4-4-11.5-8.5 "NAICS Manual" defined
Sec. 8.5. As used in this chapter, "NAICS Manual" refers to the
current edition of the North American Industry Classification System
Manual - United States published by the National Technical
Information Service of the United States Department of Commerce. As added by P.L.291-2001, SEC.115.
IC 4-4-11.5-9
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-10
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-12
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-13 "SIC Manual" defined
Sec. 13. As used in this chapter, "SIC Manual" refers to the
current edition of the Standard Industrial Classification Manual of
the United States Office of Management and Budget. As added by P.L.20-1985, SEC.7. Amended by P.L.24-1995, SEC.19.
IC 4-4-11.5-13.5 "Special volume cap" defined
Sec. 13.5. As used in this chapter, "special volume cap" means the
maximum dollar amount of bonds that may be allocated to the state
under the authority of a federal act. The special volume cap is in
addition to the volume cap as defined in section 14 of this chapter. As added by P.L.182-2009(ss), SEC.51.
IC 4-4-11.5-14 "Volume cap" defined
Sec. 14. As used in this chapter, "volume cap", as it relates to a
year, means the maximum dollar amount of bonds that may be issued
by issuers within that year under Section 146 of the Internal Revenue
Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.6;
P.L.25-1987, SEC.20; P.L.10-1996, SEC.4.
IC 4-4-11.5-15
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-16 "Year" defined
Sec. 16. As used in this chapter, "year" means a calendar year. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-16.5 Purpose
Sec. 16.5. The purpose of this chapter is to allocate the volume
cap under Section 146 of the Internal Revenue Code. As added by P.L.10-1996, SEC.5.
IC 4-4-11.5-17 Federal allocation formula supplanted; allocation and assignment
of volume cap
Sec. 17. (a) The allocation formula established by Section 146(b)
and Section 146(c) of the Internal Revenue Code for the volume cap
established for Indiana is supplanted under the authority granted by
Section 146(e) of the Internal Revenue Code.
(b) All amounts of the volume cap are annually allocated to the
state. Thereafter all amounts of the volume cap are assigned from the
state to other issuers as provided in this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.7;
P.L.25-1987, SEC.21; P.L.10-1996, SEC.6.
IC 4-4-11.5-18 Categories of bonds
Sec. 18. (a) The volume cap shall be allocated annually among
categories of bonds in accordance with section 19 of this chapter.
Those categories are as follows:
(1) Bonds issued by the IFA.
(2) Bonds issued by the IHCDA.
(3) Bonds issued by the ISMEL.
(4) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division A - Agricultural, Forestry, and Fishing;
(B) Division B - Mining;
(C) Division C - Construction;
(D) Division D - Manufacturing;
(E) Division E - Transportation; and
(F) Division F - Wholesale Trade;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(3),
142(a)(4), 142(a)(5), 142(a)(6), 142(a)(8), 142(a)(9), or
142(a)(10) of the Internal Revenue Code.
(5) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division G - Retail Trade;
(B) Division H - Finance, Insurance, and Real Estate;
(C) Division I - Services;
(D) Division J - Public Administration; and
(E) Division K - Miscellaneous;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(7) or
144(c) of the Internal Revenue Code.
(b) For purposes of determining the SIC category of a facility, the
determination shall be based upon the type of activity engaged in by
the user of the facility within the facility in question, rather than
upon the ultimate enterprise in which the developer or user of the
facility is engaged. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.3;
P.L.2-1987, SEC.8; P.L.25-1987, SEC.22; P.L.11-1990, SEC.81;
P.L.10-1996, SEC.7; P.L.291-2001, SEC.116; P.L.235-2005,
SEC.36; P.L.1-2006, SEC.36 and P.L.181-2006, SEC.4.
IC 4-4-11.5-19 Volume cap; allocation among bond categories; alteration of
allocation
Sec. 19. (a) On or before January 1 of each year, the IFA shall
determine the dollar amount of the volume cap for that year.
(b) Each year the volume cap shall be allocated among the
categories specified in section 18 of this chapter as follows:
Percentage of
Type of Bonds
Volume Cap
Bonds issued by the IFA 9%
Bonds issued by the IHCDA 28%
Bonds issued by the ISMEL 1%
Bonds issued by local units or other
issuers under section 18(a)(4)
of this chapter 42%
Bonds issued by local units or other
issuers under section 18(a)(5)
of this chapter 20%
(c) Except as provided in subsection (d), the amount allocated to
a category represents the maximum amount of the volume cap that
will be reserved for bonds included within that category.
(d) The IFA may adopt a resolution to alter the allocations made
by subsection (b) for a year if it determines that the change is
necessary to allow maximum usage of the volume cap and to
promote the health and well-being of the residents of Indiana by
promoting the public purposes served by the bond categories then
subject to the volume cap.
(e) The governor may, by executive order, establish for a year a
different dollar amount for the volume cap, different bond categories,
and different allocations among the bond categories than those set
forth in or established under this section and section 18 of this
chapter if it becomes necessary to adopt a different volume cap and
bond category allocation system in order to allow maximum usage of
the volume cap among the bond categories then subject to the volume
cap and to promote the health, welfare, and well-being of the
residents of Indiana by promoting the public purposes served by the
bond categories then subject to the volume cap. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.4;
P.L.25-1987, SEC.23; P.L.11-1990, SEC.82; P.L.27-1993, SEC.2;
P.L.10-1996, SEC.8; P.L.291-2001, SEC.117; P.L.235-2005,
SEC.37; P.L.1-2006, SEC.37 and P.L.181-2006, SEC.5; P.L.1-2009,
SEC.6.
IC 4-4-11.5-19.5 Determination of special volume cap
Sec. 19.5. The IFA shall determine the allocation of any special
volume cap in accordance with the federal act authorizing the special
volume cap. As added by P.L.182-2009(ss), SEC.52.
IC 4-4-11.5-20 Repealed
(Repealed by P.L.10-1986, SEC.14.)
IC 4-4-11.5-21
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-22
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-23
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-24
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-25
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-26
Repealed
(Repealed by P.L.10-1996, SEC.17.) IC 4-4-11.5-27
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-28
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-29
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-30
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-31 Elimination of categories; granting and priority of applications
Sec. 31. (a) At 5 p.m. on December 20 of each year, all categories
established by section 18 of this chapter are eliminated and any
remaining amounts in those categories shall be placed in a single
noncategorized state pool.
(b) After 5 p.m. on December 20 of the year applications for a
grant of volume cap shall be granted from the single noncategorized
state pool. These applications shall be granted in the order of priority
established in the guidelines adopted under section 39 of this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.11;
P.L.25-1987, SEC.34; P.L.11-1990, SEC.92; P.L.10-1996, SEC.9.
IC 4-4-11.5-32
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-33
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-34
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-35 Public finance director; delegation of duties
Sec. 35. The public finance director appointed under IC 4-4-11-9
may delegate any of the duties prescribed by this chapter to any
employees of the IFA. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.96;
P.L.10-1996, SEC.10; P.L.235-2005, SEC.38. IC 4-4-11.5-36
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-37
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-38
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-39 Forms; guidelines
Sec. 39. (a) Notwithstanding IC 5-15-5.1, the IFA has the sole
authority to prescribe and furnish forms used in the administration of
this chapter.
(b) The IFA may adopt guidelines, without complying with
IC 4-22-2, to govern the administration of this chapter. The
guidelines may establish procedures, criteria, and conditions for each
category of bonds identified in sections 18 and 19 of this chapter.
However, the guidelines may not be inconsistent with the
requirements of Section 146 of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.98;
P.L.10-1996, SEC.11; P.L.235-2005, SEC.39.
IC 4-4-11.5-40 Qualifications for grant of volume cap
Sec. 40. To qualify for a grant of volume cap, an applicant must
do the following:
(1) Apply for the grant in conformity with the procedures
established by the IFA.
(2) Provide the information reasonably requested by the IFA to
carry out this chapter.
(3) Meet the criteria established by the IFA for the category of
bond for which the application is filed.
(4) Pay the fees established by the IFA. As added by P.L.10-1996, SEC.12. Amended by P.L.235-2005,
SEC.40.
IC 4-4-11.5-41 Written procedures for applications and carryforward elections
Sec. 41. The IFA shall establish a written:
(1) application procedure for the granting of a portion of the
volume cap to an applicant; and
(2) procedure for filing carryforward elections. As added by P.L.10-1996, SEC.13. Amended by P.L.235-2005,
SEC.41. IC 4-4-11.5-42 Written criteria for selection of grant applications
Sec. 42. The IFA shall establish written criteria for the selection
of grant applications from among the applicants that qualify for the
grant under section 40 of this chapter. The criteria must promote the
health and well-being of the residents of Indiana by promoting the
public purposes served by each of the bond categories subject to the
volume cap. As added by P.L.10-1996, SEC.14. Amended by P.L.235-2005,
SEC.42.
IC 4-4-11.5-43 Conditions for termination of grant of volume cap
Sec. 43. The IFA may establish conditions for the termination of
a grant of volume cap. The conditions may include requirements
such as the following:
(1) That the amount of volume cap granted may not be
substantially higher than the amount of actual bonds issued.
(2) That the issuer issue bonds within the time specified by the
IFA. As added by P.L.10-1996, SEC.15. Amended by P.L.235-2005,
SEC.43.
IC 4-4-11.5
Chapter 11.5. State Private Activity Bond Ceiling
IC 4-4-11.5-1 "Bond" defined
Sec. 1. As used in this chapter, "bond" means any:
(1) bond or mortgage credit certificate for which it is necessary
to procure volume under the volume cap under Section 146 of
the Internal Revenue Code; or
(2) bond or other obligation for which a special volume cap is
authorized under a federal act. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.3;
P.L.25-1987, SEC.9; P.L.24-1995, SEC.17; P.L.10-1996, SEC.1;
P.L.182-2009(ss), SEC.49.
IC 4-4-11.5-2 "Carryforward election" defined
Sec. 2. As used in this chapter, "carryforward election" means a
carryforward election of a part of the volume cap made under the
authority of Section 146(f) of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.4;
P.L.25-1987, SEC.10; P.L.10-1996, SEC.2.
IC 4-4-11.5-3
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-4.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-5
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-11.5-6 "IFA" defined
Sec. 6. As used in this chapter, "IFA" refers to the Indiana finance
authority established by IC 4-4-11. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.75;
P.L.235-2005, SEC.34. IC 4-4-11.5-6.3 "IHCDA" defined
Sec. 6.3. As used in this chapter, "IHCDA" refers to the Indiana
housing and community development authority established by
IC 5-20-1. As added by P.L.25-1987, SEC.13. Amended by P.L.1-2006, SEC.34
and P.L.181-2006, SEC.2.
IC 4-4-11.5-6.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-7 "Internal Revenue Code" defined
Sec. 7. As used in this chapter, "Internal Revenue Code" has the
meaning set forth in IC 6-3-1-11. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-7.2 "ISMEL" defined
Sec. 7.2. As used in this chapter, "ISMEL" refers to the Indiana
secondary market for education loans, incorporated, designated by
the governor under IC 20-12-21.2-2 (before its repeal) or
IC 21-16-5-1. As added by P.L.291-2001, SEC.113. Amended by P.L.2-2007,
SEC.23.
IC 4-4-11.5-7.5 "Issuer" defined
Sec. 7.5. As used in this chapter, "issuer" means IFA, IHCDA,
ISMEL, a local unit, or any other issuer of bonds that must procure
volume under the volume cap. As added by P.L.25-1987, SEC.15. Amended by P.L.11-1990,
SEC.76; P.L.10-1996, SEC.3; P.L.291-2001, SEC.114;
P.L.235-2005, SEC.35; P.L.1-2006, SEC.35 and P.L.181-2006,
SEC.3.
IC 4-4-11.5-8 "Local unit" defined
Sec. 8. As used in this chapter, "local unit" means a city, town, or
county. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-8.3 "Mortgage credit certificate" defined
Sec. 8.3. As used in this chapter, "mortgage credit certificate"
refers to a mortgage credit certificate issued under Section 25 of the
Internal Revenue Code of 1986, including any later amendments. As added by P.L.24-1995, SEC.18. IC 4-4-11.5-8.5 "NAICS Manual" defined
Sec. 8.5. As used in this chapter, "NAICS Manual" refers to the
current edition of the North American Industry Classification System
Manual - United States published by the National Technical
Information Service of the United States Department of Commerce. As added by P.L.291-2001, SEC.115.
IC 4-4-11.5-9
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-10
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-12
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-13 "SIC Manual" defined
Sec. 13. As used in this chapter, "SIC Manual" refers to the
current edition of the Standard Industrial Classification Manual of
the United States Office of Management and Budget. As added by P.L.20-1985, SEC.7. Amended by P.L.24-1995, SEC.19.
IC 4-4-11.5-13.5 "Special volume cap" defined
Sec. 13.5. As used in this chapter, "special volume cap" means the
maximum dollar amount of bonds that may be allocated to the state
under the authority of a federal act. The special volume cap is in
addition to the volume cap as defined in section 14 of this chapter. As added by P.L.182-2009(ss), SEC.51.
IC 4-4-11.5-14 "Volume cap" defined
Sec. 14. As used in this chapter, "volume cap", as it relates to a
year, means the maximum dollar amount of bonds that may be issued
by issuers within that year under Section 146 of the Internal Revenue
Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.6;
P.L.25-1987, SEC.20; P.L.10-1996, SEC.4.
IC 4-4-11.5-15
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-16 "Year" defined
Sec. 16. As used in this chapter, "year" means a calendar year. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-16.5 Purpose
Sec. 16.5. The purpose of this chapter is to allocate the volume
cap under Section 146 of the Internal Revenue Code. As added by P.L.10-1996, SEC.5.
IC 4-4-11.5-17 Federal allocation formula supplanted; allocation and assignment
of volume cap
Sec. 17. (a) The allocation formula established by Section 146(b)
and Section 146(c) of the Internal Revenue Code for the volume cap
established for Indiana is supplanted under the authority granted by
Section 146(e) of the Internal Revenue Code.
(b) All amounts of the volume cap are annually allocated to the
state. Thereafter all amounts of the volume cap are assigned from the
state to other issuers as provided in this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.7;
P.L.25-1987, SEC.21; P.L.10-1996, SEC.6.
IC 4-4-11.5-18 Categories of bonds
Sec. 18. (a) The volume cap shall be allocated annually among
categories of bonds in accordance with section 19 of this chapter.
Those categories are as follows:
(1) Bonds issued by the IFA.
(2) Bonds issued by the IHCDA.
(3) Bonds issued by the ISMEL.
(4) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division A - Agricultural, Forestry, and Fishing;
(B) Division B - Mining;
(C) Division C - Construction;
(D) Division D - Manufacturing;
(E) Division E - Transportation; and
(F) Division F - Wholesale Trade;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(3),
142(a)(4), 142(a)(5), 142(a)(6), 142(a)(8), 142(a)(9), or
142(a)(10) of the Internal Revenue Code.
(5) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division G - Retail Trade;
(B) Division H - Finance, Insurance, and Real Estate;
(C) Division I - Services;
(D) Division J - Public Administration; and
(E) Division K - Miscellaneous;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(7) or
144(c) of the Internal Revenue Code.
(b) For purposes of determining the SIC category of a facility, the
determination shall be based upon the type of activity engaged in by
the user of the facility within the facility in question, rather than
upon the ultimate enterprise in which the developer or user of the
facility is engaged. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.3;
P.L.2-1987, SEC.8; P.L.25-1987, SEC.22; P.L.11-1990, SEC.81;
P.L.10-1996, SEC.7; P.L.291-2001, SEC.116; P.L.235-2005,
SEC.36; P.L.1-2006, SEC.36 and P.L.181-2006, SEC.4.
IC 4-4-11.5-19 Volume cap; allocation among bond categories; alteration of
allocation
Sec. 19. (a) On or before January 1 of each year, the IFA shall
determine the dollar amount of the volume cap for that year.
(b) Each year the volume cap shall be allocated among the
categories specified in section 18 of this chapter as follows:
Percentage of
Type of Bonds
Volume Cap
Bonds issued by the IFA 9%
Bonds issued by the IHCDA 28%
Bonds issued by the ISMEL 1%
Bonds issued by local units or other
issuers under section 18(a)(4)
of this chapter 42%
Bonds issued by local units or other
issuers under section 18(a)(5)
of this chapter 20%
(c) Except as provided in subsection (d), the amount allocated to
a category represents the maximum amount of the volume cap that
will be reserved for bonds included within that category.
(d) The IFA may adopt a resolution to alter the allocations made
by subsection (b) for a year if it determines that the change is
necessary to allow maximum usage of the volume cap and to
promote the health and well-being of the residents of Indiana by
promoting the public purposes served by the bond categories then
subject to the volume cap.
(e) The governor may, by executive order, establish for a year a
different dollar amount for the volume cap, different bond categories,
and different allocations among the bond categories than those set
forth in or established under this section and section 18 of this
chapter if it becomes necessary to adopt a different volume cap and
bond category allocation system in order to allow maximum usage of
the volume cap among the bond categories then subject to the volume
cap and to promote the health, welfare, and well-being of the
residents of Indiana by promoting the public purposes served by the
bond categories then subject to the volume cap. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.4;
P.L.25-1987, SEC.23; P.L.11-1990, SEC.82; P.L.27-1993, SEC.2;
P.L.10-1996, SEC.8; P.L.291-2001, SEC.117; P.L.235-2005,
SEC.37; P.L.1-2006, SEC.37 and P.L.181-2006, SEC.5; P.L.1-2009,
SEC.6.
IC 4-4-11.5-19.5 Determination of special volume cap
Sec. 19.5. The IFA shall determine the allocation of any special
volume cap in accordance with the federal act authorizing the special
volume cap. As added by P.L.182-2009(ss), SEC.52.
IC 4-4-11.5-20 Repealed
(Repealed by P.L.10-1986, SEC.14.)
IC 4-4-11.5-21
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-22
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-23
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-24
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-25
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-26
Repealed
(Repealed by P.L.10-1996, SEC.17.) IC 4-4-11.5-27
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-28
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-29
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-30
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-31 Elimination of categories; granting and priority of applications
Sec. 31. (a) At 5 p.m. on December 20 of each year, all categories
established by section 18 of this chapter are eliminated and any
remaining amounts in those categories shall be placed in a single
noncategorized state pool.
(b) After 5 p.m. on December 20 of the year applications for a
grant of volume cap shall be granted from the single noncategorized
state pool. These applications shall be granted in the order of priority
established in the guidelines adopted under section 39 of this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.11;
P.L.25-1987, SEC.34; P.L.11-1990, SEC.92; P.L.10-1996, SEC.9.
IC 4-4-11.5-32
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-33
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-34
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-35 Public finance director; delegation of duties
Sec. 35. The public finance director appointed under IC 4-4-11-9
may delegate any of the duties prescribed by this chapter to any
employees of the IFA. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.96;
P.L.10-1996, SEC.10; P.L.235-2005, SEC.38. IC 4-4-11.5-36
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-37
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-38
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-39 Forms; guidelines
Sec. 39. (a) Notwithstanding IC 5-15-5.1, the IFA has the sole
authority to prescribe and furnish forms used in the administration of
this chapter.
(b) The IFA may adopt guidelines, without complying with
IC 4-22-2, to govern the administration of this chapter. The
guidelines may establish procedures, criteria, and conditions for each
category of bonds identified in sections 18 and 19 of this chapter.
However, the guidelines may not be inconsistent with the
requirements of Section 146 of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.98;
P.L.10-1996, SEC.11; P.L.235-2005, SEC.39.
IC 4-4-11.5-40 Qualifications for grant of volume cap
Sec. 40. To qualify for a grant of volume cap, an applicant must
do the following:
(1) Apply for the grant in conformity with the procedures
established by the IFA.
(2) Provide the information reasonably requested by the IFA to
carry out this chapter.
(3) Meet the criteria established by the IFA for the category of
bond for which the application is filed.
(4) Pay the fees established by the IFA. As added by P.L.10-1996, SEC.12. Amended by P.L.235-2005,
SEC.40.
IC 4-4-11.5-41 Written procedures for applications and carryforward elections
Sec. 41. The IFA shall establish a written:
(1) application procedure for the granting of a portion of the
volume cap to an applicant; and
(2) procedure for filing carryforward elections. As added by P.L.10-1996, SEC.13. Amended by P.L.235-2005,
SEC.41. IC 4-4-11.5-42 Written criteria for selection of grant applications
Sec. 42. The IFA shall establish written criteria for the selection
of grant applications from among the applicants that qualify for the
grant under section 40 of this chapter. The criteria must promote the
health and well-being of the residents of Indiana by promoting the
public purposes served by each of the bond categories subject to the
volume cap. As added by P.L.10-1996, SEC.14. Amended by P.L.235-2005,
SEC.42.
IC 4-4-11.5-43 Conditions for termination of grant of volume cap
Sec. 43. The IFA may establish conditions for the termination of
a grant of volume cap. The conditions may include requirements
such as the following:
(1) That the amount of volume cap granted may not be
substantially higher than the amount of actual bonds issued.
(2) That the issuer issue bonds within the time specified by the
IFA. As added by P.L.10-1996, SEC.15. Amended by P.L.235-2005,
SEC.43.
IC 4-4-11.5
Chapter 11.5. State Private Activity Bond Ceiling
IC 4-4-11.5-1 "Bond" defined
Sec. 1. As used in this chapter, "bond" means any:
(1) bond or mortgage credit certificate for which it is necessary
to procure volume under the volume cap under Section 146 of
the Internal Revenue Code; or
(2) bond or other obligation for which a special volume cap is
authorized under a federal act. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.3;
P.L.25-1987, SEC.9; P.L.24-1995, SEC.17; P.L.10-1996, SEC.1;
P.L.182-2009(ss), SEC.49.
IC 4-4-11.5-2 "Carryforward election" defined
Sec. 2. As used in this chapter, "carryforward election" means a
carryforward election of a part of the volume cap made under the
authority of Section 146(f) of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.4;
P.L.25-1987, SEC.10; P.L.10-1996, SEC.2.
IC 4-4-11.5-3
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-4.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-4.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-5
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-11.5-6 "IFA" defined
Sec. 6. As used in this chapter, "IFA" refers to the Indiana finance
authority established by IC 4-4-11. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.75;
P.L.235-2005, SEC.34. IC 4-4-11.5-6.3 "IHCDA" defined
Sec. 6.3. As used in this chapter, "IHCDA" refers to the Indiana
housing and community development authority established by
IC 5-20-1. As added by P.L.25-1987, SEC.13. Amended by P.L.1-2006, SEC.34
and P.L.181-2006, SEC.2.
IC 4-4-11.5-6.7
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-7 "Internal Revenue Code" defined
Sec. 7. As used in this chapter, "Internal Revenue Code" has the
meaning set forth in IC 6-3-1-11. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-7.2 "ISMEL" defined
Sec. 7.2. As used in this chapter, "ISMEL" refers to the Indiana
secondary market for education loans, incorporated, designated by
the governor under IC 20-12-21.2-2 (before its repeal) or
IC 21-16-5-1. As added by P.L.291-2001, SEC.113. Amended by P.L.2-2007,
SEC.23.
IC 4-4-11.5-7.5 "Issuer" defined
Sec. 7.5. As used in this chapter, "issuer" means IFA, IHCDA,
ISMEL, a local unit, or any other issuer of bonds that must procure
volume under the volume cap. As added by P.L.25-1987, SEC.15. Amended by P.L.11-1990,
SEC.76; P.L.10-1996, SEC.3; P.L.291-2001, SEC.114;
P.L.235-2005, SEC.35; P.L.1-2006, SEC.35 and P.L.181-2006,
SEC.3.
IC 4-4-11.5-8 "Local unit" defined
Sec. 8. As used in this chapter, "local unit" means a city, town, or
county. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-8.3 "Mortgage credit certificate" defined
Sec. 8.3. As used in this chapter, "mortgage credit certificate"
refers to a mortgage credit certificate issued under Section 25 of the
Internal Revenue Code of 1986, including any later amendments. As added by P.L.24-1995, SEC.18. IC 4-4-11.5-8.5 "NAICS Manual" defined
Sec. 8.5. As used in this chapter, "NAICS Manual" refers to the
current edition of the North American Industry Classification System
Manual - United States published by the National Technical
Information Service of the United States Department of Commerce. As added by P.L.291-2001, SEC.115.
IC 4-4-11.5-9
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-10
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-11.5
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-12
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-13 "SIC Manual" defined
Sec. 13. As used in this chapter, "SIC Manual" refers to the
current edition of the Standard Industrial Classification Manual of
the United States Office of Management and Budget. As added by P.L.20-1985, SEC.7. Amended by P.L.24-1995, SEC.19.
IC 4-4-11.5-13.5 "Special volume cap" defined
Sec. 13.5. As used in this chapter, "special volume cap" means the
maximum dollar amount of bonds that may be allocated to the state
under the authority of a federal act. The special volume cap is in
addition to the volume cap as defined in section 14 of this chapter. As added by P.L.182-2009(ss), SEC.51.
IC 4-4-11.5-14 "Volume cap" defined
Sec. 14. As used in this chapter, "volume cap", as it relates to a
year, means the maximum dollar amount of bonds that may be issued
by issuers within that year under Section 146 of the Internal Revenue
Code. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.6;
P.L.25-1987, SEC.20; P.L.10-1996, SEC.4.
IC 4-4-11.5-15
Repealed
(Repealed by P.L.25-1987, SEC.60.)
IC 4-4-11.5-16 "Year" defined
Sec. 16. As used in this chapter, "year" means a calendar year. As added by P.L.20-1985, SEC.7.
IC 4-4-11.5-16.5 Purpose
Sec. 16.5. The purpose of this chapter is to allocate the volume
cap under Section 146 of the Internal Revenue Code. As added by P.L.10-1996, SEC.5.
IC 4-4-11.5-17 Federal allocation formula supplanted; allocation and assignment
of volume cap
Sec. 17. (a) The allocation formula established by Section 146(b)
and Section 146(c) of the Internal Revenue Code for the volume cap
established for Indiana is supplanted under the authority granted by
Section 146(e) of the Internal Revenue Code.
(b) All amounts of the volume cap are annually allocated to the
state. Thereafter all amounts of the volume cap are assigned from the
state to other issuers as provided in this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.2-1987, SEC.7;
P.L.25-1987, SEC.21; P.L.10-1996, SEC.6.
IC 4-4-11.5-18 Categories of bonds
Sec. 18. (a) The volume cap shall be allocated annually among
categories of bonds in accordance with section 19 of this chapter.
Those categories are as follows:
(1) Bonds issued by the IFA.
(2) Bonds issued by the IHCDA.
(3) Bonds issued by the ISMEL.
(4) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division A - Agricultural, Forestry, and Fishing;
(B) Division B - Mining;
(C) Division C - Construction;
(D) Division D - Manufacturing;
(E) Division E - Transportation; and
(F) Division F - Wholesale Trade;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(3),
142(a)(4), 142(a)(5), 142(a)(6), 142(a)(8), 142(a)(9), or
142(a)(10) of the Internal Revenue Code.
(5) Bonds issued by local units or any other issuers not
specifically referred to in this section whose bonds are or may
become subject to the volume cap for projects described in:
(A) Division G - Retail Trade;
(B) Division H - Finance, Insurance, and Real Estate;
(C) Division I - Services;
(D) Division J - Public Administration; and
(E) Division K - Miscellaneous;
of the SIC Manual (or corresponding sector in the NAICS
Manual), and any projects described in Section 142(a)(7) or
144(c) of the Internal Revenue Code.
(b) For purposes of determining the SIC category of a facility, the
determination shall be based upon the type of activity engaged in by
the user of the facility within the facility in question, rather than
upon the ultimate enterprise in which the developer or user of the
facility is engaged. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.3;
P.L.2-1987, SEC.8; P.L.25-1987, SEC.22; P.L.11-1990, SEC.81;
P.L.10-1996, SEC.7; P.L.291-2001, SEC.116; P.L.235-2005,
SEC.36; P.L.1-2006, SEC.36 and P.L.181-2006, SEC.4.
IC 4-4-11.5-19 Volume cap; allocation among bond categories; alteration of
allocation
Sec. 19. (a) On or before January 1 of each year, the IFA shall
determine the dollar amount of the volume cap for that year.
(b) Each year the volume cap shall be allocated among the
categories specified in section 18 of this chapter as follows:
Percentage of
Type of Bonds
Volume Cap
Bonds issued by the IFA 9%
Bonds issued by the IHCDA 28%
Bonds issued by the ISMEL 1%
Bonds issued by local units or other
issuers under section 18(a)(4)
of this chapter 42%
Bonds issued by local units or other
issuers under section 18(a)(5)
of this chapter 20%
(c) Except as provided in subsection (d), the amount allocated to
a category represents the maximum amount of the volume cap that
will be reserved for bonds included within that category.
(d) The IFA may adopt a resolution to alter the allocations made
by subsection (b) for a year if it determines that the change is
necessary to allow maximum usage of the volume cap and to
promote the health and well-being of the residents of Indiana by
promoting the public purposes served by the bond categories then
subject to the volume cap.
(e) The governor may, by executive order, establish for a year a
different dollar amount for the volume cap, different bond categories,
and different allocations among the bond categories than those set
forth in or established under this section and section 18 of this
chapter if it becomes necessary to adopt a different volume cap and
bond category allocation system in order to allow maximum usage of
the volume cap among the bond categories then subject to the volume
cap and to promote the health, welfare, and well-being of the
residents of Indiana by promoting the public purposes served by the
bond categories then subject to the volume cap. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.4;
P.L.25-1987, SEC.23; P.L.11-1990, SEC.82; P.L.27-1993, SEC.2;
P.L.10-1996, SEC.8; P.L.291-2001, SEC.117; P.L.235-2005,
SEC.37; P.L.1-2006, SEC.37 and P.L.181-2006, SEC.5; P.L.1-2009,
SEC.6.
IC 4-4-11.5-19.5 Determination of special volume cap
Sec. 19.5. The IFA shall determine the allocation of any special
volume cap in accordance with the federal act authorizing the special
volume cap. As added by P.L.182-2009(ss), SEC.52.
IC 4-4-11.5-20 Repealed
(Repealed by P.L.10-1986, SEC.14.)
IC 4-4-11.5-21
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-22
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-23
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-24
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-25
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-26
Repealed
(Repealed by P.L.10-1996, SEC.17.) IC 4-4-11.5-27
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-28
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-29
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-30
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-31 Elimination of categories; granting and priority of applications
Sec. 31. (a) At 5 p.m. on December 20 of each year, all categories
established by section 18 of this chapter are eliminated and any
remaining amounts in those categories shall be placed in a single
noncategorized state pool.
(b) After 5 p.m. on December 20 of the year applications for a
grant of volume cap shall be granted from the single noncategorized
state pool. These applications shall be granted in the order of priority
established in the guidelines adopted under section 39 of this chapter. As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.11;
P.L.25-1987, SEC.34; P.L.11-1990, SEC.92; P.L.10-1996, SEC.9.
IC 4-4-11.5-32
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-33
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-34
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-35 Public finance director; delegation of duties
Sec. 35. The public finance director appointed under IC 4-4-11-9
may delegate any of the duties prescribed by this chapter to any
employees of the IFA. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.96;
P.L.10-1996, SEC.10; P.L.235-2005, SEC.38. IC 4-4-11.5-36
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-37
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-38
Repealed
(Repealed by P.L.10-1996, SEC.17.)
IC 4-4-11.5-39 Forms; guidelines
Sec. 39. (a) Notwithstanding IC 5-15-5.1, the IFA has the sole
authority to prescribe and furnish forms used in the administration of
this chapter.
(b) The IFA may adopt guidelines, without complying with
IC 4-22-2, to govern the administration of this chapter. The
guidelines may establish procedures, criteria, and conditions for each
category of bonds identified in sections 18 and 19 of this chapter.
However, the guidelines may not be inconsistent with the
requirements of Section 146 of the Internal Revenue Code. As added by P.L.20-1985, SEC.7. Amended by P.L.11-1990, SEC.98;
P.L.10-1996, SEC.11; P.L.235-2005, SEC.39.
IC 4-4-11.5-40 Qualifications for grant of volume cap
Sec. 40. To qualify for a grant of volume cap, an applicant must
do the following:
(1) Apply for the grant in conformity with the procedures
established by the IFA.
(2) Provide the information reasonably requested by the IFA to
carry out this chapter.
(3) Meet the criteria established by the IFA for the category of
bond for which the application is filed.
(4) Pay the fees established by the IFA. As added by P.L.10-1996, SEC.12. Amended by P.L.235-2005,
SEC.40.
IC 4-4-11.5-41 Written procedures for applications and carryforward elections
Sec. 41. The IFA shall establish a written:
(1) application procedure for the granting of a portion of the
volume cap to an applicant; and
(2) procedure for filing carryforward elections. As added by P.L.10-1996, SEC.13. Amended by P.L.235-2005,
SEC.41. IC 4-4-11.5-42 Written criteria for selection of grant applications
Sec. 42. The IFA shall establish written criteria for the selection
of grant applications from among the applicants that qualify for the
grant under section 40 of this chapter. The criteria must promote the
health and well-being of the residents of Indiana by promoting the
public purposes served by each of the bond categories subject to the
volume cap. As added by P.L.10-1996, SEC.14. Amended by P.L.235-2005,
SEC.42.
IC 4-4-11.5-43 Conditions for termination of grant of volume cap
Sec. 43. The IFA may establish conditions for the termination of
a grant of volume cap. The conditions may include requirements
such as the following:
(1) That the amount of volume cap granted may not be
substantially higher than the amount of actual bonds issued.
(2) That the issuer issue bonds within the time specified by the
IFA. As added by P.L.10-1996, SEC.15. Amended by P.L.235-2005,
SEC.43.
