IC 5-19-1.5-1 Definitions
Sec. 1. As used in this chapter:
(a) The term "borrower" means any county, any incorporated city
or town, any special taxing district, any regional sewer or water
district, all other political units now existing or hereafter created, and
any not-for-profit corporation eligible for federal or state grants.
(b) The term "governing body" means the legislative body of the
borrower.
(c) The term "grant" means any moneys to be received from the
United States government or any of its agencies, or the state of
Indiana, or any of its agencies, intended to be used for the
construction of facilities for any waterworks systems or facilities for
sewage works system, or the construction or improvement of any
other public works which the borrower may lawfully undertake as to
which a grant has been made by the granting agency.
(d) The term "person" means any person, firm, corporation,
limited liability company, governmental agency, or lending
institution.
(e) The term "project" means the facilities, public works or
undertaking for which the grant is made applicable. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.8-1993,
SEC.71.
IC 5-19-1.5-2 Authorization; terms
Sec. 2. Any borrower to which a grant has been allocated, pending
the receipt thereof, but within the limitation set forth in this chapter,
may borrow from any person and evidence the debt so incurred by a
note, or a series of notes of equal or unequal amounts, executed by
at least two (2) officers or one (1) officer and one (1) employee as
authorized by the governing body of the borrower and containing
such terms and provisions as may be prescribed by the governing
body of the borrower. Any note shall mature not more than three (3)
years from the date of issuance and may pledge for the payment of
the principal and interest therefor, the proceeds of the grant and any
revenue which may be derived from the facility being constructed or
improved by the proceeds of the note or notes. However, no amounts
may be borrowed in anticipation of a grant until a written contract is
received from the grantor indicating that the grant is forthcoming. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-3 Maximum amounts; prepayment upon receipt of grants
Sec. 3. The maximum amount of any loan made pursuant to this
chapter shall not exceed eighty percent (80%) of the estimated
amount of the grant in anticipation of which the loan is made.
Further, the borrower shall make prepayments on the outstanding
balance of its note, or retire one (1) or more of its series of
outstanding notes, promptly upon partial receipt of grant funds so
that the outstanding amount of any loan made pursuant to the
provisions of this chapter shall not exceed the balance of the grant
funds yet to be received. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-4 Sale
Sec. 4. The governing body may arrange the issuance and sale of
grant anticipation notes either at a public or a private negotiated sale. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-5 Application of proceeds
Sec. 5. It shall be the duty of the governing body to apply the
proceeds of any obligations issued pursuant to this chapter to those
items of cost for which the grant has been allocated by the granting
agencies, or as to revenue sharing funds, by the governing body. The
purchaser of any obligations shall not be liable for the proper
application of the proceeds, or to insure that the maximum amount
of the loan stays within the maximum limits as grant funds are from
time to time received by the borrower. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-6 Tax exemption
Sec. 6. All obligations issued pursuant to this chapter and all
interest to accrue thereon shall have the tax exempt status prescribed
by IC 6-8-5. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-7 Indiana economic development corporation; authorization to make
grant anticipation loans
Sec. 7. Notwithstanding anything to the contrary in IC 5-28-8, the
Indiana economic development corporation may make grant
anticipation loans as authorized by this chapter from the fund
established by IC 5-28-8-5. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.4-2005,
SEC.30.
IC 5-19-1.5-8 Advertisements for bids; inclusion of notice of financing under
chapter
Sec. 8. A borrower may not finance a project with loans
authorized by this chapter unless that fact is included in all
advertisements for bids for construction work on that project. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-1 Definitions
Sec. 1. As used in this chapter:
(a) The term "borrower" means any county, any incorporated city
or town, any special taxing district, any regional sewer or water
district, all other political units now existing or hereafter created, and
any not-for-profit corporation eligible for federal or state grants.
(b) The term "governing body" means the legislative body of the
borrower.
(c) The term "grant" means any moneys to be received from the
United States government or any of its agencies, or the state of
Indiana, or any of its agencies, intended to be used for the
construction of facilities for any waterworks systems or facilities for
sewage works system, or the construction or improvement of any
other public works which the borrower may lawfully undertake as to
which a grant has been made by the granting agency.
(d) The term "person" means any person, firm, corporation,
limited liability company, governmental agency, or lending
institution.
(e) The term "project" means the facilities, public works or
undertaking for which the grant is made applicable. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.8-1993,
SEC.71.
IC 5-19-1.5-2 Authorization; terms
Sec. 2. Any borrower to which a grant has been allocated, pending
the receipt thereof, but within the limitation set forth in this chapter,
may borrow from any person and evidence the debt so incurred by a
note, or a series of notes of equal or unequal amounts, executed by
at least two (2) officers or one (1) officer and one (1) employee as
authorized by the governing body of the borrower and containing
such terms and provisions as may be prescribed by the governing
body of the borrower. Any note shall mature not more than three (3)
years from the date of issuance and may pledge for the payment of
the principal and interest therefor, the proceeds of the grant and any
revenue which may be derived from the facility being constructed or
improved by the proceeds of the note or notes. However, no amounts
may be borrowed in anticipation of a grant until a written contract is
received from the grantor indicating that the grant is forthcoming. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-3 Maximum amounts; prepayment upon receipt of grants
Sec. 3. The maximum amount of any loan made pursuant to this
chapter shall not exceed eighty percent (80%) of the estimated
amount of the grant in anticipation of which the loan is made.
Further, the borrower shall make prepayments on the outstanding
balance of its note, or retire one (1) or more of its series of
outstanding notes, promptly upon partial receipt of grant funds so
that the outstanding amount of any loan made pursuant to the
provisions of this chapter shall not exceed the balance of the grant
funds yet to be received. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-4 Sale
Sec. 4. The governing body may arrange the issuance and sale of
grant anticipation notes either at a public or a private negotiated sale. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-5 Application of proceeds
Sec. 5. It shall be the duty of the governing body to apply the
proceeds of any obligations issued pursuant to this chapter to those
items of cost for which the grant has been allocated by the granting
agencies, or as to revenue sharing funds, by the governing body. The
purchaser of any obligations shall not be liable for the proper
application of the proceeds, or to insure that the maximum amount
of the loan stays within the maximum limits as grant funds are from
time to time received by the borrower. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-6 Tax exemption
Sec. 6. All obligations issued pursuant to this chapter and all
interest to accrue thereon shall have the tax exempt status prescribed
by IC 6-8-5. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-7 Indiana economic development corporation; authorization to make
grant anticipation loans
Sec. 7. Notwithstanding anything to the contrary in IC 5-28-8, the
Indiana economic development corporation may make grant
anticipation loans as authorized by this chapter from the fund
established by IC 5-28-8-5. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.4-2005,
SEC.30.
IC 5-19-1.5-8 Advertisements for bids; inclusion of notice of financing under
chapter
Sec. 8. A borrower may not finance a project with loans
authorized by this chapter unless that fact is included in all
advertisements for bids for construction work on that project. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-1 Definitions
Sec. 1. As used in this chapter:
(a) The term "borrower" means any county, any incorporated city
or town, any special taxing district, any regional sewer or water
district, all other political units now existing or hereafter created, and
any not-for-profit corporation eligible for federal or state grants.
(b) The term "governing body" means the legislative body of the
borrower.
(c) The term "grant" means any moneys to be received from the
United States government or any of its agencies, or the state of
Indiana, or any of its agencies, intended to be used for the
construction of facilities for any waterworks systems or facilities for
sewage works system, or the construction or improvement of any
other public works which the borrower may lawfully undertake as to
which a grant has been made by the granting agency.
(d) The term "person" means any person, firm, corporation,
limited liability company, governmental agency, or lending
institution.
(e) The term "project" means the facilities, public works or
undertaking for which the grant is made applicable. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.8-1993,
SEC.71.
IC 5-19-1.5-2 Authorization; terms
Sec. 2. Any borrower to which a grant has been allocated, pending
the receipt thereof, but within the limitation set forth in this chapter,
may borrow from any person and evidence the debt so incurred by a
note, or a series of notes of equal or unequal amounts, executed by
at least two (2) officers or one (1) officer and one (1) employee as
authorized by the governing body of the borrower and containing
such terms and provisions as may be prescribed by the governing
body of the borrower. Any note shall mature not more than three (3)
years from the date of issuance and may pledge for the payment of
the principal and interest therefor, the proceeds of the grant and any
revenue which may be derived from the facility being constructed or
improved by the proceeds of the note or notes. However, no amounts
may be borrowed in anticipation of a grant until a written contract is
received from the grantor indicating that the grant is forthcoming. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-3 Maximum amounts; prepayment upon receipt of grants
Sec. 3. The maximum amount of any loan made pursuant to this
chapter shall not exceed eighty percent (80%) of the estimated
amount of the grant in anticipation of which the loan is made.
Further, the borrower shall make prepayments on the outstanding
balance of its note, or retire one (1) or more of its series of
outstanding notes, promptly upon partial receipt of grant funds so
that the outstanding amount of any loan made pursuant to the
provisions of this chapter shall not exceed the balance of the grant
funds yet to be received. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-4 Sale
Sec. 4. The governing body may arrange the issuance and sale of
grant anticipation notes either at a public or a private negotiated sale. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-5 Application of proceeds
Sec. 5. It shall be the duty of the governing body to apply the
proceeds of any obligations issued pursuant to this chapter to those
items of cost for which the grant has been allocated by the granting
agencies, or as to revenue sharing funds, by the governing body. The
purchaser of any obligations shall not be liable for the proper
application of the proceeds, or to insure that the maximum amount
of the loan stays within the maximum limits as grant funds are from
time to time received by the borrower. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-6 Tax exemption
Sec. 6. All obligations issued pursuant to this chapter and all
interest to accrue thereon shall have the tax exempt status prescribed
by IC 6-8-5. As added by Acts 1981, P.L.61, SEC.1.
IC 5-19-1.5-7 Indiana economic development corporation; authorization to make
grant anticipation loans
Sec. 7. Notwithstanding anything to the contrary in IC 5-28-8, the
Indiana economic development corporation may make grant
anticipation loans as authorized by this chapter from the fund
established by IC 5-28-8-5. As added by Acts 1981, P.L.61, SEC.1. Amended by P.L.4-2005,
SEC.30.
IC 5-19-1.5-8 Advertisements for bids; inclusion of notice of financing under
chapter
Sec. 8. A borrower may not finance a project with loans
authorized by this chapter unless that fact is included in all
advertisements for bids for construction work on that project. As added by Acts 1981, P.L.61, SEC.1.
