IC 5-28-24
Chapter 24. Investment Incentive Program
IC 5-28-24-1 "Municipality"
Sec. 1. As used in this chapter, "municipality" means a city or
town. As added by P.L.4-2005, SEC.34.
IC 5-28-24-2 Establishment by corporation; purpose
Sec. 2. The corporation shall establish policies to carry out an
investment incentive program. The purpose of the program is to
provide grants and loans to counties and municipalities that will, in
turn, be loaned to certain new or expanding businesses for
construction or for the purchase of real or personal property. As added by P.L.4-2005, SEC.34.
IC 5-28-24-3 Award of grants and loans to counties and municipalities; criteria
Sec. 3. (a) The corporation shall adopt policies and guidelines to
establish the criteria for awarding grants and loans to counties and
municipalities.
(b) The criteria for awarding the grants and loans must include
the:
(1) economic need of the county or municipality;
(2) impact of the new or expanding business on employment
and output in the county or municipality;
(3) importance of state participation to the investment decision;
(4) impact of state assistance to job production in the county or
municipality; and
(5) extent of other public and private participation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-4 Loans to businesses by counties and municipalities; criteria;
approval of loans by corporation
Sec. 4. (a) The corporation shall establish criteria to guide
counties and municipalities in making loans to businesses.
(b) The terms of the loans must include provisions stating that:
(1) loans shall be restricted to enterprises that create new and
permanent jobs;
(2) loans may not exceed the greater of:
(A) ten percent (10%) of the total investment; or
(B) two hundred fifty thousand dollars ($250,000); and
(3) the principal and interest on the loan must be repaid to the
county or municipality.
(c) All loans by a county or municipality under this chapter are
subject to approval by the corporation. As added by P.L.4-2005, SEC.34. IC 5-28-24-5 Powers of corporation
Sec. 5. The corporation may:
(1) adopt policies and guidelines to carry out this chapter;
(2) accept money and other things of value from all sources;
(3) provide services and materials to carry out the purposes of
the program;
(4) evaluate the program; and
(5) involve other entities, by contract or otherwise, in carrying
out the purposes of the program. As added by P.L.4-2005, SEC.34.
IC 5-28-24-6 Use of repayment proceeds; corporation approval
Sec. 6. (a) The repayment proceeds of a loan made from a grant
under this chapter shall be used by the county or municipality for any
economic or community development activity, including:
(1) making loans to businesses; and
(2) the construction or reconstruction of any street, sewer, or
other capital improvement that will promote economic
development in the community or the repayment of bonds used
to finance the construction or reconstruction.
(b) All uses of repaid loan proceeds by a county or municipality
under this chapter are subject to approval by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-7 Grants from state appropriated funds
Sec. 7. The corporation may not make a grant from state
appropriated funds to a county or municipality under this chapter
unless the county or municipality agrees to lend to the new or
expanding business an amount greater than or equal to the state
grant. As added by P.L.4-2005, SEC.34.
IC 5-28-24-8 Loan not general obligation of county or municipality;
determination of reasonable assurance of repayment
Sec. 8. (a) A loan to a county or municipality made under this
chapter is not a general obligation of the county or municipality and
is payable solely from revenues derived from the new or expanding
business.
(b) Before making a loan to a county or municipality, the
corporation shall determine that there is reasonable assurance that the
loan will be repaid. In making this determination, the corporation
shall consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken
by the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant
to its determination. As added by P.L.4-2005, SEC.34.
IC 5-28-24-9 Establishment and purpose of investment incentive fund;
administration
Sec. 9. (a) The investment incentive fund is established within the
state treasury to provide grants and loans to counties and
municipalities.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation shall administer the fund. The following may
be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be
deposited the fund.
(e) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund. As added by P.L.4-2005, SEC.34.
IC 5-28-24
Chapter 24. Investment Incentive Program
IC 5-28-24-1 "Municipality"
Sec. 1. As used in this chapter, "municipality" means a city or
town. As added by P.L.4-2005, SEC.34.
IC 5-28-24-2 Establishment by corporation; purpose
Sec. 2. The corporation shall establish policies to carry out an
investment incentive program. The purpose of the program is to
provide grants and loans to counties and municipalities that will, in
turn, be loaned to certain new or expanding businesses for
construction or for the purchase of real or personal property. As added by P.L.4-2005, SEC.34.
IC 5-28-24-3 Award of grants and loans to counties and municipalities; criteria
Sec. 3. (a) The corporation shall adopt policies and guidelines to
establish the criteria for awarding grants and loans to counties and
municipalities.
(b) The criteria for awarding the grants and loans must include
the:
(1) economic need of the county or municipality;
(2) impact of the new or expanding business on employment
and output in the county or municipality;
(3) importance of state participation to the investment decision;
(4) impact of state assistance to job production in the county or
municipality; and
(5) extent of other public and private participation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-4 Loans to businesses by counties and municipalities; criteria;
approval of loans by corporation
Sec. 4. (a) The corporation shall establish criteria to guide
counties and municipalities in making loans to businesses.
(b) The terms of the loans must include provisions stating that:
(1) loans shall be restricted to enterprises that create new and
permanent jobs;
(2) loans may not exceed the greater of:
(A) ten percent (10%) of the total investment; or
(B) two hundred fifty thousand dollars ($250,000); and
(3) the principal and interest on the loan must be repaid to the
county or municipality.
(c) All loans by a county or municipality under this chapter are
subject to approval by the corporation. As added by P.L.4-2005, SEC.34. IC 5-28-24-5 Powers of corporation
Sec. 5. The corporation may:
(1) adopt policies and guidelines to carry out this chapter;
(2) accept money and other things of value from all sources;
(3) provide services and materials to carry out the purposes of
the program;
(4) evaluate the program; and
(5) involve other entities, by contract or otherwise, in carrying
out the purposes of the program. As added by P.L.4-2005, SEC.34.
IC 5-28-24-6 Use of repayment proceeds; corporation approval
Sec. 6. (a) The repayment proceeds of a loan made from a grant
under this chapter shall be used by the county or municipality for any
economic or community development activity, including:
(1) making loans to businesses; and
(2) the construction or reconstruction of any street, sewer, or
other capital improvement that will promote economic
development in the community or the repayment of bonds used
to finance the construction or reconstruction.
(b) All uses of repaid loan proceeds by a county or municipality
under this chapter are subject to approval by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-7 Grants from state appropriated funds
Sec. 7. The corporation may not make a grant from state
appropriated funds to a county or municipality under this chapter
unless the county or municipality agrees to lend to the new or
expanding business an amount greater than or equal to the state
grant. As added by P.L.4-2005, SEC.34.
IC 5-28-24-8 Loan not general obligation of county or municipality;
determination of reasonable assurance of repayment
Sec. 8. (a) A loan to a county or municipality made under this
chapter is not a general obligation of the county or municipality and
is payable solely from revenues derived from the new or expanding
business.
(b) Before making a loan to a county or municipality, the
corporation shall determine that there is reasonable assurance that the
loan will be repaid. In making this determination, the corporation
shall consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken
by the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant
to its determination. As added by P.L.4-2005, SEC.34.
IC 5-28-24-9 Establishment and purpose of investment incentive fund;
administration
Sec. 9. (a) The investment incentive fund is established within the
state treasury to provide grants and loans to counties and
municipalities.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation shall administer the fund. The following may
be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be
deposited the fund.
(e) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund. As added by P.L.4-2005, SEC.34.
IC 5-28-24
Chapter 24. Investment Incentive Program
IC 5-28-24-1 "Municipality"
Sec. 1. As used in this chapter, "municipality" means a city or
town. As added by P.L.4-2005, SEC.34.
IC 5-28-24-2 Establishment by corporation; purpose
Sec. 2. The corporation shall establish policies to carry out an
investment incentive program. The purpose of the program is to
provide grants and loans to counties and municipalities that will, in
turn, be loaned to certain new or expanding businesses for
construction or for the purchase of real or personal property. As added by P.L.4-2005, SEC.34.
IC 5-28-24-3 Award of grants and loans to counties and municipalities; criteria
Sec. 3. (a) The corporation shall adopt policies and guidelines to
establish the criteria for awarding grants and loans to counties and
municipalities.
(b) The criteria for awarding the grants and loans must include
the:
(1) economic need of the county or municipality;
(2) impact of the new or expanding business on employment
and output in the county or municipality;
(3) importance of state participation to the investment decision;
(4) impact of state assistance to job production in the county or
municipality; and
(5) extent of other public and private participation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-4 Loans to businesses by counties and municipalities; criteria;
approval of loans by corporation
Sec. 4. (a) The corporation shall establish criteria to guide
counties and municipalities in making loans to businesses.
(b) The terms of the loans must include provisions stating that:
(1) loans shall be restricted to enterprises that create new and
permanent jobs;
(2) loans may not exceed the greater of:
(A) ten percent (10%) of the total investment; or
(B) two hundred fifty thousand dollars ($250,000); and
(3) the principal and interest on the loan must be repaid to the
county or municipality.
(c) All loans by a county or municipality under this chapter are
subject to approval by the corporation. As added by P.L.4-2005, SEC.34. IC 5-28-24-5 Powers of corporation
Sec. 5. The corporation may:
(1) adopt policies and guidelines to carry out this chapter;
(2) accept money and other things of value from all sources;
(3) provide services and materials to carry out the purposes of
the program;
(4) evaluate the program; and
(5) involve other entities, by contract or otherwise, in carrying
out the purposes of the program. As added by P.L.4-2005, SEC.34.
IC 5-28-24-6 Use of repayment proceeds; corporation approval
Sec. 6. (a) The repayment proceeds of a loan made from a grant
under this chapter shall be used by the county or municipality for any
economic or community development activity, including:
(1) making loans to businesses; and
(2) the construction or reconstruction of any street, sewer, or
other capital improvement that will promote economic
development in the community or the repayment of bonds used
to finance the construction or reconstruction.
(b) All uses of repaid loan proceeds by a county or municipality
under this chapter are subject to approval by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-24-7 Grants from state appropriated funds
Sec. 7. The corporation may not make a grant from state
appropriated funds to a county or municipality under this chapter
unless the county or municipality agrees to lend to the new or
expanding business an amount greater than or equal to the state
grant. As added by P.L.4-2005, SEC.34.
IC 5-28-24-8 Loan not general obligation of county or municipality;
determination of reasonable assurance of repayment
Sec. 8. (a) A loan to a county or municipality made under this
chapter is not a general obligation of the county or municipality and
is payable solely from revenues derived from the new or expanding
business.
(b) Before making a loan to a county or municipality, the
corporation shall determine that there is reasonable assurance that the
loan will be repaid. In making this determination, the corporation
shall consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken
by the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant
to its determination. As added by P.L.4-2005, SEC.34.
IC 5-28-24-9 Establishment and purpose of investment incentive fund;
administration
Sec. 9. (a) The investment incentive fund is established within the
state treasury to provide grants and loans to counties and
municipalities.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation shall administer the fund. The following may
be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be
deposited the fund.
(e) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund. As added by P.L.4-2005, SEC.34.
