IC 5-28-5-1 Economic development functions
Sec. 1. The corporation shall carry out the economic development
functions of the state in conformity with the laws enacted by the
general assembly. As added by P.L.4-2005, SEC.34.
IC 5-28-5-2 Grant of necessary and appropriate powers
Sec. 2. The corporation is granted all powers necessary or
appropriate to carry out the corporation's public and corporate
purposes under this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-5-3 Employees and agents; contracts
Sec. 3. (a) Subject to approval by the budget agency, the
corporation may, without the approval of the attorney general,
employ legal counsel, technical experts, and other officers, agents,
and employees, permanent or temporary, the corporation considers
necessary to carry out the efficient operation of the corporation.
(b) Subject to approval by the budget agency, the corporation may
enter into contracts without the approval of the attorney general. As added by P.L.4-2005, SEC.34.
IC 5-28-5-4 Terms of employment; retirement fund and employee benefits
Sec. 4. (a) The corporation shall determine qualifications, duties,
compensation, and terms of service for persons employed by the
corporation as employees or as independent contractors.
(b) The board may adopt a resolution providing that the
corporation's employees who are eligible to participate in the public
employees' retirement fund under the eligibility requirements set
forth in IC 5-10.2 and IC 5-10.3 shall participate in the fund.
(c) The board may adopt a resolution to allow the corporation's
employees to participate in group insurance and other benefit plans,
including the state employees' deferred compensation plan, that are
available to state employees. As added by P.L.4-2005, SEC.34.
IC 5-28-5-5 Ethics
Sec. 5. The board and the employees of the corporation are:
(1) under the jurisdiction of and rules adopted by the state
ethics commission; and
(2) subject to ethics rules and requirements that apply to the
executive branch of state government.
However, the board may adopt additional ethics rules and
requirements that are more stringent than those adopted by the state
ethics commission. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6 Advisory committee
Sec. 6. The board shall establish an advisory committee to advise
the board and the corporation on issues determined by the board. The
advisory committee must:
(1) have members that represent diverse geographic areas and
economic sectors of Indiana; and
(2) include members or representatives of local economic
development organizations. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6.5 Small business division
Sec. 6.5. The board shall maintain a small business division,
including the Small Business Development Center Lead Center, to
carry out the corporation's duties under IC 5-28-17. The board shall
staff the division with employees of the corporation. As added by P.L.56-2009, SEC.2.
IC 5-28-5-7 Contract, tort, and civil rights claims
Sec. 7. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4,
the board and the employees of the corporation are public employees
(as defined in IC 34-6-2-38). As added by P.L.4-2005, SEC.34.
IC 5-28-5-8 Adoption of rules; emergency rules
Sec. 8. The corporation shall adopt rules under IC 4-22-2 to carry
out its duties under this article. The board may also adopt emergency
rules under IC 4-22-2-37.1 to carry out its duties under this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-9 Public meetings and public records laws
Sec. 9. Except as specifically provided by law, the corporation
and the board are subject to IC 5-14-1.5 and IC 5-14-3. As added by P.L.4-2005, SEC.34.
IC 5-28-5-10 Reimbursement of employee expenses
Sec. 10. An employee of the corporation is entitled to
reimbursement for traveling expenses as provided under IC 4-13-1-4
and other expenses actually incurred in connection with the
employee's duties as approved by the budget agency.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-11 Request for appropriations
Sec. 11. The corporation may request appropriations from the
general assembly to:
(1) carry out the corporation's duties under this article; and
(2) fund economic development and job creation programs. As added by P.L.4-2005, SEC.34.
IC 5-28-5-12 Promotion fund
Sec. 12. (a) The Indiana promotion fund is established within the
state treasury.
(b) Except as provided in section 13 of this chapter, the
corporation shall deposit the following in the fund:
(1) All funding received from the private sector under
IC 5-28-6-1(6).
(2) All other gifts, donations, bequests, devises, and
contributions received by the corporation.
(c) The corporation shall administer the fund. 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 public money may
be invested. Interest that accrues from these investments shall be
deposited in the fund.
(d) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.
(e) Except as provided in the terms of a gift, a donation, a
contribution, a bequest, a devise, or other private sector funding,
money in the fund may be used at the discretion of the board to carry
out in any manner the corporation's purposes under this article.
(f) Money in the fund may be transferred to any fund administered
by the corporation.
(g) Money in the fund is continuously appropriated to the
corporation for the purposes of this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-13 Nonprofit subsidiary corporation
Sec. 13. (a) Notwithstanding section 12 of this chapter, the board
may establish a nonprofit subsidiary corporation to solicit and accept
private sector funding, gifts, donations, bequests, devises, and
contributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry out
in any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the
subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) The state board of accounts shall annually audit a subsidiary
corporation established under this section. As added by P.L.4-2005, SEC.34.
IC 5-28-5-14 Fees and charges
Sec. 14. The corporation may fix and revise periodically, and
charge and collect, fees and charges that the corporation determines
to be reasonable in connection with:
(1) the corporation's loans, guarantees, advances, insurance,
commitments, and servicing; and
(2) the use of the corporation's services or facilities. As added by P.L.162-2007, SEC.21.
IC 5-28-5-15 Powers in the event of default
Sec. 15. The corporation may take assignments of accounts
receivable, loans, guarantees, insurance, notes, mortgages, security
agreements securing notes, and other forms of security, attach, seize,
or take title by foreclosure or conveyance to an industrial
development project when a guaranteed loan on the industrial
development project is clearly in default and when in the opinion of
the corporation such an acquisition is necessary to safeguard the
industrial development project guaranty fund, and sell, or on a
temporary basis, lease or rent such industrial development project for
any use. As added by P.L.162-2007, SEC.22.
IC 5-28-5-1 Economic development functions
Sec. 1. The corporation shall carry out the economic development
functions of the state in conformity with the laws enacted by the
general assembly. As added by P.L.4-2005, SEC.34.
IC 5-28-5-2 Grant of necessary and appropriate powers
Sec. 2. The corporation is granted all powers necessary or
appropriate to carry out the corporation's public and corporate
purposes under this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-5-3 Employees and agents; contracts
Sec. 3. (a) Subject to approval by the budget agency, the
corporation may, without the approval of the attorney general,
employ legal counsel, technical experts, and other officers, agents,
and employees, permanent or temporary, the corporation considers
necessary to carry out the efficient operation of the corporation.
(b) Subject to approval by the budget agency, the corporation may
enter into contracts without the approval of the attorney general. As added by P.L.4-2005, SEC.34.
IC 5-28-5-4 Terms of employment; retirement fund and employee benefits
Sec. 4. (a) The corporation shall determine qualifications, duties,
compensation, and terms of service for persons employed by the
corporation as employees or as independent contractors.
(b) The board may adopt a resolution providing that the
corporation's employees who are eligible to participate in the public
employees' retirement fund under the eligibility requirements set
forth in IC 5-10.2 and IC 5-10.3 shall participate in the fund.
(c) The board may adopt a resolution to allow the corporation's
employees to participate in group insurance and other benefit plans,
including the state employees' deferred compensation plan, that are
available to state employees. As added by P.L.4-2005, SEC.34.
IC 5-28-5-5 Ethics
Sec. 5. The board and the employees of the corporation are:
(1) under the jurisdiction of and rules adopted by the state
ethics commission; and
(2) subject to ethics rules and requirements that apply to the
executive branch of state government.
However, the board may adopt additional ethics rules and
requirements that are more stringent than those adopted by the state
ethics commission. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6 Advisory committee
Sec. 6. The board shall establish an advisory committee to advise
the board and the corporation on issues determined by the board. The
advisory committee must:
(1) have members that represent diverse geographic areas and
economic sectors of Indiana; and
(2) include members or representatives of local economic
development organizations. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6.5 Small business division
Sec. 6.5. The board shall maintain a small business division,
including the Small Business Development Center Lead Center, to
carry out the corporation's duties under IC 5-28-17. The board shall
staff the division with employees of the corporation. As added by P.L.56-2009, SEC.2.
IC 5-28-5-7 Contract, tort, and civil rights claims
Sec. 7. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4,
the board and the employees of the corporation are public employees
(as defined in IC 34-6-2-38). As added by P.L.4-2005, SEC.34.
IC 5-28-5-8 Adoption of rules; emergency rules
Sec. 8. The corporation shall adopt rules under IC 4-22-2 to carry
out its duties under this article. The board may also adopt emergency
rules under IC 4-22-2-37.1 to carry out its duties under this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-9 Public meetings and public records laws
Sec. 9. Except as specifically provided by law, the corporation
and the board are subject to IC 5-14-1.5 and IC 5-14-3. As added by P.L.4-2005, SEC.34.
IC 5-28-5-10 Reimbursement of employee expenses
Sec. 10. An employee of the corporation is entitled to
reimbursement for traveling expenses as provided under IC 4-13-1-4
and other expenses actually incurred in connection with the
employee's duties as approved by the budget agency.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-11 Request for appropriations
Sec. 11. The corporation may request appropriations from the
general assembly to:
(1) carry out the corporation's duties under this article; and
(2) fund economic development and job creation programs. As added by P.L.4-2005, SEC.34.
IC 5-28-5-12 Promotion fund
Sec. 12. (a) The Indiana promotion fund is established within the
state treasury.
(b) Except as provided in section 13 of this chapter, the
corporation shall deposit the following in the fund:
(1) All funding received from the private sector under
IC 5-28-6-1(6).
(2) All other gifts, donations, bequests, devises, and
contributions received by the corporation.
(c) The corporation shall administer the fund. 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 public money may
be invested. Interest that accrues from these investments shall be
deposited in the fund.
(d) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.
(e) Except as provided in the terms of a gift, a donation, a
contribution, a bequest, a devise, or other private sector funding,
money in the fund may be used at the discretion of the board to carry
out in any manner the corporation's purposes under this article.
(f) Money in the fund may be transferred to any fund administered
by the corporation.
(g) Money in the fund is continuously appropriated to the
corporation for the purposes of this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-13 Nonprofit subsidiary corporation
Sec. 13. (a) Notwithstanding section 12 of this chapter, the board
may establish a nonprofit subsidiary corporation to solicit and accept
private sector funding, gifts, donations, bequests, devises, and
contributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry out
in any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the
subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) The state board of accounts shall annually audit a subsidiary
corporation established under this section. As added by P.L.4-2005, SEC.34.
IC 5-28-5-14 Fees and charges
Sec. 14. The corporation may fix and revise periodically, and
charge and collect, fees and charges that the corporation determines
to be reasonable in connection with:
(1) the corporation's loans, guarantees, advances, insurance,
commitments, and servicing; and
(2) the use of the corporation's services or facilities. As added by P.L.162-2007, SEC.21.
IC 5-28-5-15 Powers in the event of default
Sec. 15. The corporation may take assignments of accounts
receivable, loans, guarantees, insurance, notes, mortgages, security
agreements securing notes, and other forms of security, attach, seize,
or take title by foreclosure or conveyance to an industrial
development project when a guaranteed loan on the industrial
development project is clearly in default and when in the opinion of
the corporation such an acquisition is necessary to safeguard the
industrial development project guaranty fund, and sell, or on a
temporary basis, lease or rent such industrial development project for
any use. As added by P.L.162-2007, SEC.22.
IC 5-28-5-1 Economic development functions
Sec. 1. The corporation shall carry out the economic development
functions of the state in conformity with the laws enacted by the
general assembly. As added by P.L.4-2005, SEC.34.
IC 5-28-5-2 Grant of necessary and appropriate powers
Sec. 2. The corporation is granted all powers necessary or
appropriate to carry out the corporation's public and corporate
purposes under this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-5-3 Employees and agents; contracts
Sec. 3. (a) Subject to approval by the budget agency, the
corporation may, without the approval of the attorney general,
employ legal counsel, technical experts, and other officers, agents,
and employees, permanent or temporary, the corporation considers
necessary to carry out the efficient operation of the corporation.
(b) Subject to approval by the budget agency, the corporation may
enter into contracts without the approval of the attorney general. As added by P.L.4-2005, SEC.34.
IC 5-28-5-4 Terms of employment; retirement fund and employee benefits
Sec. 4. (a) The corporation shall determine qualifications, duties,
compensation, and terms of service for persons employed by the
corporation as employees or as independent contractors.
(b) The board may adopt a resolution providing that the
corporation's employees who are eligible to participate in the public
employees' retirement fund under the eligibility requirements set
forth in IC 5-10.2 and IC 5-10.3 shall participate in the fund.
(c) The board may adopt a resolution to allow the corporation's
employees to participate in group insurance and other benefit plans,
including the state employees' deferred compensation plan, that are
available to state employees. As added by P.L.4-2005, SEC.34.
IC 5-28-5-5 Ethics
Sec. 5. The board and the employees of the corporation are:
(1) under the jurisdiction of and rules adopted by the state
ethics commission; and
(2) subject to ethics rules and requirements that apply to the
executive branch of state government.
However, the board may adopt additional ethics rules and
requirements that are more stringent than those adopted by the state
ethics commission. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6 Advisory committee
Sec. 6. The board shall establish an advisory committee to advise
the board and the corporation on issues determined by the board. The
advisory committee must:
(1) have members that represent diverse geographic areas and
economic sectors of Indiana; and
(2) include members or representatives of local economic
development organizations. As added by P.L.4-2005, SEC.34.
IC 5-28-5-6.5 Small business division
Sec. 6.5. The board shall maintain a small business division,
including the Small Business Development Center Lead Center, to
carry out the corporation's duties under IC 5-28-17. The board shall
staff the division with employees of the corporation. As added by P.L.56-2009, SEC.2.
IC 5-28-5-7 Contract, tort, and civil rights claims
Sec. 7. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4,
the board and the employees of the corporation are public employees
(as defined in IC 34-6-2-38). As added by P.L.4-2005, SEC.34.
IC 5-28-5-8 Adoption of rules; emergency rules
Sec. 8. The corporation shall adopt rules under IC 4-22-2 to carry
out its duties under this article. The board may also adopt emergency
rules under IC 4-22-2-37.1 to carry out its duties under this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-9 Public meetings and public records laws
Sec. 9. Except as specifically provided by law, the corporation
and the board are subject to IC 5-14-1.5 and IC 5-14-3. As added by P.L.4-2005, SEC.34.
IC 5-28-5-10 Reimbursement of employee expenses
Sec. 10. An employee of the corporation is entitled to
reimbursement for traveling expenses as provided under IC 4-13-1-4
and other expenses actually incurred in connection with the
employee's duties as approved by the budget agency.
As added by P.L.4-2005, SEC.34.
IC 5-28-5-11 Request for appropriations
Sec. 11. The corporation may request appropriations from the
general assembly to:
(1) carry out the corporation's duties under this article; and
(2) fund economic development and job creation programs. As added by P.L.4-2005, SEC.34.
IC 5-28-5-12 Promotion fund
Sec. 12. (a) The Indiana promotion fund is established within the
state treasury.
(b) Except as provided in section 13 of this chapter, the
corporation shall deposit the following in the fund:
(1) All funding received from the private sector under
IC 5-28-6-1(6).
(2) All other gifts, donations, bequests, devises, and
contributions received by the corporation.
(c) The corporation shall administer the fund. 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 public money may
be invested. Interest that accrues from these investments shall be
deposited in the fund.
(d) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.
(e) Except as provided in the terms of a gift, a donation, a
contribution, a bequest, a devise, or other private sector funding,
money in the fund may be used at the discretion of the board to carry
out in any manner the corporation's purposes under this article.
(f) Money in the fund may be transferred to any fund administered
by the corporation.
(g) Money in the fund is continuously appropriated to the
corporation for the purposes of this article. As added by P.L.4-2005, SEC.34.
IC 5-28-5-13 Nonprofit subsidiary corporation
Sec. 13. (a) Notwithstanding section 12 of this chapter, the board
may establish a nonprofit subsidiary corporation to solicit and accept
private sector funding, gifts, donations, bequests, devises, and
contributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry out
in any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the
subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) The state board of accounts shall annually audit a subsidiary
corporation established under this section. As added by P.L.4-2005, SEC.34.
IC 5-28-5-14 Fees and charges
Sec. 14. The corporation may fix and revise periodically, and
charge and collect, fees and charges that the corporation determines
to be reasonable in connection with:
(1) the corporation's loans, guarantees, advances, insurance,
commitments, and servicing; and
(2) the use of the corporation's services or facilities. As added by P.L.162-2007, SEC.21.
IC 5-28-5-15 Powers in the event of default
Sec. 15. The corporation may take assignments of accounts
receivable, loans, guarantees, insurance, notes, mortgages, security
agreements securing notes, and other forms of security, attach, seize,
or take title by foreclosure or conveyance to an industrial
development project when a guaranteed loan on the industrial
development project is clearly in default and when in the opinion of
the corporation such an acquisition is necessary to safeguard the
industrial development project guaranty fund, and sell, or on a
temporary basis, lease or rent such industrial development project for
any use. As added by P.L.162-2007, SEC.22.
