IC 5-28-8-1 "Federal agency"
Sec. 1. As used in this chapter, "federal agency" means the
Economic Development Administration of the United States
Department of Commerce. As added by P.L.4-2005, SEC.34.
IC 5-28-8-2 "Federal program"
Sec. 2. As used in this chapter, "federal program" means a federal
loan or grant program that promotes economic development. As added by P.L.4-2005, SEC.34.
IC 5-28-8-3 "Fund"
Sec. 3. As used in this chapter, "fund" refers to the economic
development fund established by section 5 of this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-8-4 "Qualified entity"
Sec. 4. As used in this chapter, "qualified entity" means the state,
a political subdivision of the state, an agency of the state or a
political subdivision of the state, a nonprofit corporation, or the
Indiana finance authority established under IC 4-4-10.9 and
IC 4-4-11. As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005,
SEC.93.
IC 5-28-8-5 Fund established; purpose
Sec. 5. (a) The economic development fund is established within
the state treasury. The fund is a revolving fund to provide grants and
loans for economic development activities in Indiana for the
purposes of this chapter.
(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 in the fund.
(e) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund. As added by P.L.4-2005, SEC.34. IC 5-28-8-6 Investment of fund by treasurer of state
Sec. 6. (a) 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 fund.
(b) The treasurer of state shall also:
(1) receive cash receipts belonging to the fund, deposit these
amounts in the fund, and submit a monthly report to the
corporation of these transactions; and
(2) make payments on vouchers authorized by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-8-7 Drawing of warrants
Sec. 7. The auditor of state shall draw warrants on the treasurer of
state in payment of properly prepared vouchers signed by the
president of the corporation or the president's designee. As added by P.L.4-2005, SEC.34.
IC 5-28-8-8 Guidelines for receipt of grants and loans
Sec. 8. (a) The corporation shall receive grants allocated by a
federal program for the purposes specified in section 9(c) of this
chapter. Guidelines shall be prepared by the corporation enumerating
the qualification procedures for receipt of grants and loans from the
fund. These guidelines must be consistent with Indiana law and
federal program requirements.
(b) The board, with the approval of the budget agency and the
governor, shall allocate parts of the fund for the purposes specified
in section 9(c) of this chapter. The corporation shall make allocations
on the basis of the need of the qualified entity.
(c) The corporation shall keep complete sets of records showing
all transactions by the fund in a manner that enables the corporation
to prepare at the end of each fiscal year a complete report for the
general assembly. The information in the report must be sufficient to
permit a complete review and understanding of the operation and
financial condition of the fund. The report must be submitted in
electronic format under IC 5-14-6. As added by P.L.4-2005, SEC.34.
IC 5-28-8-9 Applications for grants; approved projects
Sec. 9. (a) If federal money will not be used in conjunction with
fund money, a qualified entity that wants a grant from the fund must
submit an application for the grant to the corporation. The
corporation shall review the application and may approve the
application if the activities for which the grant money is to be used
are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which this chapter permits fund money to be used.
(b) When fund money is to be used to match federal money, a
qualified entity that wants a grant must submit to the corporation an
application for a grant under the federal program. The corporation
shall review the application and shall submit the application to the
federal agency if the corporation finds that the activities for which
the grant money is to be used are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which the federal program permits money to be used.
Before submitting an application to the federal agency, the
corporation must also approve the completeness and technical
accuracy of the qualified entity's application.
(c) Money from the fund and money from a federal program may
be used for the following projects:
(1) Public works.
(2) Technical assistance.
(3) Economic adjustment assistance.
(4) Other economic development programs.
(d) If the qualified entity proposes to use its money for a loan
program, the application from the qualified entity must contain the
conditions under which loans will be made and the interest rate that
will be charged. As added by P.L.4-2005, SEC.34.
IC 5-28-8-10 Applications for loans; repayment
Sec. 10. (a) A qualified entity may apply to the corporation for a
loan from the fund to be used for economic development programs.
(b) An amount loaned to a qualified entity is an obligation of the
qualified entity and shall be repaid to the corporation within a time
to be fixed by the corporation, not to exceed three (3) years.
(c) The corporation shall determine interest rates for the loans to
be made under this section.
(d) Final disbursements of money under this section must be made
with the approval of the state board of finance.
(e) If a qualified entity fails to make repayment of money loaned
under this section, the amount payable may be:
(1) withheld by the auditor of state from money payable to the
qualified entity and transferred to the fund; or
(2) recovered in an action by the state on relation of the
corporation, prosecuted by the attorney general, in the circuit or
superior court of the county in which the qualified entity is
located. As added by P.L.4-2005, SEC.34.
IC 5-28-8-1 "Federal agency"
Sec. 1. As used in this chapter, "federal agency" means the
Economic Development Administration of the United States
Department of Commerce. As added by P.L.4-2005, SEC.34.
IC 5-28-8-2 "Federal program"
Sec. 2. As used in this chapter, "federal program" means a federal
loan or grant program that promotes economic development. As added by P.L.4-2005, SEC.34.
IC 5-28-8-3 "Fund"
Sec. 3. As used in this chapter, "fund" refers to the economic
development fund established by section 5 of this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-8-4 "Qualified entity"
Sec. 4. As used in this chapter, "qualified entity" means the state,
a political subdivision of the state, an agency of the state or a
political subdivision of the state, a nonprofit corporation, or the
Indiana finance authority established under IC 4-4-10.9 and
IC 4-4-11. As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005,
SEC.93.
IC 5-28-8-5 Fund established; purpose
Sec. 5. (a) The economic development fund is established within
the state treasury. The fund is a revolving fund to provide grants and
loans for economic development activities in Indiana for the
purposes of this chapter.
(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 in the fund.
(e) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund. As added by P.L.4-2005, SEC.34. IC 5-28-8-6 Investment of fund by treasurer of state
Sec. 6. (a) 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 fund.
(b) The treasurer of state shall also:
(1) receive cash receipts belonging to the fund, deposit these
amounts in the fund, and submit a monthly report to the
corporation of these transactions; and
(2) make payments on vouchers authorized by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-8-7 Drawing of warrants
Sec. 7. The auditor of state shall draw warrants on the treasurer of
state in payment of properly prepared vouchers signed by the
president of the corporation or the president's designee. As added by P.L.4-2005, SEC.34.
IC 5-28-8-8 Guidelines for receipt of grants and loans
Sec. 8. (a) The corporation shall receive grants allocated by a
federal program for the purposes specified in section 9(c) of this
chapter. Guidelines shall be prepared by the corporation enumerating
the qualification procedures for receipt of grants and loans from the
fund. These guidelines must be consistent with Indiana law and
federal program requirements.
(b) The board, with the approval of the budget agency and the
governor, shall allocate parts of the fund for the purposes specified
in section 9(c) of this chapter. The corporation shall make allocations
on the basis of the need of the qualified entity.
(c) The corporation shall keep complete sets of records showing
all transactions by the fund in a manner that enables the corporation
to prepare at the end of each fiscal year a complete report for the
general assembly. The information in the report must be sufficient to
permit a complete review and understanding of the operation and
financial condition of the fund. The report must be submitted in
electronic format under IC 5-14-6. As added by P.L.4-2005, SEC.34.
IC 5-28-8-9 Applications for grants; approved projects
Sec. 9. (a) If federal money will not be used in conjunction with
fund money, a qualified entity that wants a grant from the fund must
submit an application for the grant to the corporation. The
corporation shall review the application and may approve the
application if the activities for which the grant money is to be used
are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which this chapter permits fund money to be used.
(b) When fund money is to be used to match federal money, a
qualified entity that wants a grant must submit to the corporation an
application for a grant under the federal program. The corporation
shall review the application and shall submit the application to the
federal agency if the corporation finds that the activities for which
the grant money is to be used are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which the federal program permits money to be used.
Before submitting an application to the federal agency, the
corporation must also approve the completeness and technical
accuracy of the qualified entity's application.
(c) Money from the fund and money from a federal program may
be used for the following projects:
(1) Public works.
(2) Technical assistance.
(3) Economic adjustment assistance.
(4) Other economic development programs.
(d) If the qualified entity proposes to use its money for a loan
program, the application from the qualified entity must contain the
conditions under which loans will be made and the interest rate that
will be charged. As added by P.L.4-2005, SEC.34.
IC 5-28-8-10 Applications for loans; repayment
Sec. 10. (a) A qualified entity may apply to the corporation for a
loan from the fund to be used for economic development programs.
(b) An amount loaned to a qualified entity is an obligation of the
qualified entity and shall be repaid to the corporation within a time
to be fixed by the corporation, not to exceed three (3) years.
(c) The corporation shall determine interest rates for the loans to
be made under this section.
(d) Final disbursements of money under this section must be made
with the approval of the state board of finance.
(e) If a qualified entity fails to make repayment of money loaned
under this section, the amount payable may be:
(1) withheld by the auditor of state from money payable to the
qualified entity and transferred to the fund; or
(2) recovered in an action by the state on relation of the
corporation, prosecuted by the attorney general, in the circuit or
superior court of the county in which the qualified entity is
located. As added by P.L.4-2005, SEC.34.
IC 5-28-8-1 "Federal agency"
Sec. 1. As used in this chapter, "federal agency" means the
Economic Development Administration of the United States
Department of Commerce. As added by P.L.4-2005, SEC.34.
IC 5-28-8-2 "Federal program"
Sec. 2. As used in this chapter, "federal program" means a federal
loan or grant program that promotes economic development. As added by P.L.4-2005, SEC.34.
IC 5-28-8-3 "Fund"
Sec. 3. As used in this chapter, "fund" refers to the economic
development fund established by section 5 of this chapter. As added by P.L.4-2005, SEC.34.
IC 5-28-8-4 "Qualified entity"
Sec. 4. As used in this chapter, "qualified entity" means the state,
a political subdivision of the state, an agency of the state or a
political subdivision of the state, a nonprofit corporation, or the
Indiana finance authority established under IC 4-4-10.9 and
IC 4-4-11. As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005,
SEC.93.
IC 5-28-8-5 Fund established; purpose
Sec. 5. (a) The economic development fund is established within
the state treasury. The fund is a revolving fund to provide grants and
loans for economic development activities in Indiana for the
purposes of this chapter.
(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 in the fund.
(e) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund. As added by P.L.4-2005, SEC.34. IC 5-28-8-6 Investment of fund by treasurer of state
Sec. 6. (a) 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 fund.
(b) The treasurer of state shall also:
(1) receive cash receipts belonging to the fund, deposit these
amounts in the fund, and submit a monthly report to the
corporation of these transactions; and
(2) make payments on vouchers authorized by the corporation. As added by P.L.4-2005, SEC.34.
IC 5-28-8-7 Drawing of warrants
Sec. 7. The auditor of state shall draw warrants on the treasurer of
state in payment of properly prepared vouchers signed by the
president of the corporation or the president's designee. As added by P.L.4-2005, SEC.34.
IC 5-28-8-8 Guidelines for receipt of grants and loans
Sec. 8. (a) The corporation shall receive grants allocated by a
federal program for the purposes specified in section 9(c) of this
chapter. Guidelines shall be prepared by the corporation enumerating
the qualification procedures for receipt of grants and loans from the
fund. These guidelines must be consistent with Indiana law and
federal program requirements.
(b) The board, with the approval of the budget agency and the
governor, shall allocate parts of the fund for the purposes specified
in section 9(c) of this chapter. The corporation shall make allocations
on the basis of the need of the qualified entity.
(c) The corporation shall keep complete sets of records showing
all transactions by the fund in a manner that enables the corporation
to prepare at the end of each fiscal year a complete report for the
general assembly. The information in the report must be sufficient to
permit a complete review and understanding of the operation and
financial condition of the fund. The report must be submitted in
electronic format under IC 5-14-6. As added by P.L.4-2005, SEC.34.
IC 5-28-8-9 Applications for grants; approved projects
Sec. 9. (a) If federal money will not be used in conjunction with
fund money, a qualified entity that wants a grant from the fund must
submit an application for the grant to the corporation. The
corporation shall review the application and may approve the
application if the activities for which the grant money is to be used
are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which this chapter permits fund money to be used.
(b) When fund money is to be used to match federal money, a
qualified entity that wants a grant must submit to the corporation an
application for a grant under the federal program. The corporation
shall review the application and shall submit the application to the
federal agency if the corporation finds that the activities for which
the grant money is to be used are activities:
(1) that the qualified entity has statutory authority to perform;
and
(2) for which the federal program permits money to be used.
Before submitting an application to the federal agency, the
corporation must also approve the completeness and technical
accuracy of the qualified entity's application.
(c) Money from the fund and money from a federal program may
be used for the following projects:
(1) Public works.
(2) Technical assistance.
(3) Economic adjustment assistance.
(4) Other economic development programs.
(d) If the qualified entity proposes to use its money for a loan
program, the application from the qualified entity must contain the
conditions under which loans will be made and the interest rate that
will be charged. As added by P.L.4-2005, SEC.34.
IC 5-28-8-10 Applications for loans; repayment
Sec. 10. (a) A qualified entity may apply to the corporation for a
loan from the fund to be used for economic development programs.
(b) An amount loaned to a qualified entity is an obligation of the
qualified entity and shall be repaid to the corporation within a time
to be fixed by the corporation, not to exceed three (3) years.
(c) The corporation shall determine interest rates for the loans to
be made under this section.
(d) Final disbursements of money under this section must be made
with the approval of the state board of finance.
(e) If a qualified entity fails to make repayment of money loaned
under this section, the amount payable may be:
(1) withheld by the auditor of state from money payable to the
qualified entity and transferred to the fund; or
(2) recovered in an action by the state on relation of the
corporation, prosecuted by the attorney general, in the circuit or
superior court of the county in which the qualified entity is
located. As added by P.L.4-2005, SEC.34.
