reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-7. Award to Highest and Best Bidder; Factors That May Be Considered; Rejection

Sec. 7. The authority may reject any or all bids or may make awards to the highest and best bidder or bidders. In determining the highest and best bids, the authority may take into consideration the following:
(1) The size and character of the improvements for the economic development project as proposed by the bidder to be made on the property and the terms and conditions of the consideration offered by the bidder.
(2) The bidder's plans and ability to carry out the economic development project with reasonable promptness.
(3) Whether the property and interests to be acquired by the bidder will be leased or released for the economic development project.
(4) The nature and extent of any obligations to be undertaken by the authority in conjunction with the improvement of the property or interests to be acquired for the economic development project as proposed by the bidder.
(5) The potential impact of the bidder's proposal on the creation of new employment or the retention of existing employment resulting from the economic development project.
(6) The potential impact of the bidder's proposal to attract or establish a major new business enterprise or to retain or expand a significant existing business enterprise that will provide or preserve gainful employment for the citizens of the state.
(7) The economic benefits to the state and its citizens that will result from the economic development project, as proposed by the bidder, including the dollar volume of new or preserved wages and salaries, increases in or preservation of state and local government tax revenues, the incremental economic benefits to the citizens of the state, the state, and local governmental units potentially resulting from the economic development project as proposed by the bidder, and any other direct or indirect economic benefit to the state and its citizens resulting from the economic development project as proposed by the bidder.
(8) The potential impact and benefit to the state and its citizens of the economic development project as proposed by the bidder from the standpoint of both human and economic welfare.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-8. Cost Benefit Analyses

Sec. 8. In making an award to the highest and best bidder as provided in section 7 of this chapter, the authority shall determine whether in its judgment the potential benefits to the state and its citizens of the economic development project as proposed by the bidder exceed the direct costs to the authority of acquiring the property and interests being offered for sale or lease for the economic development project less any sums to be paid by the successful bidder pursuant to its bid. The authority's judgment concerning this determination shall be based on the economic studies, analyses, and projections that the authority determines are reasonably necessary. The authority's determination is final and conclusive.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-9. Contracts With a Bidder; Provisions

Sec. 9. The authority may contract with a bidder concerning any of the factors listed in section 7 of this chapter, and the contract may provide for the deposit of surety bonds, the making of good faith deposits, liquidated damages, the right of reversion or repurchase, or other rights and remedies if the bidder fails to comply with the contract.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-10. Sale, Exchange, or Lease of Property; Terms; Time Period

Sec. 10. After the opening, consideration, and determination of the written offers filed in response to the notice, the authority may dispose of all or part of the remaining available property or interests for any approved use, either at public sale or by private negotiation carried on by the authority, its regular employees, or real estate experts employed for that purpose. For a period of thirty (30) days after the opening of the written offers and determination on them, no sale, exchange, or lease may be made on terms less than that shown on the offering sheet, but after that period the authority may adjust the offering terms the authority considers necessary to further the economic development project.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-11. Action to Contest Validity

Sec. 11. An action to contest the validity of any sale or lease awarded and approved by the authority under this section may not be commenced more than thirty (30) days following the authority's adoption of a resolution designating the successful bidder or bidders and stating and approving the basic terms and conditions of the sale or lease.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-12. Negotiation of Financing Agreements; Considerations; Expenses

Sec. 12. The authority may enter into negotiations with one (1) or more persons concerning the terms and conditions of financing agreements for economic development projects. The authority shall consider whether a proposed economic development project may have an adverse competitive effect on similar economic development projects already constructed or operating in the local governmental unit where the economic development project will be located. Preliminary expenses in connection with negotiations under this section may be paid from:
(1) money furnished by the proposed user or developer;
(2) money made available by the state or federal government, or by any of their departments or agencies; or
(3) money of the authority.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-13. Report for Proposed Economic Development Project; Plan Commission; School Superintendent

Sec. 13. The authority shall prepare a report that:
(1) briefly describes the proposed economic development project;
(2) estimates the number and expense of public works or services that would be made necessary or desirable by the proposed economic development project, including public ways, schools, water, sewers, street lights, and fire protection;
(3) estimates the total costs of the proposed economic development project;
(4) for an economic development project that is not exclusively either a pollution control facility or an educational facility project, estimates the number of jobs and the payroll to be created or saved by the project;
(5) for educational facility projects, describes how the project promotes the educational enrichment (including cultural, intellectual, scientific, or artistic opportunities) of the people of the state; and
(6) for pollution control facilities, describes the facilities and how they will abate, reduce, or prevent pollution.
The report shall be submitted to the executive director or chair of the plan commission, if any, having jurisdiction over the economic development project and, if the number of new jobs estimated exceeds one hundred (100), to the superintendent of the school corporation where the economic development project will be located. The executive director or chair of the plan commission and the school superintendent may formulate their written comments concerning the report and transmit their comments, if any, to the authority within five (5) days after the receipt of the report.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-14. Public Hearing

Sec. 14. The authority shall hold a public hearing, which may be conducted by the authority, or any officer, member, or agent designated by the authority, on the proposed financing agreement for the economic development project, after giving notice by publication in one (1) newspaper of general circulation in the city, town, or county where the economic development project is to be located at least ten (10) days in advance of this public hearing.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-15. Approval of Proposed Financing Agreement

Sec. 15. If the authority finds that the economic development project will be of benefit to the health, safety, morals, and general welfare of the area where the economic development project is to be located, and complies with the purposes and provisions of this chapter, the authority may by resolution approve the proposed financing agreement.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-16. Financing Agreement; Payment Provisions

Sec. 16. A financing agreement approved under this chapter must provide for payments in an amount sufficient to pay the principal of, premium for (if any), and interest on the bonds authorized for the financing of the economic development project. However, interest payments for the anticipated construction period, plus a period of not more than one (1) year, may be funded in the bond issue.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-17. Financing Agreement; Limit on Term of an Agreement

Sec. 17. The term of a financing agreement may not exceed fifty (50) years from the date of any bonds issued under the financing agreement. However, a financing agreement does not terminate after fifty (50) years if a default under that financing agreement remains uncured, unless the termination is authorized by the terms of the financing agreement.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-18. Financing Agreement; Requirement for User or Developer to Pay Costs if Authority Retains an Interest in the Project

Sec. 18. If the authority retains an interest in the economic development project, the financing agreement must require the user or the developer to pay all costs of maintenance, repair, taxes, assessments, insurance premiums, trustee's fees, and any other expenses relating to the economic development project, so that the authority will not incur any expenses on account of the economic development project other than those that are covered by the payments provided for in the financing agreement.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-20. Requirements That Must Be Complied With Before Entering Into a Financing Agreement

Sec. 20. As each unidentified economic development project is identified for possible funding from a program under section 19(11) of this chapter, the requirements of sections 12, 13, 14, 15, and 16 of this chapter shall be complied with as a condition precedent to entering into a financing agreement for the funding of the economic development project.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-21. Bonds Not General Obligation of the State

Sec. 21. Bonds issued to fund a program under this chapter are not in any respect a general obligation of the state, nor are they payable in any manner from revenues raised by taxation.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-22. Taxable Bonds; Payment Provisions

Sec. 22. Any resolution adopted to authorize the issuance of taxable bonds to fund a program under section 19(11) of this chapter may provide that the bonds are payable solely from:
(1) revenues and receipts derived from the various financing agreements; or
(2) the payments made under any other agreements to secure the obligations of the developers, users, related persons, or the authority.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-23. Power to Engage in Financing Activities; Purchase of a Loan

Sec. 23. (a) The authority may invest in, purchase or make commitments to invest in or purchase, and take assignments or make commitments to take assignments of, loans made for the acquisition, construction, installation, rehabilitation, or purchase of economic development projects.
(b) Before investment, purchase, assignment, or commitment, the lender shall certify that the proceeds of the authority's bonds will be used to make loans to provide financing for economic development projects, or pending the making of the loan, invested in short term obligations complying with the requirements of this article.
(c) The authority shall purchase a loan at a purchase price equal to the outstanding principal balance, but the authority may require a discount from the principal balance or make a payment of a premium to effect a fair rate of return for the lender, as determined by the rate of return on comparable investments under market conditions existing at the time of purchase.
(d) In addition to the payment of the outstanding principal balance, the authority shall pay the accrued interest due on the loan, on the date the loan is delivered against payment for the loan or on another date as may be established by agreement between the authority and the selling lender.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-24. Lender Certifications

Sec. 24. Before exercising any of the powers authorized in section 23 of this chapter, the authority shall require the lender to certify and agree that:
(1) the loan is, or, if the loan has not been made, will be, at the time of making, in all respects a prudent investment; and
(2) the lender will make the loan and sell the loan to the authority within a reasonable period of time.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-25. Guarantees; Secured Loans; Reservation of Funds

Sec. 25. Before exercising any of the powers conferred by section 23 of this chapter, the authority may:
(1) require that the loan involved be insured by a loan insurer or be guaranteed by a loan guarantor;
(2) require any type of security that the authority considers reasonable and necessary; or
(3) authorize the reservation of funds by lenders in the amount and subject to conditions as the authority considers reasonable and necessary under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-26. Power to Issue Bonds; Cumulative Term of Refunding Bonds

Sec. 26. (a) The authority has the power to issue, from time to time, bonds to renew or to pay bonds, including the interest on these bonds, if these bonds have been issued to finance projects that constitute economic development projects, and whenever the authority considers refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds and partly for any other of its corporate purposes as long as the bonds to be refunded were issued to finance projects that constitute economic development projects.
(b) With respect to any bonds issued under this chapter, the cumulative terms of refunding bonds may not exceed fifty (50) years.
(c) Refunding bonds issued under this section are payable solely from revenues and receipts derived from:
(1) financing agreements with the users or developers of the facilities originally financed by the outstanding bonds, or related persons; or
(2) payments made under guaranty agreements by developers, users, or related persons.
The financing agreements or guaranties may be new financing agreements or guaranties or amendments of the original financing agreements or guaranties.
(d) Sections 13 and 15 of this chapter do not apply to the issuance of refunding bonds under this section.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-27. Property Not Public Property; Not Exempt From Taxation

Sec. 27. (a) Property owned by the authority and leased to a person for an economic development project is not public property.
(b) Any economic development project financed by a loan under the authority of this chapter is not public property and is not exempt from any taxes of this state, or any county, city, or other political subdivision of this state, except for pollution control equipment.
(c) The property and the economic development project are subject to all taxes of this state or any county, city, or other political subdivision of this state in the same manner and subject to the same exemptions that apply to all persons.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-1. Request

Sec. 1. At the request of the department of environmental management, the authority shall carry out the programs established under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-2. Programs

Sec. 2. The following programs are established:
(1) The wastewater revolving loan program.
(2) The drinking water revolving loan program.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-3. Funds

Sec. 3. (a) The following funds are established:
(1) The drinking water revolving loan fund (referred to in this chapter as the "drinking water SRF fund" or "fund").
(2) The wastewater revolving loan fund (referred to in this chapter as the "wastewater SRF fund" or "fund").
(b) The authority shall administer, hold, and manage each fund.
(c) Except as provided in the federal Clean Water Act or the federal Safe Drinking Water Act, the cost of administering either fund or program may be paid from the appropriate fund or from other money.
(d) All money accruing to each fund and money allotted to the state under federal law is appropriated continuously for the purposes specified in this chapter.
(e) Money in the each fund does not revert to the state general fund at the end of a state fiscal year.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-4. Funds; Purpose

Sec. 4. Each fund is established to provide money for loans and other financial assistance under this chapter to or for the benefit of participants, including forgiveness of principal if allowed under federal law.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-5. Money; Sources

Sec. 5. (a) The general assembly may appropriate money to either fund.
(b) Grants or gifts of money to either fund from the federal government or other sources and the proceeds of the sale of:
(1) gifts to either fund; and
(2) loans and other financial assistance, as provided in sections 11 through 15 of this chapter;
shall be deposited in the appropriate fund.
(c) Repayments of loans and other financial assistance from either fund, including interest, premiums, and penalties, shall be deposited in the appropriate fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-6. Money; Investment

Sec. 6. (a) The authority shall invest the money in each fund in accordance with an investment policy adopted by the authority. Interest, premiums, gains, or other earnings from the investments shall be credited to and deposited in the appropriate fund.
(b) As an alternative to subsection (a), the authority may invest or cause to be invested all or a part of each fund in a fiduciary account or accounts with a trustee that is a financial institution. Notwithstanding any other law, any investment may be made by the trustee in accordance with one (1) or more trust agreements or indentures. A trust agreement or indenture may permit disbursements by the trustee to:
(1) a participant;
(2) the authority; or
(3) any person to which the authority or a participant is obligated, as provided in the trust agreement or indenture.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-7. Money; Uses

Sec. 7. (a) Money in the wastewater SRF fund may be used for wastewater collection and treatment systems.
(b) Money in the drinking water SRF fund may be used for public water systems that will facilitate compliance with national primary drinking water regulations applicable to public water systems under the federal Safe Drinking Water Act or otherwise significantly further the health protection objectives of the federal Safe Drinking Water Act.
(c) Money in each fund may be used to do the following:
(1) Provide loans or other financial assistance to participants for:
(A) the planning;
(B) the designing;
(C) the construction;
(D) the renovation;
(E) the improvement;
(F) the expansion; or
(G) any combination of the activities described in clauses (A) through (F);
for the purposes described in subsections (a) and (b), including other activities necessary or convenient to complete these tasks.
(2) Pay the cost of administering each fund and program.
(3) Carry out any purpose eligible for assistance under the federal Clean Water Act or the federal Safe Drinking Water Act.
(4) Conduct all other activities that are allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-8. Technical, Managerial, and Financial Capacity

Sec. 8. The authority may develop and implement a strategy to assist participants in acquiring and maintaining technical, managerial, and financial capacity as contemplated by the federal Clean Water Act or the federal Safe Drinking Water Act.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-9. Discretion of the Authority

Sec. 9. This chapter does not require the authority to provide a loan or other financial assistance to any participant to the extent the authority determines the loan or financial assistance is not in the best interests of the wastewater or drinking water program and the authority.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-10. Contracting; Authorization

Sec. 10. The authority may contract with the department of environmental management or any other entity or person for assistance in administering the wastewater or drinking water program and the wastewater SRF fund or drinking water SRF fund and in carrying out the purposes of this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-11. Duties

Sec. 11. For the purposes of this chapter, the authority shall do the following:
(1) Administer, hold, and manage all aspects of each fund and the wastewater or drinking water program, and any related fund or account the authority creates under this chapter.
(2) Be the point of contact in relations with the United States Environmental Protection Agency.
(3) Prepare and provide wastewater or drinking water program information.
(4) Ensure that each proposed financial assistance agreement meets the environmental and technical aspects of the wastewater or drinking water program.
(5) Periodically inspect project design and construction to determine compliance with the following:
(A) This chapter.
(B) The federal Clean Water Act or the federal Safe Drinking Water Act.
(C) Construction plans and specifications.
(6) Negotiate the negotiable aspects of each financial assistance agreement.
(7) Manage any payment systems through which the state receives grant payments from the federal government for the wastewater or drinking water program and disbursements to the wastewater SRF fund or drinking water SRF fund.
(8) Prepare annual reports concerning each fund and program.
(9) Be the point of contact with participants and other interested persons in preparing and providing wastewater or drinking water program information.
(10) Prepare or cause to be prepared each financial assistance agreement.
(11) Sign each financial assistance agreement.
(12) Conduct or cause to be conducted an evaluation as to the financial ability of each participant to pay the loan or other financial assistance and other obligations evidencing the loans or other financial assistance, if required to be paid, and comply with the financial assistance agreement.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-12. Provision of Services

Sec. 12. The authority may provide services to a participant in connection with a loan or other financial assistance, including advisory and other services.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-13. Fees

Sec. 13. (a) In connection with the wastewater or drinking water program, the authority may:
(1) charge a fee for services provided;
(2) charge a fee for costs and services incurred in the review or consideration of an application for a proposed loan or other financial assistance to or for the benefit of a participant under this chapter, regardless of whether the application is approved or rejected; and
(3) charge a fee (or cause interest on a loan made from the wastewater SRF fund or drinking water SRF fund to be so designated) in any manner allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
(b) A participant may pay fees charged under this section. If directed by the authority, a fee charged under this section may be instead of all or a portion of a scheduled interest payment.
(c) Fees shall be held and applied by the authority in any manner allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-14. Priority Ranking System

Sec. 14. (a) The authority shall use a priority ranking system in making loans or other financial assistance from each fund.
(b) The authority, in consultation with other state agencies the authority determines to be appropriate, shall develop the priority ranking system to achieve optimum water quality consistent with federal primary drinking water regulations and health protection objectives of the federal Safe Drinking Water Act, the water quality goals of the state, and the federal Clean Water Act.
(c) The ranking system shall prioritize loans securing longer term benefits over shorter term projects, all other factors being equal.
As added by P.L.189-2018, SEC.25. Amended by P.L.120-2021, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-15. Loans or Other Financial Assistance; Authorization

Sec. 15. (a) The authority may make loans or provide other financial assistance from each fund to or for the benefit of a participant for the following:
(1) Establish guaranties, reserves, or sinking funds, including guaranties, reserves, or sinking funds to secure and pay, in whole or in part, loans or other financial assistance made from sources other than the wastewater SRF fund or drinking water SRF fund (including financial institutions) for a purpose permitted by this chapter.
(2) Provide interest subsidies.
(3) Pay financing charges, including interest on the loan or other financial assistance during construction and for a reasonable period after the completion of construction.
(b) The authority shall establish the terms and conditions that the authority considers necessary or convenient to:
(1) make loans; or
(2) provide other financial assistance under this chapter.
(c) Notwithstanding any other law, the authority may establish and implement requirements that:
(1) apply to loans and other financial assistance to be made to participants that are not political subdivisions; and
(2) are different from, or in addition to, requirements that apply to loans and financial assistance made to political subdivisions.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-16. Loans or Other Financial Assistance; Required Asset Management Program and Reports

Sec. 16. (a) A loan or other financial assistance from either fund must be accompanied by the following:
(1) All papers and opinions required by the authority.
(2) Unless otherwise provided by the guidelines of the authority, the following:
(A) An approving opinion of nationally recognized bond counsel.
(B) A certification and guarantee of signatures.
(C) A certification that, as of the date of the loan or other financial assistance:
(i) no litigation is pending challenging the validity of or entry into the loan or other financial assistance or any security for the loan or other financial assistance; or
(ii) if litigation is pending, the litigation will not have a material adverse effect on the validity of the loan or other financial assistance or any security for the loan or other financial assistance.
(D) If litigation is pending, as an alternative to the certification described in clause (C), an opinion of legal counsel that the litigation will not have a material adverse effect on the validity of the loan or other financial assistance.
(E) Documentation demonstrating that the participant has the financial, managerial, technical, and legal capability of operating and maintaining its water or wastewater collection and treatment system.
(b) Each participant to which, or for the benefit of which:
(1) a loan, grant, or other financial assistance is awarded before July 1, 2023, must demonstrate that it has developed or is in the process of developing an asset management program, as defined in the guidelines of the authority; or
(2) a loan, grant, or other financial assistance is awarded after June 30, 2023:
(A) must demonstrate that it has developed:
(i) an asset management program, as defined in the guidelines of the authority; and
(ii) an estimate of the life cycle management costs, as defined in the guidelines of the authority, that will be incurred over the useful life of the asset to be financed with the loan, grant, or other financial assistance;
not later than the time of submission of the participant's preliminary engineering report for any project for which the loan, grant, or other financial assistance would be provided;
(B) must report to the authority on an ongoing basis, at such times as the authority shall prescribe, the actual life cycle management costs incurred by the participant over the useful life of the asset; and
(C) in the case of a participant that is not under the jurisdiction of the Indiana utility regulatory commission, must regularly report, at such times and in such manner as the authority shall prescribe, to all:
(i) customers;
(ii) counties; and
(iii) municipalities;
within the participant's service territory such information concerning the participant's asset management program and utility asset life cycle management costs as the authority may require.
As added by P.L.189-2018, SEC.25. Amended by P.L.18-2022, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-17. Financial Assistance Agreement

Sec. 17. A participant receiving a loan or other financial assistance from the wastewater SRF fund or drinking water SRF fund shall enter into a financial assistance agreement. A financial assistance agreement related to the wastewater or drinking water program is a valid, binding, and enforceable agreement of the participant.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-18. Sale or Pledging of Loans; Federal Restrictions

Sec. 18. The authority may sell or pledge loans or evidence of other financial assistance and other obligations of participants to the extent allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-19. Pledging of Loans or Property

Sec. 19. (a) The authority may pledge loans or evidence of other financial assistance and other obligations of participants evidencing the loans or other financial assistance from the wastewater SRF fund or drinking water SRF fund to secure:
(1) other loans or financial assistance from the wastewater SRF fund or drinking water SRF fund to or for the benefit of participants; or
(2) other loans or financial assistance from the supplemental fund to or for the benefit of participants;
to the extent allowed by the federal Safe Drinking Water Act or the federal Clean Water Act.
(b) The authority must approve the terms of a pledge under this section.
(c) Notwithstanding any other law, a pledge of property made by the authority under this section is binding from the time the pledge is made. Revenues, other money, or other property pledged and that is received after the pledge are immediately subject to the lien of the pledge without any other act. The lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against:
(1) the drinking water SRF fund;
(2) the wastewater SRF fund; or
(3) the authority;
regardless of whether the parties have notice of any lien.
(d) A resolution, an indenture, or another instrument by which a pledge is created does not have to be filed or recorded, except in the records of the authority.
(e) Action taken to:
(1) enforce a pledge under this section; and
(2) realize the benefits of the pledge;
is limited to the property pledged.
(f) A pledge under this section does not create a liability or indebtedness of the state.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-20. Interest Rates

Sec. 20. (a) The authority shall establish the interest rate or parameters for establishing the interest rate on each loan made under this chapter, including parameters for establishing the amount of interest subsidies.
(b) The authority, in setting the interest rate or parameters for establishing the interest rate on each loan, may take into account the following:
(1) Credit risk.
(2) Environmental, water quality, and health protection.
(3) Affordability.
(4) Other fiscal factors the authority considers relevant, including the wastewater or drinking water program's cost of funds and whether the financial assistance provided to a particular participant is taxable or tax exempt under federal law.
Based on the factors set forth in subdivisions (1) through (4), more than one (1) interest rate may be established and used for loans or other financial assistance to different participants or for different loans or other financial assistance to the same participants.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-21. Sufficient User Charges

Sec. 21. The authority shall require a participant receiving a loan or other financial assistance under this chapter to establish under applicable law and maintain sufficient user charges or other charges, fees, taxes, special assessments, or revenues available to the participant to:
(1) operate and maintain the public water or wastewater collection and treatment system; and
(2) pay the obligations of the public water system.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-22. Guidelines

Sec. 22. The authority may adopt guidelines, without complying with IC 4-22-2, to govern the administration of this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-23. Leveraged Loan Program; Authorization

Sec. 23. (a) As an alternative to making loans or providing other financial assistance to participants, the authority may use the money in either fund to provide a leveraged loan program and other financial assistance programs allowed by the federal Clean Water Act or the federal Safe Drinking Water Act to or for the benefit of participants, including using money in the wastewater SRF fund or drinking water SRF fund to enhance the obligations of participants issued for the purposes of this chapter by:
(1) granting money to:
(A) be deposited in:
(i) a capital fund or reserve fund established under IC 5-1.2-4 or another statute or a trust agreement or indenture as contemplated by this chapter; or
(ii) an account established within a fund described in item (i); or
(B) provide interest subsidies;
(2) paying bond insurance premiums, reserve insurance premiums, or credit enhancement, liquidity support, remarketing, or conversion fees, or other similar fees or costs for obligations of a participant or for bonds issued by the authority, if credit market access is improved or interest rates are reduced; or
(3) guaranteeing all or a part of obligations issued by participants or bonds issued by the authority.
(b) A guarantee of obligations or bonds under subsection (a)(3) must be limited to money in the wastewater SRF fund or drinking water SRF fund and the supplemental fund. A guarantee under subsection (a)(3) does not create a liability or indebtedness of the state.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 10. Wastewater and Drinking Water Revolving Loan Programs › 5-1.2-10-24. Leveraged Loan Program; Authorization

Sec. 24. Notwithstanding any other law, and to the extent allowed by the federal Clean Water Act or the federal Safe Drinking Water Act, money in the wastewater SRF fund or drinking water SRF fund, together with loan repayments to be deposited in the wastewater SRF fund or drinking water SRF fund, may be used to establish a leveraged loan program or other financial assistance programs established in connection with the wastewater SRF fund or drinking water SRF fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-1. Request

Sec. 1. At the request of the department of environmental management, the authority shall carry out the program established under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-2. Supplemental Program; Establishment

Sec. 2. The supplemental drinking water and wastewater assistance program (referred to in this chapter as "supplemental program") is established.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-3. Supplemental Fund

Sec. 3. (a) The supplemental drinking water and wastewater assistance fund (referred to in this chapter as "supplemental fund") is established.
(b) The authority shall administer, hold, and manage the supplemental fund.
(c) The cost of administering the supplemental fund may be paid from money in the supplemental fund.
(d) All money accruing to the supplemental fund is appropriated continuously for the purposes specified in this chapter.
(e) Money in the supplemental fund does not revert to the state general fund at the end of a state fiscal year.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-4. Money; Sources

Sec. 4. (a) The general assembly may appropriate money to the supplemental fund.
(b) Grants or gifts of money to the supplemental fund and proceeds of the sale of:
(1) gifts to the supplemental fund; and
(2) loans and other financial assistance, as provided in this chapter;
shall be deposited in the supplemental fund.
(c) Repayments of loans and other financial assistance from the supplemental fund, including interest, premiums, and penalties, shall be deposited in the supplemental fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-5. Money; Investment

Sec. 5. (a) The authority shall invest the money in the supplemental fund in accordance with an investment policy adopted by the authority. Interest, premiums, gains, or other earnings from the investments shall be credited to and deposited in the supplemental fund.
(b) As an alternative to subsection (a), the authority may invest or cause to be invested all or a part of the supplemental fund in a fiduciary account or accounts with a trustee that is a financial institution. Notwithstanding any other law, any investment may be made by the trustee in accordance with one (1) or more trust agreements or indentures. A trust agreement or indenture may permit disbursements by the trustee to the authority, a participant, or any other person as provided in the trust agreement or indenture.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-6. Uses of Money in Supplemental Fund

Sec. 6. Money in the supplemental fund may be used to do the following:
(1) Provide grants, loans, or other financial assistance to or for the benefit of participants for the planning, designing, acquisition, construction, renovation, improvement, or expansion of the following:
(A) A public water system, whether or not those other activities are allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
(B) A wastewater or storm water collection and treatment system.
The money may be used to pay for other activities necessary or convenient to complete these tasks, regardless of whether those other activities are allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
(2) Provide grants, loans, or other financial assistance to political subdivisions for tasks associated with the development and preparation of:
(A) long term control plans;
(B) use attainability analyses; and
(C) storm water management programs.
(3) Provide grants, loans, or other financial assistance to or for the benefit of participants for the planning, designing, acquisition, construction, renovation, improvement, or expansion of septic relief systems in accordance with guidelines of the authority.
(4) Provide interest subsidies.
(5) Establish guaranties, reserves, or sinking funds, including guaranties, reserves, or sinking funds to secure and pay, in whole or in part, loans or other financial assistance made from sources other than the supplemental fund (including financial institutions) for a purpose allowed by subdivision (1).
(6) Pay financing charges, including interest on the loan or other financial assistance during construction and for a reasonable period after the completion of construction.
(7) Pay the cost of administering the supplemental fund and the supplemental program.
(8) Conduct all other activities that are allowed by the federal Clean Water Act or the federal Safe Drinking Water Act.
As added by P.L.189-2018, SEC.25. Amended by P.L.18-2022, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-7. Grants, Loans, or Other Financial Assistance; Criteria

Sec. 7. The authority shall develop criteria to make or provide grants, loans, or other financial assistance from the supplemental fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 11. Supplemental Drinking Water and Wastewater Assistance Program › 5-1.2-11-8. Grants, Loans, or Other Financial Assistance; Terms and Conditions

Sec. 8. The authority must establish the terms and conditions that the authority considers necessary or convenient to make grants or loans or provide other financial assistance under this chapter.
As added by P.L.189-2018, SEC.25.