reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 2. Definitions › 5-1.2-2-33. "Health Facility Property"

Sec. 33. "Health facility property", for purposes of IC 5-1.2-7, means any tangible or intangible property or asset owned or used by a participating provider that:
(1) is determined by the authority to be necessary or helpful, directly or indirectly, to provide:
(A) health care;
(B) medical research;
(C) training or teaching of health care personnel;
(D) habilitation, rehabilitation, or therapeutic services; or
(E) any related supporting services;
regardless of whether the property is in existence at the time of, or is to be provided after the making of, the finding;
(2) is:
(A) a residential facility for individuals with a physical, mental, or emotional disability;
(B) a residential facility for individuals with a physical or mental illness; or
(C) a residential facility for the elderly; or
(3) is a licensed child caring institution providing residential care described in IC 12-7-2-29(1) or corresponding provisions of the laws of the state in which the property is located.
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 2. Definitions › 5-1.2-2-35. "Indiana Brownfields Fund"

Sec. 35. "Indiana brownfields fund" refers to the Indiana brownfields fund established by IC 5-1.2-12-3.
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 2. Definitions › 5-1.2-2-36. "Indiana Brownfields Program"

Sec. 36. "Indiana brownfields program" refers to the Indiana brownfields program established by IC 5-1.2-12-2.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 2. Definitions › 5-1.2-2-38. "Ismel"

Sec. 38. "ISMEL" refers to the Indiana secondary market for education loans, incorporated, designated by the governor under IC 20-12-21.2-2 (before its repeal) or IC 21-16-5-1.
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 2. Definitions › 5-1.2-2-39. "Issuer"

Sec. 39. "Issuer", for purposes of IC 5-1.2-16, means the authority, IHCDA, ISMEL, a local unit, or any other issuer of bonds that must procure volume under the volume cap.
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 2. Definitions › 5-1.2-2-40. "Liability"

Sec. 40. "Liability", for purposes of an educational facility project under IC 5-1.2-8, means legal liability for damages (including costs of defense, legal costs and fees, and other claims for expenses) because of injuries to other persons or entities, damage to the property or business of other persons or entities, or other damage or loss to the other persons or entities resulting from or arising out of any activity of an eligible member.
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 2. Definitions › 5-1.2-2-41. "Liability or Other Loss Insurance Reserves"

Sec. 41. "Liability or other loss insurance reserves", for purposes of an educational facility project under IC 5-1.2-8, means a fund or funds set aside as a reserve to cover risk retained by an eligible member in connection with liability claims or other losses.
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 2. Definitions › 5-1.2-2-42. "Loan Contract"

Sec. 42. "Loan contract", for purposes of financing a state facility under IC 5-1.2-5, means a debt instrument other than a revenue bond and includes but is not limited to a note.
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 2. Definitions › 5-1.2-2-45. "Local Transportation Infrastructure Revolving Fund"

Sec. 45. "Local transportation infrastructure revolving fund" refers to the local transportation infrastructure revolving fund established under the local transportation infrastructure 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 2. Definitions › 5-1.2-2-47. "Mental Health Facility"

Sec. 47. "Mental health facility", for purposes of IC 5-1.2-5, means a building, a structure, or an improvement for the care, maintenance, or treatment of persons with mental or addictive disorders.
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 2. Definitions › 5-1.2-2-49. "Naics Manual"

Sec. 49. "NAICS Manual" refers to the current edition of the North American Industry Classification System Manual - United States published by the National Technical Information Service of the United States Department of Commerce.
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 2. Definitions › 5-1.2-2-50. "Net Revenues"

Sec. 50. "Net revenues", for purposes of financing a health facility and health facility property under IC 5-1.2-7, means the revenues of a hospital remaining after provision for proper and reasonable expenses of operation, repair, replacement, and maintenance of the hospital.
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 2. Definitions › 5-1.2-2-51. "Nonprofit College or University"

Sec. 51. "Nonprofit college or university", for purposes of an educational facility project under IC 5-1.2-8, has the meaning set forth in IC 21-7-13-23(a).
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 2. Definitions › 5-1.2-2-52. "Park"

Sec. 52. "Park", for purposes of IC 5-1.2-6, includes any land suitable for public recreational facilities, including all parks, reservoirs, land, and water under the jurisdiction of the department of natural resources. The term does not include park and park facilities of political subdivisions 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 2. Definitions › 5-1.2-2-53. "Park Project"

Sec. 53. "Park project", for purposes of IC 5-1.2-6, includes facilities, renovations, improvements, adjuncts, and appurtenances necessary or proper to the operation of public parks, such as the following:
(1) Means of ingress and egress and interior arterial systems.
(2) Food and lodging facilities.
(3) Camping areas.
(4) Boating facilities.
(5) Public participation sports facilities.
(6) Parking lots.
(7) Garages.
(8) Trailer sites.
(9) Automotive service facilities.
(10) Communication systems.
(11) Sewers, drains, and other sanitary facilities for the treatment of sewage, garbage, and wastes.
(12) The furnishing of utility service necessary to serve the property under the jurisdiction or control of the commission.
(13) Other buildings and facilities whose acquisition and use are consistent with the purposes of this chapter.
The term does not include park and park facilities of political subdivisions of the state or the acquisition of railroad rights-of-way.
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 2. Definitions › 5-1.2-2-54. "Participant"

Sec. 54. "Participant" means the following:
(1) For purposes of the wastewater program established under IC 5-1.2-10:
(A) a political subdivision; or
(B) any person, entity, association, trust, or other manner of participant allowed by law to enter contractual arrangements for a purpose eligible for assistance under the federal Clean Water Act.
(2) For purposes of the drinking water program established under IC 5-1.2-10:
(A) a political subdivision; or
(B) any person, entity, association, trust, or other manner of participant allowed by law to enter contractual arrangements for a purpose eligible for assistance under the federal Safe Drinking Water Act.
(3) For purposes of the supplemental program established under IC 5-1.2-11, the Indiana brownfields program established under IC 5-1.2-12, the flood control program established under IC 5-1.2-13, the water infrastructure assistance program established under IC 5-1.2-14, and the water infrastructure grant program established by IC 5-1.2-14.5:
(A) a political subdivision;
(B) the Kankakee River basin and Yellow River basin development commission established by IC 14-13-9-6; or
(C) any person, entity, association, trust, or other manner of participant allowed by law to enter contractual arrangements for a purpose eligible for assistance under those chapters.
(4) For purposes of the local transportation infrastructure program established under IC 5-1.2-15:
(A) a political subdivision;
(B) an agency, authority, department, instrumentality, or body corporate and politic acting on behalf of a political subdivision; or
(C) a regional authority, instrumentality, or body corporate and politic acting on behalf of one (1) or more entities described in clause (A) or (B).
(5) For purposes of the residential housing infrastructure assistance program established by IC 5-1.2-15.5, a political subdivision.
As added by P.L.189-2018, SEC.25. Amended by P.L.282-2019, SEC.1; P.L.154-2021, SEC.4; P.L.204-2023, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 2. Definitions › 5-1.2-2-57. "Political Subdivision"

Sec. 57. "Political subdivision" means any of the following:
(1) A political subdivision (as defined in IC 36-1-2-13).
(2) A regional water, sewage, or solid waste district organized under:
(A) IC 13-26; or
(B) IC 13-3-2 (before its repeal July 1, 1996).
(3) A local public improvement bond bank organized under IC 5-1.4.
(4) A qualified entity described in IC 5-1.5-1-8(4) that is a public water utility described in IC 8-1-2-125.
(5) A conservancy district established pursuant to IC 14-33.
(6) A district organized under IC 14-27-8.
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 2. Definitions › 5-1.2-2-58. "Pollution"

Sec. 58. "Pollution", for purposes of IC 5-1.2-9, means all forms of environmental pollution, including water pollution, air pollution, sewage, solid and radioactive waste, thermal pollution, radiation contamination, and noise pollution.
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 2. Definitions › 5-1.2-2-58.4. "Pollution Control Facility"

Sec. 58.4. "Pollution control facility", for purposes of IC 5-1.2-9, means a facility for the abatement, reduction, or prevention of pollution or for the removal or treatment of any substances in materials being processed that otherwise would cause pollution when used. This includes the following:
(1) Coal washing, coal cleaning, or coal preparation facilities designed to reduce the sulfur and ash levels of Indiana coal.
(2) Coal-fired boiler facilities designed to reduce emissions while burning Indiana coal.
(3) Pollution control equipment to allow for the environmentally sound use of Indiana coal.
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 2. Definitions › 5-1.2-2-59. "Program" or "Programs"

Sec. 59. "Program" or "programs" means:
(1) the drinking water program established under IC 5-1.2-10;
(2) the Indiana brownfields program established under IC 5-1.2-12;
(3) the flood control program established under IC 5-1.2-13;
(4) the water infrastructure assistance program established under IC 5-1.2-14;
(5) the local transportation infrastructure program established under IC 5-1.2-15;
(6) the storm water management program;
(7) the supplemental program established under IC 5-1.2-11;
(8) the wastewater program established under IC 5-1.2-10;
(9) the water infrastructure grant program established by IC 5-1.2-14.5; and
(10) the residential housing infrastructure assistance program established by IC 5-1.2-15.5.
As added by P.L.189-2018, SEC.25. Amended by P.L.154-2021, SEC.5; P.L.204-2023, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 2. Definitions › 5-1.2-2-61. "Public Water System"

Sec. 61. "Public water system", for purposes of the drinking water program established under IC 5-1.2-10, and the supplemental program established under IC 5-1.2-11, has the meaning set forth in 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 2. Definitions › 5-1.2-2-62. "Referenced Statutes"

Sec. 62. "Referenced statutes" means all statutes that grant a power to or impose a duty on the authority, including but not limited to this article, IC 5-1-17, IC 5-1-17.5, IC 5-1.3, IC 8-9.5, IC 8-14.5, IC 8-15, IC 8-15.5, and IC 8-16.
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 2. Definitions › 5-1.2-2-63. "Regional Blood Center"

Sec. 63. "Regional blood center", for purposes of financing a health facility and health facility property under IC 5-1.2-7, means a nonprofit corporation or corporation created under 36 U.S.C. 1 that:
(1) is:
(A) accredited by the American Association of Blood Banks; or
(B) registered or licensed by the Food and Drug Administration of the Department of Health and Human Services; and
(2) owns and operates a health facility that is primarily engaged in:
(A) drawing, testing, processing, and storing human blood and providing blood units or components to hospitals; or
(B) harvesting, testing, typing, processing, and storing human body tissue and providing this tissue to hospitals.
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 2. Definitions › 5-1.2-2-64. "Regional Health Facility"

Sec. 64. "Regional health facility", for purposes of financing a state facility under IC 5-1.2-5, means a building, a structure, or an improvement to a building or structure for the care, maintenance, or treatment of adults or children with mental illness, developmental disabilities, addictions, or other medical or rehabilitative needs.
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 2. Definitions › 5-1.2-2-65. "Remediation"

Sec. 65. "Remediation", for purposes of the Indiana brownfields program established under IC 5-1.2-12, means any of the following:
(1) Actions necessary to:
(A) prevent;
(B) minimize; or
(C) mitigate;
damages to the public health or welfare or to the environment that may otherwise result from a release or threat of a release of hazardous substances or petroleum.
(2) Actions consistent with a permanent remedy taken instead of or in addition to removal actions if a release or threatened release of a hazardous substance or petroleum into the environment occurs to eliminate the release of hazardous substances or petroleum so that the hazardous substances or petroleum do not migrate to cause substantial danger to present or future public health or welfare or the environment.
(3) The clean-up or removal of released hazardous substances or petroleum from the environment.
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 2. Definitions › 5-1.2-2-66. "Revenues"

Sec. 66. "Revenues", for purposes of an educational facility project under IC 5-1.2-8, means the rents, fees, charges, and other income or profit derived from the educational facility 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 2. Definitions › 5-1.2-2-67. "Risk Retention Group"

Sec. 67. "Risk retention group", for purposes of an educational facility project under IC 5-1.2-8, means a trust, pool, corporation, limited liability company, partnership, or joint venture funded by and owned and operated for the benefit of more than one (1) eligible member.
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 2. Definitions › 5-1.2-2-68. "Safe Drinking Water Act"

Sec. 68. "Safe Drinking Water Act" refers to:
(1) 42 U.S.C. 300f et seq., and laws supplemental and ancillary to these laws; and
(2) regulations adopted under 42 U.S.C. 300f et seq., and laws supplemental and ancillary to these regulations.
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 2. Definitions › 5-1.2-2-70. "Special Volume Cap"

Sec. 70. "Special volume cap" means the maximum dollar amount of bonds that may be allocated to the state under the authority of a federal act. The special volume cap is in addition to the volume cap as defined in section 80 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 2. Definitions › 5-1.2-2-71. "State Agency"

Sec. 71. "State agency" means an authority, a board, a commission, a committee, a department, a division, or other instrumentality of state government, but does not include a state educational institution.
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 2. Definitions › 5-1.2-2-72. "State Educational Institution"

Sec. 72. "State educational institution", for purposes of an educational facility project under IC 5-1.2-8, has the meaning set forth in IC 21-7-13-32.
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 2. Definitions › 5-1.2-2-73. "State Facility"

Sec. 73. " State facility", for purposes of IC 5-1.2-5, means all or any part of one (1) or more buildings, structures, or improvements (whether new or existing), or parking areas (whether surface or an above or below ground parking garage or garages), owned or leased by the authority or the state for the purpose of:
(1) housing the personnel or activities of state agencies or branches of state government;
(2) providing transportation or parking for state employees or persons having business with state government;
(3) providing a correctional facility;
(4) providing a mental health facility; or
(5) providing a regional health facility.
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 2. Definitions › 5-1.2-2-74. "Storm Water Management Program"

Sec. 74. "Storm water management program" means a program that is consistent with the requirements in:
(1) 40 CFR 122.26(d)(2)(iv) for a proposed management program; or
(2) 40 CFR 122.34 for a storm water management 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 2. Definitions › 5-1.2-2-75. "Supplemental Fund"

Sec. 75. "Supplemental fund" refers to the supplemental drinking water and wastewater assistance fund established by IC 5-1.2-11.
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 2. Definitions › 5-1.2-2-76. "Supplemental Program"

Sec. 76. "Supplemental program" refers to the supplemental drinking water and wastewater assistance program established by IC 5-1.2-11.
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 2. Definitions › 5-1.2-2-77. "Taxable Bonds"

Sec. 77. "Taxable bonds" means bonds, the interest on which will not be excluded from the gross income of the owners of the bonds under Section 103 of the Internal Revenue Code.
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 2. Definitions › 5-1.2-2-78. "Tax Exempt Bonds"

Sec. 78. "Tax exempt bonds" means bonds, the interest on which is excludable from the gross income of the owners of the bonds under Section 103 of the Internal Revenue Code.
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 2. Definitions › 5-1.2-2-79. "User"

Sec. 79. "User" means a person who has entered into a financing agreement with the authority or lender or a contract for use with the developer or lender in contemplation of the person's use of an 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 2. Definitions › 5-1.2-2-80. "Volume Cap"

Sec. 80. "Volume cap", as it relates to a year, means the maximum dollar amount of bonds that may be issued by issuers within that year under Section 146 of the Internal Revenue Code.
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 2. Definitions › 5-1.2-2-81. "Wastewater Program"

Sec. 81. "Wastewater program" refers to the wastewater revolving loan program established by IC 5-1.2-10.
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 2. Definitions › 5-1.2-2-82. "Wastewater Srf Fund"

Sec. 82. "Wastewater SRF fund" refers to the wastewater revolving loan fund established by IC 5-1.2-10.
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 2. Definitions › 5-1.2-2-83. "Wastewater Infrastructure Assistance Program"

Sec. 83. "Water infrastructure assistance program" refers to the water infrastructure assistance program established by IC 5-1.2-14.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 3. Indiana Finance Authority › 5-1.2-3-1. Establishment; Membership

Sec. 1. (a) There is established for the public purposes set forth in this article a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions, to be known as the Indiana finance authority. The authority is separate and apart from the state in its corporate and sovereign capacity, and though separate from the state, the exercise by the authority of its powers constitutes an essential governmental, public, and corporate function.
(b) The authority is comprised of five (5) members.
(c) The members are as follows:
(1) The director of the office of management and budget, or the director's designee, who shall serve as chair of the authority.
(2) The treasurer of state, or the treasurer of state's designee.
(3) Three (3) members appointed by the governor, not more than two (2) of whom may be from the same political party.
(d) All members must be residents of Indiana.
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 3. Indiana Finance Authority › 5-1.2-3-2. Members; Terms of Office

Sec. 2. Appointments to the authority under section 1(c)(3) of this chapter are for terms of four (4) years. Each member appointed to the authority under section 1(c)(3) of this chapter:
(1) holds office for the term of this appointment;
(2) continues to serve after expiration of the appointment until a successor is appointed and qualified;
(3) is eligible for reappointment; and
(4) may be removed from office by the governor with or without cause and serves at the pleasure of the governor.
The governor shall fill a vacancy for the unexpired term of any member appointed under section 1(c)(3) 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 3. Indiana Finance Authority › 5-1.2-3-3. Officers; Compensation of Members

Sec. 3. (a) The members shall elect from among their number a vice chair and other officers as they may determine.
(b) The members of the authority are entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with their duties as provided by law. Members are not entitled to the salary per diem provided by IC 4-10-11-2.1(b) or any other compensation while performing their duties.
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 3. Indiana Finance Authority › 5-1.2-3-4. Vesting of Powers; Quorum; Voting

Sec. 4. The powers of the authority are vested in the members. Three (3) members of the authority constitute a quorum for the transaction of business. The affirmative vote of at least three (3) members is necessary for any action to be taken by the authority. Members may vote by written proxy delivered in advance to any other member who is present at the meeting. A vacancy in the membership of the authority does not impair the right of a quorum to exercise all rights and perform all duties 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 3. Indiana Finance Authority › 5-1.2-3-5. Meetings

Sec. 5. Meetings of the members of the authority shall be held at the call of the chair or whenever any three (3) members so request. The members shall meet at least once every three (3) months to attend to the business 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 3. Indiana Finance Authority › 5-1.2-3-6. Public Finance Director; Powers and Duties

Sec. 6. The governor shall appoint the public finance director, who serves at the pleasure of the governor. The public finance director shall:
(1) administer, manage, and direct the affairs and activities of the authority and the employees of the authority in accordance with the policies and under the control and direction of the members of the authority;
(2) approve all accounts for salaries, allowable expenses of the authority or of any employee or consultant, and expenses incidental to the operation of the authority; and
(3) perform other duties as may be directed by the members of the authority in carrying out the purposes of the referenced statutes.
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 3. Indiana Finance Authority › 5-1.2-3-7. Public Finance Director; Designee; Attendance; Record Keeping Duties; Certification of Copies

Sec. 7. The public finance director, or the public finance director's designee, shall attend the meetings of the members of the authority, shall keep a record of the proceedings of the authority, and shall maintain and be custodian of all books, documents, and papers filed with the authority and its official seal. The public finance director may make copies of all minutes and other records and documents of the authority and may give certificates under seal of the authority to the effect that the copies are true copies. All persons dealing with the authority may rely upon these certificates.
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 3. Indiana Finance Authority › 5-1.2-3-8. Employment; Delegation of Administrative Duties

Sec. 8. (a) The authority may, without the approval of the attorney general or any other state officer, employ bond counsel, other legal counsel, technical experts, and such other officers, agents, and employees, permanent or temporary, as the authority considers necessary to carry out the efficient operation of the authority, and shall determine their qualifications, duties, compensation, and terms of service. The authority shall fix the compensation of the public finance director.
(b) The members of the authority may adopt a resolution delegating to:
(1) a member of the authority;
(2) the public finance director; or
(3) one (1) or more agents or employees of the authority;
administrative duties that they consider proper, including the powers of the authority set forth in this chapter.
(c) Employees of the authority shall not be considered employees 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 3. Indiana Finance Authority › 5-1.2-3-9. Members; Conflicts of Interest; Disclosure

Sec. 9. Any member or employee of the authority who has, will have, or later acquires an interest, direct or indirect, in any transaction with the authority shall immediately disclose the nature and extent of the interest in writing to the authority as soon as the member or employee has knowledge of the actual or prospective interest. The disclosure shall be announced in an open meeting and entered in the minutes of the authority. Upon disclosure, the member or employee shall not participate in any action by the authority authorizing the transaction. An interest shall not invalidate actions by the authority with the participation of the disclosing member before the time when the member became aware of the interest or should reasonably have become aware of the interest.
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 3. Indiana Finance Authority › 5-1.2-3-10. State Officers and Employees; Nonforfeiture of Offices and Employment

Sec. 10. Notwithstanding any other law, no officer or employee of the state forfeits the officer's or employee's office or employment by reason of the officer's or employee's acceptance of membership in the authority or by reason of the officer or employee providing services to 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 3. Indiana Finance Authority › 5-1.2-3-11. Members; Surety Bonds

Sec. 11. (a) Each member of the authority, the public finance director, and any other employee or agent of the authority authorized by resolution of the authority to handle funds or sign checks, before beginning the individual's duties, shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual need not obtain another bond so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the authority. Instead of a bond, the chair of the authority may execute a blanket surety bond covering each member and the employees or other officers of the authority. Each surety bond shall be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the authority.
(b) The public finance director, before beginning the public finance director's duties, must:
(1) execute a surety bond as provided in subsection (a); or
(2) be included in the coverage of a blanket surety bond described in subsection (a).
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 4. General Powers and Duties › 5-1.2-4-2. Prohibited Activities

Sec. 2. The authority:
(1) may not deal in securities within the meaning of or subject to any securities law, securities exchange law, or securities dealers law of the United States or of the state of Indiana or of any other state or jurisdiction, domestic or foreign, except as authorized in the referenced statutes;
(2) may not:
(A) emit bills of credit;
(B) accept deposits of money for time or demand deposit;
(C) administer trusts;
(D) engage in any form or manner, or in the conduct of, any private or commercial banking business; or
(E) act as a savings bank, savings association, or any other kind of financial institution; and
(3) may not engage in any form of private or commercial banking business.
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 4. General Powers and Duties › 5-1.2-4-4. Additional Authority Powers; Capital Improvements; Northwest Indiana Regional Development Authority; Motorsports Investment District; Local Innovation Development District

Sec. 4. (a) In addition to the powers listed in section 1 of this chapter, the authority may:
(1) enter into leases and issue bonds under terms and conditions determined by the authority and use the proceeds of the bonds to:
(A) acquire obligations issued by any entity authorized to acquire, finance, construct, or lease capital improvements under IC 5-1-17;
(B) acquire any obligations issued by the northwest Indiana regional development authority established by IC 36-7.5-2-1; or
(C) carry out the purposes of IC 5-1-17.5 within a motorsports investment district;
(2) at the request of the Indiana economic development corporation established by IC 5-28-3-1, and subject to subsections (b), (c), and (d), enter into leases and issue bonds under terms and conditions determined by the authority payable solely from:
(A) revenues that are deposited in a local innovation development district fund established under IC 36-7-32.5-19;
(B) revenues generated from a project under IC 36-7-32.5-19; and
(C) appropriations from the general assembly; and
(3) perform any other functions determined by the authority to be necessary or appropriate to carry out the purposes of this section.
(b) The proceeds of bonds issued under subsection (a)(2) may be used to pay the costs of projects:
(1) described in IC 36-7-32.5-19; and
(2) located within or directly serving the innovation development district in which the revenue was generated.
(c) Before the authority enters into leases or issues bonds under subsection (a)(2), the proposed lease or issuance of bonds must be reviewed by the budget committee.
(d) The authority may not issue more than one billion dollars ($1,000,000,000) of bonds under subsection (a)(2).
As added by P.L.189-2018, SEC.25. Amended by P.L.135-2022, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 4. General Powers and Duties › 5-1.2-4-5. Requirements; Establishment of Terms Governing Reserves or Funding Levels

Sec. 5. (a) This section does not apply to any indebtedness issued by the authority if:
(1) the proceeds will be used for a project that has been specifically authorized by the general assembly; or
(2) the indebtedness is authorized under the referenced statutes.
(b) Notwithstanding any other law in effect before:
(1) the authority issues indebtedness that establishes a procedure for the authority or a person acting on behalf of the authority to certify to the general assembly the amount needed to restore a debt service reserve fund or another fund to a required level; or
(2) execution by the authority of any other agreement that creates a moral obligation of the state to pay all or any part of any indebtedness issued by the authority;
the authority is subject to, and shall comply with, to the extent practicable, the requirements set forth in IC 5-1.5-5-4(c) through IC 5-1.5-5-4(h) as if the authority were specifically named in IC 5-1.5-5-4(c) through IC 5-1.5-5-4(h).
(c) In addition:
(1) indebtedness described in IC 5-1.5-5-4(c) through IC 5-1.5-5-4(h) is considered a reference to an indebtedness or agreement referred to in this section; and
(2) a qualified entity referred to in IC 5-1.5-5-4(c) through IC 5-1.5-5-4(h) is considered a reference to a borrower of any indebtedness and to any other parties referred to in this section.
As added by P.L.189-2018, SEC.25. Amended by P.L.259-2019, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 4. General Powers and Duties › 5-1.2-4-6. Power to Borrow Money and Issue Bonds

Sec. 6. (a) The authority has the power to borrow money and to issue its bonds from time to time in the principal amounts as the authority determines are necessary to provide sufficient funds to carry out its purposes, powers, and programs, including:
(1) carrying out the purposes, powers, and programs stated in this article;
(2) the payment of interest on bonds of the authority;
(3) the establishment of reserves to secure the bonds; and
(4) all other expenditures of the authority incident to, necessary, and convenient to carry out the authority's purposes, powers, and programs.
(b) The authority may also issue bonds in the manner and for the purposes provided by the referenced statutes.
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 4. General Powers and Duties › 5-1.2-4-7. Bonds; Liability of Authority; Pledges as Additional Security

Sec. 7. Except as may otherwise be expressly provided by the authority, every issue of its bonds shall be obligations of the authority payable solely out of any specified revenue or money of the authority, subject only to any agreements with the holders of particular bonds pledging any particular money or revenue. The bonds may be additionally secured by a pledge of any grant, contribution, or guarantee from the federal government or any corporation, limited liability company, association, institution, or person or a pledge of any money, income, or revenue of the authority from any source.
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 4. General Powers and Duties › 5-1.2-4-8. Bonds; Liability of State

Sec. 8. No bonds issued by the authority under this article shall constitute a debt, liability, or obligation of the state, or a pledge of the faith and credit of the state, but shall be payable solely as provided by section 7 of this chapter. Each bond issued under this article shall contain on its face a statement that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on the bond.
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 4. General Powers and Duties › 5-1.2-4-9. Bonds; Issuance; Procedure; Terms

Sec. 9. The bonds shall be authorized by a resolution of the authority, shall bear the date or dates, and shall mature at a time or times as the resolution may provide, except that no bond shall mature more than fifty (50) years from the date of its issue. The bonds shall be in denominations, be in the form, either coupon or registered, carry the conversion or registration privileges, be executed in the manner, be payable in the medium of payment at the place or places inside or outside Indiana, and be subject to the terms of redemption, including redemption prior to maturity, as the resolution or any trust agreement or indenture of the authority securing the bonds may provide. The bonds shall bear interest at a rate or rates that may be fixed, variable, fixed convertible to variable, variable convertible to fixed, or any combination of these rates. Variable rates shall be determined in the manner and in accordance with the provisions set forth in the resolution or the trust agreement or indenture securing the bonds. The interest on the bonds may be payable at the time or times or at the interval or intervals as may be provided in the resolution or the trust agreement or indenture securing the bonds, including the compounding and payment of interest at maturity or at any other time or times as may be specified in the resolution, trust agreement, or indenture. The bonds and their issuance shall not be subject to the provisions of any other statute concerning bonds or the issuance of bonds. Bonds of the authority may be sold by the authority at public or private sale, and at a price or prices as the authority shall determine. No action to contest the validity of any bonds issued or guarantees entered into by the authority under this article shall be commenced more than thirty (30) days following the adoption of the resolution approving such bonds or guarantees as provided in section 10 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 4. General Powers and Duties › 5-1.2-4-10. Bonds; Authorized Provisions

Sec. 10. Any resolution authorizing the issuance of bonds or trust agreement or indenture pursuant to which the bonds are issued may contain provisions, which shall be a part of the contract or contracts with the holders of the bonds, as to the following:
(1) Pledging all or any part of the revenue of the authority to secure the payment of the bonds, subject to agreements with bondholders as may then exist.
(2) Pledging all or any part of the assets of the authority, including loans and obligations securing the loans and obligations, to secure the payment of the bonds, subject to agreements with bondholders as may then exist.
(3) The use and disposition of the gross income from loans owned by the authority and payment of the principal of loans owned by the authority.
(4) The setting aside of reserves or sinking funds and the regulation and disposition of these reserves or sinking funds.
(5) Limitations on the purposes to which or the investments in which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds.
(6) Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds.
(7) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders must consent to, and the manner in which the consent may be given.
(8) Limitations on the amount of money to be expended by the authority for operating expenses of the authority.
(9) Vesting in a trustee or trustee property, rights, powers, and trust as the authority may determine, and limiting or abrogating the right of the bondholders to appoint a trustee or limiting the rights, powers, and duties of the trustee.
(10) Defining the acts or omissions that constitute a default and the obligations or duties of the authority to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of a default, including as a matter of right the appointment of a receiver. However, the rights and remedies shall not be inconsistent with the general laws of this state and this article.
(11) The rentals, fees, and other amounts to be charged, and the amounts to be raised in each year and the use, investment, and disposition of these amounts.
(12) Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.
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 4. General Powers and Duties › 5-1.2-4-11. Bonds; Issue to Renew or Pay Bonds; Refund

Sec. 11. (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, 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 purposes, powers, and programs.
(b) The refunding bonds may be sold and the proceeds applied to the purchase, redemption, or payment of the bonds to be refunded, or exchanged for the bonds to be refunded.
(c) A savings to the authority or to the unit issuing the bonds to be refunded is not required for the issuance of the refunding bonds or the issuance of bonds to refund refunding bonds. Refunding bonds issued under this article are payable out of any specified revenue or money of the authority, subject only to any agreements with the holders of particular bonds pledging any particular money or revenue.
(d) Refunding bonds issued under this section are not:
(1) in any respect a general obligation of the authority; and
(2) 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 4. General Powers and Duties › 5-1.2-4-12. Pledges

Sec. 12. Any pledge made by the authority is valid and binding from the time when the pledge is made. The revenue, money, or properties so pledged and received by the authority after the pledge is immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice. The resolution or any other instrument by which a pledge is created does not need to be recorded.
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 4. General Powers and Duties › 5-1.2-4-13. Bonds; Purchase by Authority

Sec. 13. The authority, subject to any agreements with bondholders as may then exist, has the power out of any funds available to purchase bonds of the authority, which, at the option of the authority, shall be canceled after the purchase, at any reasonable price which, if the bonds are then redeemable, shall not exceed the redemption price then applicable plus accrued interest to the next interest payment on the bond.
As added by P.L.189-2018, SEC.25.