reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-18. Loan Enrollment; Lender Actions

Sec. 18. (a) To enroll a loan under the program, the lender must file a completed loan enrollment form with the corporation. The lender must also certify the following to the corporation as part of the filing:
(1) The lender has no substantial reason to believe that the loan is being made to a borrower who does not meet the requirements of section 3 of this chapter.
(2) The lender has received from the borrower a written representation, warranty, pledge, and waiver stating that the borrower has no legal, beneficial, or equitable interest in the nonrefundable premium charges or any other funds credited to the reserve fund established to cover losses sustained by the lender on enrolled loans.
(3) The loan being filed for enrollment is an eligible loan under section 17 of this chapter.
(4) Premium charges required of the borrower and lender under this chapter have been deposited in the reserve fund.
(b) The lender shall file the loan enrollment form within ten (10) business days after the lender makes the loan. The date on which the lender makes a loan is the earlier of the date on which the lender first disburses proceeds of the loan to the borrower or the date on which the loan documents have been executed and the lender has obligated itself to disburse proceeds of the loan. The filing date of a loan enrollment form is the date on which the lender does any of the following:
(1) Delivers the required documentation to the corporation.
(2) Delivers the document to a professional courier service for delivery to the corporation.
(3) Mails the document to the corporation by certified mail.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-19. Loan Enrollment; Corporation Actions

Sec. 19. When the corporation receives a loan enrollment form, the corporation shall enroll the loan if the information provided under section 18 of this chapter indicates that the loan is an eligible loan. Within five (5) business days after receipt of a loan enrollment form for an eligible loan, the corporation shall deliver to the lender an acknowledgment of enrollment signed by the corporation or the corporation's designee, including documentation of the amount being transferred by the corporation into the reserve fund under this chapter.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-20. Loan Enrollment; Partial Coverage Under the Program

Sec. 20. When filing a loan enrollment form, the lender may specify an amount to be covered under the program. The amount may be less than the total amount of the loan.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-21. Refinancing

Sec. 21. (a) In the case of a loan to refinance a loan previously made to the borrower by the lender that was not enrolled under the program, the lender may obtain coverage under the program for an amount not exceeding the amount of additional financing.
(b) If an enrolled loan is refinanced and the total amount to be covered under the program does not exceed the covered amount of the loan as previously enrolled, the refinanced loan may continue as an enrolled loan without payment of additional premium charges or transfers by the corporation to the reserve fund.
(c) If an enrolled loan is refinanced in an amount exceeding the amount of the loan as previously enrolled, the lender may obtain coverage of the amount of the refinanced loan that exceeds the amount covered when the loan was previously enrolled by refiling the loan for enrollment under section 18 of this chapter.
(d) Fluctuations in the outstanding balance of a line of credit, without increasing the enrolled amount under the program, are not a refinancing of the loan.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-22. Effect of Zero Balances; Effect of Recovery Under the Bankruptcy Laws

Sec. 22. (a) If the outstanding balance of an enrolled loan that is not a line of credit is reduced to zero (0), the loan is no longer an enrolled loan. If an enrolled loan that is a line of credit has an outstanding balance of zero (0) for a twelve (12) month period, the line of credit is no longer an enrolled loan, unless, before the expiration of the twelve (12) month period, the lender reaffirms in writing to the borrower that the line of credit will remain open and the borrower acknowledges the reaffirmation in writing.
(b) Notwithstanding subsection (a), any amount recovered from a lender by a trustee in bankruptcy (or a similar representative of creditors) as a preference under 11 U.S.C. 547 remains an enrolled loan for the purpose of filing a claim against the reserve fund.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-23. Creation of Reserve Fund Accounts

Sec. 23. Upon execution of an agreement between the lender and the corporation, the corporation shall establish a reserve fund account with the lender in the name of the corporation for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the corporation under this chapter.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-24. Sufficient Funds Required

Sec. 24. The corporation may not accept loans for enrollment in the program if the corporation does not have sufficient funds to make the necessary transfer from the corporation to the reserve fund under section 25 of this chapter.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-25. Premium Charges

Sec. 25. The lender shall determine the premium charges payable to the reserve fund by the lender and the borrower in connection with a loan filed for enrollment. The premium paid by the borrower may not be less than one percent (1%) or greater than three and one-half percent (3.5%) of the amount of the loan. The premium paid by the lender must be equal to the amount of the premium paid by the borrower. The lender may recover the cost of the lender's premium payment from the borrower in any manner on which the lender and borrower agree. When enrolling a loan, the corporation must transfer into the reserve fund from the account premium amounts determined as follows:
(1) If the amount of a loan, plus the amount of loans previously enrolled by the lender, is less than two million dollars ($2,000,000), the premium amount transferred must be equal to one hundred fifty percent (150%) of the combined premiums paid into the reserve fund by the borrower and the lender for each enrolled loan.
(2) If, before the enrollment of the loan, the amount of loans previously enrolled by the lender is equal to or greater than two million dollars ($2,000,000), the premium amount transferred must be equal to the combined premiums paid into the reserve fund by the borrower and the lender for each enrolled loan.
(3) If the total amount of all loans previously enrolled by the lender is less than two million dollars ($2,000,000), but the enrollment of a loan will cause the total amount of all enrolled loans made by the lender to exceed two million dollars ($2,000,000), the corporation shall transfer into the reserve fund an amount equal to a percentage of the combined premiums paid into the reserve fund by the lender and the borrower. The percentage is determined as follows:
STEP ONE: Multiply by one hundred fifty (150) that part of the loan that when added to the total amount of all loans previously enrolled by the lender totals two million dollars ($2,000,000).
STEP TWO: Multiply the remaining balance of the loan by one hundred (100).
STEP THREE: Add the STEP ONE product to the STEP TWO product.
STEP FOUR: Divide the STEP THREE sum by the total amount of the loan.
The corporation may transfer two (2) times the amount determined under this section to the reserve fund if the borrower is a small disadvantaged business under 13 CFR 124.1002. The corporation may transfer three (3) times the amount determined under this section to the reserve fund if the borrower is a high growth company with high skilled jobs (as defined in IC 5-28-30-4). The corporation may transfer to the reserve fund three (3) times the amount determined under this section if the borrower is a child care facility. Unless money is paid out of the reserve fund according to the specific terms of this chapter, all money paid into the reserve account by the lender must remain in that account.
As added by P.L.162-2007, SEC.24. Amended by P.L.146-2018, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-26. Reserve Fund; Corporation Control

Sec. 26. (a) All money credited to the reserve fund is under the exclusive control of the corporation. The corporation may not withdraw money from the reserve fund, except as specifically provided in this chapter.
(b) If money in the reserve fund is not deposited by the corporation in an account with the lender, the money must be invested or reinvested by the corporation in one (1) of the following:
(1) Direct obligations of the United States, the principal and interest of which are unconditionally guaranteed by the United States.
(2) A deposit account at a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
(c) All interest earned in a reserve fund account shall be credited to that account. Fifty percent (50%) of the interest earned may be withdrawn by the corporation from that account and used for any purpose.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-27. Reserve Fund; Corporation Pledges

Sec. 27. The corporation shall pledge the following to the lender:
(1) The money in the reserve fund will be available to pay claims under section 29 of this chapter.
(2) The lender will have a first security interest in the money in the reserve fund to pay the claims.
(3) The corporation will not encumber or pledge the money to any other party.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-28. Reserve Fund; Transaction Reports; Records

Sec. 28. (a) If the reserve fund is not maintained with the lender, the corporation shall provide to the lender quarterly transaction reports indicating the following:
(1) The balance in the reserve fund.
(2) Payments and transfers into the reserve fund.
(3) Withdrawals from the reserve fund.
(4) Interest or income earned on money credited to the reserve fund.
(b) The records of the corporation with respect to all:
(1) payments and transfers into the reserve fund;
(2) withdrawals from the reserve fund; and
(3) interest or income earned on the money credited to the reserve fund;
are available to the lender at the offices of the corporation during normal business hours.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-29. Claims; Filing

Sec. 29. (a) If the lender charges off all or part of an enrolled loan, the lender may file a claim with the corporation. The claim must be filed contemporaneously with the charge-off.
(b) The lender's claim may include, in addition to the amount of principal charged off plus accrued interest, one-half (1/2) of the reasonable documented out-of-pocket expenses incurred in pursuing collection efforts, including preservation of collateral. The amount of principal included in the claim may not exceed the principal amount covered under the program. The amount of accrued interest included in the claim may not exceed the accrued interest attributable to the covered principal amount.
(c) The lender shall determine when and how much to charge off on an enrolled loan in a manner consistent with the lender's normal method for making these determinations on similar loans that are not enrolled loans.
(d) If the lender files two (2) or more claims contemporaneously and there are insufficient funds in the reserve fund at that time to cover the entire amount of the claims, the lender may designate the order of priority in which the corporation shall pay the claims.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-30. Claims; Processing

Sec. 30. (a) Upon receipt by the corporation of a claim filed by the lender, the corporation shall, within ten (10) business days, pay or authorize the lender to withdraw from the reserve fund the amount of the claim as submitted, unless the corporation reasonably determines that:
(1) the information provided by the lender to the corporation under this chapter was known by the lender to be false; or
(2) the lender is not otherwise in substantial compliance with this chapter or the agreement with the corporation.
(b) If there is insufficient money in the reserve fund to cover the entire amount of the lender's claim, the corporation shall pay to the lender or authorize the lender to withdraw an amount equal to the current balance in the reserve fund, and the following apply:
(1) If the enrolled loan for which the claim has been filed is not an early loan, the payment fully satisfies the claim, and the lender has no right to receive any further amount from the reserve fund with respect to that claim.
(2) If the enrolled loan for which the claim has been filed is an early loan, the corporation, upon request of the lender, shall, out of any future funds that are transferred into the reserve fund on subsequently enrolled loans, pay the remaining balance of the claim upon finding that:
(A) the partial payment has not satisfied the lender's claim; and
(B) the remaining balance of the claim is not greater than seventy-five percent (75%) of the balance in the reserve fund at the time the request for payment by the lender is received by the corporation.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-31. Claims; Subsequent Lender Recovery

Sec. 31. If, after payment of a claim by the corporation, the lender recovers from a borrower any amount for which payment of the claim was made, the following apply:
(1) If the recovered amount, when added to the claim previously paid by the corporation in connection with an enrolled loan, exceeds the lender's loss on that enrolled loan, the lender shall promptly pay to the corporation for deposit in the reserve fund the amount of the excess.
(2) For purposes of this section and section 32 of this chapter, the lender's loss on an enrolled loan shall be the amount of principal charged off by the lender plus accrued interest plus one-half (1/2) of the reasonable and documented out-of-pocket expenses incurred by the lender in pursuing collection efforts.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-32. Claims; Subrogation

Sec. 32. (a) If the payment of a claim has fully covered the lender's loss on an enrolled loan or if the payment of a claim when combined with any recovery from the borrower has fully covered the lender's loss, the corporation, upon request, is subrogated to the rights of the lender with respect to any collateral, security, or other right of recovery in connection with the loan that has not been realized by the lender. The lender thereafter shall assign to the corporation any right, title, or interest to any collateral, security, or other right of recovery in connection with the loan.
(b) If an assignment has been made under subsection (a), the corporation is not required to undertake the obligations of the lender under the lender's loan documents, except for obligations directly related to the corporation's assigned rights of recovery in connection with the loan. The lender shall fulfill any other obligations the lender has under the loan documents in the same manner and to the same degree as would be required if the assignment had not been made. The lender shall provide the corporation with all reasonable assistance the corporation requests in proceeding with respect to any collateral, security, or other right of recovery, except that the lender does not need to incur any out-of-pocket expenses.
(c) If the corporation desires to exercise the right of subrogation in connection with an enrolled loan, and would be entitled to exercise that right except that the lender's loss has not been fully covered, the corporation, at the corporation's option, may pay from funds in the reserve fund an amount sufficient to result in the lender's loss being fully covered. A payment under this subsection may cover a principal amount not covered under the program or not included in the lender's claim. Upon making a payment under this subsection, the corporation is subrogated to the rights of the lender in accordance with subsection (a).
(d) Notwithstanding any other provision of this section, the corporation may not exercise the right of subrogation unless the corporation determines, in the corporation's discretion, that the lender has not exercised reasonable care and diligence in collection activities with respect to the loan, or that there is a reasonable basis for believing that the lender will not exercise reasonable care and diligence in the future with respect to those collection activities.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-33. Reporting

Sec. 33. (a) Before July 16, October 16, January 16, and April 16 of each year, the lender shall file a quarterly report with the corporation indicating the number and total outstanding balances of all enrolled loans for the period of the three (3) preceding calendar months. A quarterly report is not required for a quarter that ends with a balance in the reserve fund of zero (0), except that a year-end report must be filed before July 16 for the preceding twelve (12) calendar months ending June 30. In computing the total outstanding balance of all enrolled loans, the balance of a loan may not be greater than the covered amount of the loan as enrolled.
(b) If a year-end report filed under this section indicates that, for the immediately preceding twelve (12) calendar month period ending June 30, the balance in the reserve fund continuously exceeded fifty percent (50%) of the total outstanding balance of all enrolled loans, including unfunded parts of enrolled loans that are lines of credit, the corporation may make a withdrawal from the reserve fund. The amount of the withdrawal may not be greater than the minimum amount of any excess as continuously maintained over the immediately preceding twelve (12) calendar month period ending June 30. Withdrawals of excess reserve funds by the corporation under this section may be used for any purpose.
(c) If a year-end report is not filed within thirty (30) days after the original due date of the report, the corporation may make a withdrawal from the reserve fund based on the corporation's determination from an inspection of the lender's files that, for the immediately preceding twelve (12) calendar month period ending June 30, the balance in the reserve fund continuously exceeded fifty percent (50%) of the aggregate outstanding balance of all enrolled loans, including unfunded parts of enrolled loans that are lines of credit. The amount of the withdrawal may not be greater than the minimum amount of any excess as continuously maintained over the immediately preceding twelve (12) calendar month period ending June 30. Withdrawals of excess reserve funds by the corporation under this section may be used for any purpose.
(d) The right of the corporation to make a withdrawal from the reserve fund under subsection (b) or (c) is subject to the following provisions:
(1) If a year-end report is filed by July 16 or not more than thirty (30) days after July 16, the corporation has the right of withdrawal for a period of ninety (90) days from the date of the filing of the report with the corporation.
(2) If a year-end report is not filed by July 16 or not more than thirty (30) days after July 16, the corporation has the right of withdrawal for a period of ninety (90) days from the date the corporation determines from an inspection of the lender's files that the corporation is entitled to make a withdrawal from the reserve fund under this section.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-34. Terminating the Obligation to Enroll Loans

Sec. 34. The corporation may terminate the obligation to a lender to enroll loans under the program if the corporation determines that the lender is not in substantial compliance with the requirements of the program or the requirements of section 23 of this chapter. The termination takes effect on the date specified in the notice of termination, except that the termination does not apply to a loan made on or before the date on which the notice of termination is received by the lender. If the corporation is terminating the enrollment of loans for all participating lenders under the program, the corporation shall provide at least ninety (90) days notice to the lender. A termination under this section is prospective only and does not apply to a loan previously refinanced. After termination, the amount covered under the program may not be increased beyond the covered amount as previously enrolled.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 29. Capital Access Program › 5-28-29-35. Capital Access Account

Sec. 35. (a) The corporation shall establish a capital access account. The corporation shall use the capital access account to carry out the provisions of the capital access program. The capital access account consists of all money that is:
(1) appropriated by the general assembly;
(2) transferred by the corporation from the industrial development guaranty fund; or
(3) transferred by the corporation from the general funds of the corporation.
(b) The expenses of the corporation attributable and allocated by the corporation to the capital access program shall be paid from the capital access account.
As added by P.L.162-2007, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-1.5. "Developer"

Sec. 1.5. As used in this chapter, "developer" means a person who proposes to enter, or has entered, into a financing agreement with the corporation for an industrial development project and who has entered into a separate agreement with some other persons for the substantial use of the facilities financed.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-2. "Guaranty Fund"

Sec. 2. As used in this chapter, "guaranty fund" refers to the industrial development project guaranty fund created by section 9 of this chapter.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-3. "Guaranty Program"

Sec. 3. As used in this chapter, "guaranty program" means the program described in section 10 of this chapter under which the corporation guarantees parts of particular mortgages, security agreements, leases, or loans for working capital with funds available from the guaranty fund.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-4. "High Growth Company With High Skilled Jobs"

Sec. 4. As used in this chapter, "high growth company with high skilled jobs" means a company that satisfies all the following conditions:
(1) The company:
(A) had at least a fifteen percent (15%) average annual growth in company earnings during the past three (3) years;
(B) is entering a new product or process area; or
(C) is classified in an industry that had at least a fifteen percent (15%) average annual growth in earnings during the past three (3) years.
(2) The company has a substantial number of employees in jobs:
(A) requiring postsecondary education or its equivalent; or
(B) that are in occupational codes classified as high skill by the Bureau of Labor Statistics, United States Department of Labor.
(3) The company has a substantial number of employees that earn at least one hundred fifty percent (150%) of Indiana per capita personal income.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-5. "Industrial Development Project"

Sec. 5. As used in this chapter, "industrial development project" includes the acquisition of land, interests in land, site improvements, infrastructure improvements (including information and high technology infrastructure (as defined in IC 5-28-9-4)), buildings, or structures, rehabilitation, renovation, and enlargement of buildings and structures, machinery, equipment, furnishings, or facilities (or any combination of these), comprising or being functionally related and subordinate to any of the following:
(1) A manufacturing enterprise.
(2) A business service enterprise involved in:
(A) computer and data processing services; or
(B) commercial testing services.
(3) A business enterprise the primary purpose of which is the operation of an education and permanent marketing center for manufacturers and distributors of robotic and flexible automation equipment.
(4) Any other business enterprise, if the use of the guaranty program creates a reasonable probability that the effect on Indiana employment will be creation or retention of at least fifty (50) jobs.
(5) An agricultural enterprise in which:
(A) the enterprise operates under a producer or growout agreement; and
(B) the output of the enterprise is processed predominantly in Indiana.
(6) A business enterprise that is required by a state, federal, or local regulatory agency to make capital expenditures to remedy a violation of a state or federal law or a local ordinance.
(7) A recycling market development project.
(8) A high growth company with high skilled jobs.
As added by P.L.162-2007, SEC.25. Amended by P.L.177-2018, SEC.8; P.L.189-2018, SEC.50; P.L.215-2018(ss), SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-6. "Maturity Date"

Sec. 6. As used in this chapter, "maturity date" means the date on which the mortgage or security agreement indebtedness, or lease obligations, would be extinguished if paid in accordance with periodic payments provided for in the mortgage, security agreement, or lease.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-7. "Mortgage"

Sec. 7. As used in this chapter, "mortgage" means a mortgage on an industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products, or the unpaid purchase price of real estate under the laws of this state, together with the credit instruments, if any, secured thereby, including but not limited to a financing agreement as defined in IC 5-1.2-2 or a financing agreement within the meaning of IC 36-7-12 in connection with real property.
As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.51.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-8. "Security Agreement"

Sec. 8. As used in this chapter, "security agreement" means an agreement which creates or provides for a security interest in equipment, including, but not limited to, an equipment lease under the guaranty program or within the meaning of IC 36-7-12, and any successor provisions related to equipment.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-8.5. "User"

Sec. 8.5. As used in this chapter, "user" means a person who has entered into a financing agreement with the corporation or lender or a contract for use with the developer or lender in contemplation of its use of an industrial development project.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-9. Industrial Development Project Guaranty Fund

Sec. 9. There is created an industrial development project guaranty fund which shall be used by the corporation as a nonlapsing, revolving fund for carrying out the provisions of the guaranty program. The corporation may expend money from the guaranty fund as the authority considers appropriate to carry out the purposes of this chapter and IC 5-1.2-9. The guaranty fund consists of the money, if any, appropriated by the general assembly. To this sum shall be charged those expenses of the corporation attributable and allocated by the corporation to the guaranty program, including interest, principal, and lease payments required by loan or lease defaults under the guaranty program, and to the sum shall be credited that income of the corporation attributable and allocated by the corporation to the guaranty program, including guarantee premiums.
As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.52.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-10. Power to Guarantee Loans and Leases

Sec. 10. Subject to the conditions set forth in section 11 of this chapter and the other provisions of this chapter, if the corporation makes a written finding that:
(1) the guarantee of a particular loan secured by, or lease of, real property or tangible or intangible personal property to or for the benefit of any industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products would tend to accomplish the purposes of this chapter, including the creation or retention of employment in Indiana through the guarantee of the loan or lease; and
(2) the proposed borrower or lessee cannot obtain the loan or lease upon reasonable terms;
the corporation may, under the guaranty program, guarantee the loan or lease upon the terms and conditions prescribed by the corporation.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-12. Power to Guarantee an Unsecured Loan

Sec. 12. The corporation may guarantee an unsecured loan for:
(1) working capital purposes, if the corporation determines, under criteria that it establishes, that the loan for working capital:
(A) is for an industrial development project, a mining operation, or an agricultural operation that involves the processing of agricultural products; and
(B) will lead directly to increased production or job creation or retention through sales of products or provision of services to federal, state, or local government, private businesses, or individuals, or through exports to foreign markets; or
(2) capital expenditures, if the corporation determines, under criteria that the corporation establishes, that the loan is for an industrial development project described in section 5(6) of this chapter.
The loan guarantee may not exceed five hundred thousand dollars ($500,000) for any single project or operation, and may be in addition to any other guarantees of the corporation under this chapter. The guarantee terms must include a time limit for working capital loan guarantees that may not exceed eighteen (18) months. However, the guarantees are renewable. A loan guarantee may not exceed eighty percent (80%) of the unpaid principal balance from time to time outstanding of the loan being guaranteed. The corporation may impose any additional terms it considers appropriate for any particular project or operation.
As added by P.L.162-2007, SEC.25. Amended by P.L.10-2019, SEC.36.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-13. Premiums; Fees; Charges

Sec. 13. The corporation may establish:
(1) guarantee premiums for a guarantee under section 10 of this chapter of any loan or lease outstanding at the beginning of each year or at the time the guarantee is entered into; and
(2) loan application, placement, origination, commitment, administrative, processing, or other fees or charges in connection with the corporation's powers under section 17 of this chapter.
These premiums, fees, or charges are payable in amounts or based upon formulas established by the corporation and may be payable, at the election of the corporation, in whole or in part, in the form of cash, shares of stock, warrants for the purchase of shares of stock, or other securities, property, or rights acceptable to the corporation. These premiums, fees, or charges shall be payable by the developer or user to the corporation in a manner prescribed by the corporation.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-14. Letters of Credit

Sec. 14. Any guarantee made by the corporation under this chapter may be effected or enhanced, in whole or in part, through the provision by the corporation of a letter of credit or an equivalent form of credit enhancement instrument. However, the maximum principal payment obligations of the corporation under the credit instrument, as the same may be effective from time to time, is the amount of the guarantee or portion of the guarantee made under this chapter, and for purposes of the limitations on the amount of guarantees under this chapter, and the term of any letter of credit may not exceed the respective terms established for guarantees or loans under this chapter.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-15. Legal Investments

Sec. 15. Notwithstanding any other law, loans or leases guaranteed or made by the corporation are legal investments for all insurance companies, trust companies, banks, investment companies, savings banks, executors, trustees and other fiduciaries, and pension or retirement funds, as well as the board for depositories.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-16. Power to Allow Subordination

Sec. 16. To further the purposes of this chapter, and subject to this chapter, the corporation may also use any part of the guaranty fund to guarantee any bonds issued by the Indiana finance authority under IC 5-1.2 or by any authorized issuer under IC 36-7-12. With regard to direct obligations of the authority that are guaranteed by the corporation, the corporation may permit a subordination of any:
(1) security agreement;
(2) mortgage;
(3) combination of security agreements and mortgages; or
(4) other appropriate documents securing the direct obligations;
if the corporation in its discretion determines that the subordination is reasonably necessary to accomplish the objectives of the industrial development project undertaken by the authority.
As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.54.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-17. Power to Make Direct Loans

Sec. 17. To further the purposes of this chapter, and in addition to the corporation's other powers under this chapter, the corporation may, upon a written finding as described in section 10 of this chapter, make direct loans from money in the guaranty fund to or for the benefit of any industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products, upon the terms and conditions that the corporation prescribes. Loans made under this section are subject to the following conditions:
(1) A new or additional loan may not be made if the loan would cause the then outstanding total guarantee obligations with respect to all loans and leases guaranteed under this section and the other provisions of this chapter to exceed eight (8) times the amount of money then in the guaranty fund, or would cause the then outstanding total principal balance of all loans made under this section and then owing to the corporation to exceed twenty percent (20%) of the amount of money then in the guaranty fund.
(2) The principal amount of such a loan to or for the benefit of a project or operation may not exceed one million dollars ($1,000,000), less the then outstanding total guarantee obligations with respect to any loans or leases guaranteed under this chapter to or for the benefit of that project or operation.
(3) With respect to any loan made under this section, a loan agreement with the corporation must contain the following terms:
(A) A requirement that the loan proceeds be used for specified purposes consistent with and in furtherance of the purposes of the corporation under this chapter.
(B) The term of the loan, which may not be later than twenty (20) years from the date of the loan.
(C) The repayment schedule.
(D) The interest rate or rates of the loan, which may include variations in the rate, but which may not be less than the amount necessary to cover all expenses of the corporation in making the loan.
(E) Any other terms and provisions that the corporation requires.
(4) A loan agreement under this section may also contain a requirement that the loan be insured directly or indirectly by a loan insurer or be guaranteed by a loan guarantor, and a requirement of any other type or types of security or collateral that the corporation considers reasonable or necessary.
(5) A loan made under this section may be sold by the corporation, and the corporation may permit other lenders to participate in a loan made under this section, at the time or times and upon the terms and conditions that the corporation considers reasonable or necessary. A loan sold or in which other lenders participate may be guaranteed by the corporation, upon terms and conditions established by the corporation.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-18. Proceeds of Sales

Sec. 18. All proceeds received by the corporation or the Indiana finance authority from the disposal by sale or in some other manner of property acquired in connection with the guaranty program or otherwise under this chapter shall be credited to the guaranty fund.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-19. Expense; Reimbursement by Borrower

Sec. 19. Upon the issuance of a loan or a guarantee of a loan or lease, any expenses incurred by the corporation in connection with the loan or guarantee or the projects or operations for which the loan or guarantee is being made shall be reimbursed to the corporation by the borrower, in the case of a loan (to the extent not provided for under section 13 of this chapter), or by the borrower, lender, lessee, or lessor, in the case of a guarantee of a loan or lease, from the proceeds of the loan or the payments under the lease or otherwise.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-20. Transfer of Funds to the Capital Access Account

Sec. 20. To further the purposes of this chapter and IC 5-1.2-9, and in addition to the corporation's other powers under this chapter, the corporation may transfer funds from the guaranty fund to the capital access account established under IC 5-28-29-35.
As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.55.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-21. Exemption From Securities Registration Laws

Sec. 21. Any guarantees by the corporation under the guaranty program are exempt from the registration and other requirements of IC 23-19 and any other securities registration laws.
As added by P.L.162-2007, SEC.25. Amended by P.L.1-2009, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-22. Power to Procure Insurance

Sec. 22. The corporation may procure insurance or guarantees from any public or private entities, including any department, agency, or instrumentality of the United States, for insurance or reinsurance on amounts paid from the guaranty fund.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 30. Industrial Development Loan Guaranty Program › 5-28-30-23. Powers in the Event of Default

Sec. 23. The corporation may take assignments of accounts receivable, loans, guarantees, insurance, notes, mortgages, security agreements securing notes, and other forms of security, attach, seize, or take title by foreclosure or conveyance to any industrial development project when a guaranteed loan on the project is clearly in default and when in the opinion of the authority such an acquisition is necessary to safeguard the guaranty fund, and sell, or on a temporary basis, lease or rent the project for any use.
As added by P.L.162-2007, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 32. Business Development Loan Fund › 5-28-32-3. Sources of Money

Sec. 3. The fund consists of the following:
(1) Money appropriated by the general assembly.
(2) The repayment proceeds of loans made to businesses from the fund.
(3) Money received from any other source.
As added by P.L.162-2007, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 32. Business Development Loan Fund › 5-28-32-4. Power to Make Loans

Sec. 4. Subject to section 5 of this chapter, the corporation may make a loan from the fund to a business located in Indiana if the corporation makes a written finding that the loan would accomplish the purposes of this chapter by enabling the business to carry out a project or projects that will do any of the following:
(1) Improve the technological capacity or productivity of the business.
(2) Enhance the protection of Indiana's environment.
(3) Permit the business to expand facilities, establish new facilities, or make site improvements or infrastructure improvements.
As added by P.L.162-2007, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 32. Business Development Loan Fund › 5-28-32-5. Required Loan Agreement Terms

Sec. 5. With respect to any loan made under section 4 of this chapter, a loan agreement with the corporation must contain the following terms:
(1) A requirement that the loan proceeds be used for specified purposes consistent with and in furtherance of the purposes of the corporation under this article.
(2) The term of the loan, which must not be later than fifteen (15) years after the date of the loan.
(3) The repayment schedule.
(4) The interest rate or rates of the loan, which may include variations in the rate, but that may not be less than the amount necessary to cover all expenses of the corporation in making the loan.
(5) Any other terms and provisions that the corporation requires.
As added by P.L.162-2007, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 34. Green Industries Fund › 5-28-34-2. "Green Industry"

Sec. 2. For the purposes of this chapter, "green industry" means an Indiana business that manufactures products that reduce energy consumption or lower emissions in the market of their intended use, including the following:
(1) Biofuels.
(2) Advanced technology vehicles.
(3) Alternative fuel vehicles and power systems.
(4) Clean diesel technology.
(5) Domestic appliances.
(6) Distributed power generation.
(7) Emission control systems.
(8) Energy monitoring, management, and efficiency.
(9) Fuel cells.
(10) Renewable energy.
(11) Smart grid technology.
(12) Highly insulative building construction products.
(13) Construction products manufactured from at least fifty percent (50%) postconsumer products.
(14) Other sectors determined by the corporation.
As added by P.L.182-2009(ss), SEC.81.