reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 6. Recreational Development Facilities and Park Projects › 5-1.2-6-9. Authority May Acquire Interest in Land by Appropriation; Eminent Domain; Operation of Park Project

Sec. 9. The authority may acquire by appropriation, under Indiana eminent domain law, any interest in land necessary or proper for the construction or the efficient operation of a park project except land used for parks or park facilities owned by the state or a political subdivision of the state. Title to the property shall be taken in the name of the state for the use 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 6. Recreational Development Facilities and Park Projects › 5-1.2-6-10. Use of Park Improvement Agreements; Terms

Sec. 10. (a) The authority and the department of natural resources may enter into appropriate agreements setting forth the terms and conditions of use of park improvements and the money agreed to be paid at intervals for the use. The department of natural resources is not obligated to continue the use and make payments under the agreement but shall vacate the improvements if it is shown that:
(1) the terms and conditions of the use and occupancy; and
(2) the amount to be paid;
are unjust and unreasonable considering the value of the improvements.
(b) In determining just and reasonable amounts to be paid for the use of improvements, the authority shall impose and collect money that in the aggregate will be sufficient to pay the expenses of operation, maintenance, and repair of the improvements to the extent that the expenses are not otherwise provided and leave a balance of net income of revenues from the improvements to pay the interest on the bonds as the interest is due and accomplish retirement of the bonds at or before maturity. If the department of natural resources has made all payments provided in the agreements, the use of improvements covered by the agreements and the sites of the improvements revert to the department of natural resources at the end of the terms of the agreement.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 6. Recreational Development Facilities and Park Projects › 5-1.2-6-12. Appropriation of Bond Proceeds

Sec. 12. The proceeds of the bonds are appropriated for and shall be used solely for the payment of the cost of the park project for which the bonds have been issued. The proceeds shall be disbursed in the manner and under the restrictions, if any, that the authority provides in the resolution authorizing the issuance of the bonds or in the trust agreement securing 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 6. Recreational Development Facilities and Park Projects › 5-1.2-6-13. Surcharge on Admissions Fees; Commission Rentals; Boat Registrations; Launching Fees; and Mooring Fees

Sec. 13. (a) The natural resources commission may levy a surcharge not exceeding ten percent (10%), as established by the commission, on any of the following:
(1) Admission fees.
(2) Commission rentals.
(3) Boat registrations.
(4) Launching fees.
(5) Mooring fees.
(b) The receipts from a surcharge shall be deposited in a special fund to be used only to pay rent to the authority and for maintenance of facilities covered by use agreements with the authority as provided in a use agreement entered into between the department of natural resources and the authority. The special fund may be spent for that purpose without appropriation.
(c) During the life of a use agreement, a surcharge that has been imposed may not be rescinded or reduced so that the amount in the special fund and the receipts for one (1) year are less than one and two-tenths (1.2) times the anticipated rental payment and maintenance expense of facilities covered by a use agreement.
(d) The money in the special fund does not revert to the state general fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 6. Recreational Development Facilities and Park Projects › 5-1.2-6-14. Revolving Fund

Sec. 14. (a) A special revolving fund is created to be used only for the planning of projects, including the hiring of architects, engineers, consultants, and other experts and the doing of any work preliminary to the actual construction of a project.
(b) The money in the special revolving fund does not revert to the state general fund.
(c) The amount of money in the special revolving fund may not exceed five hundred thousand dollars ($500,000).
(d) The authority may do the following:
(1) Transfer to the special revolving fund other money in the authority's possession not otherwise committed or needed.
(2) Place a gift or grant to the authority not limited in character in the special revolving fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 6. Recreational Development Facilities and Park Projects › 5-1.2-6-15. Control of Property After Termination of Lease

Sec. 15. (a) Property leased by the authority to another entity other than the department of natural resources, at the termination of the lease or a renewal of the lease, may be leased to the same or other persons upon the terms the authority determines after following the procedure in section 6 of this chapter. If the authority does not lease the property, the property reverts to the control of the department of natural resources for the department's use and operation. The authority may not operate the property.
(b) If the authority is entitled to take over the operation of property because of a default in an agreement, the authority may operate the property through the authority's employees or contract with others for the operation of the property. The contract for operation may be with the department of natural resources if the department is not a defaulting party.
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 7. Health Facility Financing › 5-1.2-7-3. County Commissioner Approval; Presuppose and Include Approval by County Council; Voting Requirements for Valid Lease

Sec. 3. (a) For purposes of this chapter, county commissioner action or approval for the appropriation and expenditure of county tax money shall presuppose and include approval by the county council.
(b) A lease entered into by the board of county commissioners with the authority is valid or binding upon the county only if the lease is approved by a majority vote of the county council.
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 7. Health Facility Financing › 5-1.2-7-4. Competitive Bidding Requirement

Sec. 4. Health facility property financed under this chapter is not subject to any statutory requirement of competitive bidding or other restriction imposed on the procedure for award of contracts or the lease, sale, or other disposition of health facility property with regard to any action taken under this chapter. However, if the prospective lessee or purchaser requests in writing, the authority shall call for the construction bids in a manner determined by the authority with the approval of the lessee or purchaser.
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 7. Health Facility Financing › 5-1.2-7-6. Security; Transactions With Participating Providers

Sec. 6. Before exercising any of the powers conferred by section 5 of this chapter, the authority may:
(1) require that the lease, installment purchase contract, or loan agreement involved be insured by a loan insurer, be guaranteed by a loan guarantor, or be secured by a letter of credit; and
(2) require any other type of security from the participating providers that the authority considers reasonable and necessary.
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 7. Health Facility Financing › 5-1.2-7-8. Bond Resolutions or Related Instruments; Provisions

Sec. 8. Any bond resolution or related trust indenture, indenture of mortgage, or deed of trust may contain provisions, which must be a part of the contract with the holders of the bonds to be authorized, as to pledging or assigning the revenues generated by the health facility property, pledging or assigning the notes and mortgage, lease, or other security given by the participating providers whose health facility property has been financed with the proceeds of the bonds or other specified revenues or property 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 7. Health Facility Financing › 5-1.2-7-9. Bonds; Additional Security Authorized

Sec. 9. Bonds of the authority issued to finance or refinance a health facility or health facility property may also be secured by and payable from:
(1) a pooling of leases whereby the authority may assign its rights, as lessor, and pledge rents under two (2) or more leases of health facility property with two (2) or more participating providers, as lessees; or
(2) a pooling of notes and mortgages or other security instruments whereby the authority may assign its rights as payee or secured party and pledge the revenues under two (2) or more notes and loan agreements from two (2) or more participating providers;
upon the terms as may be provided for in bond resolutions or other instruments under which the bonds are issued.
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 7. Health Facility Financing › 5-1.2-7-10. Payment of Expenses

Sec. 10. All expenses incurred in carrying out this chapter shall be payable solely from funds provided under this chapter, and no liability may be incurred by the authority or the state beyond the extent to which money has been provided under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-11. Public Property; Tax Exemption

Sec. 11. All property acquired or held by the authority under this chapter is declared to be public property used for public and governmental purposes, and all property, income from the property and bonds issued under this chapter, interest payable on the bonds and income derived from the bonds, are exempt from all taxes, direct or indirect, imposed by the state, any county, any city, or any political subdivision 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 7. Health Facility Financing › 5-1.2-7-12. Construction of Chapter

Sec. 12. Nothing in this chapter may be construed as a restriction or limitation upon any powers which the authority might otherwise have under any other law of this state, and this chapter is cumulative to these powers. This chapter shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized, and shall be construed as supplemental to powers conferred by any other laws. The adoption by the authority of bylaws and rules, and the issuance of bonds by the authority under this chapter need not comply with the requirements of any other state laws applicable to the adoption of bylaws and rules and the issuance of bonds, notes, and other obligations. No proceedings, notice, or approval is required for the issuance of any bonds or any instrument or the security for the bonds or instruments, or for the proper conduct of the authority's business, affairs, or operations, except as provided in 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 7. Health Facility Financing › 5-1.2-7-13. Leases by County With the Authority

Sec. 13. (a) A county may lease land and buildings, including the necessary equipment and appurtenances, from the authority for hospital purposes. No lease on a particular building shall be entered into for a period of more than forty (40) years. However, a lease is renewable for less than forty (40) years.
(b) A lease entered into by a county may require the funding of a reserve fund for the benefit of the authority or the authority's assigns. To assure the maintenance of the required reserve amount in any reserve fund, the county council may appropriate for deposit in the reserve fund the sum certified by the county fiscal officer to the county council that is necessary to restore the reserve fund to an amount equal to the required reserve amount. The county fiscal officer shall annually before July 1 prepare and deliver a certificate to the county council stating the sum required to restore the reserve fund to the appropriate reserve amount. Nothing in this subsection creates a debt or liability of the county to make an appropriation.
(c) All amounts received because of money appropriated by the county to a reserve fund must be held by the authority under the lease and applied in accordance with the lease.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-14. Leases Before Construction, Erection, or Renovation of Buildings

Sec. 14. A county may, in anticipation of the construction, erection, or renovation of a building (including the necessary equipment and appurtenances), make and enter into a lease with the authority before the actual acquisition of a site and the construction, erection, or renovation of the building. The lease shall not provide for the payment of any lease rental by the lessee until the building is ready for occupancy. However, if a building is to be acquired and renovated under this chapter, a county may, in anticipation of the acquisition and renovation, make and enter into a lease upon terms and conditions that are agreed upon by the county and the authority, including:
(1) terms and conditions upon which the county may continue to operate the building until completion of the renovation; and
(2) the payment of a lease rental by the lessee during the period of renovation.
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 7. Health Facility Financing › 5-1.2-7-15. Payment of Lease Rental

Sec. 15. (a) Any lease executed under section 13 or 14 of this chapter may provide for the payment of the lease rental in any one (1) of the following ways as established in the lease:
(1) Entirely from the levy of taxes.
(2) Entirely from the net revenues of the hospital of which the leased building is a part.
(3) In part from the levy of taxes and in part from the net revenues described in subdivision (2).
(b) If any lease provides for the payment of lease rental in whole or in part from net revenues of the hospital, the lease may also provide that the county and the board of trustees or board of managers of the hospital set aside and hold as a reserve for this purpose excess net revenues over and above the amount required to pay lease rental payable from net revenues. The reserve fund may not exceed an amount equal to the amount of lease rental payable from net revenues for two (2) years. The reserve fund shall be held and used only for the purpose of paying lease rental payable from net revenues, if the net revenues at any time are insufficient to pay lease rentals. The amount in the reserve fund may be invested in the manner and to the extent provided in the lease. All interest or other income from the investment shall become part of the reserve fund unless the reserve fund contains the maximum amount required to be in the reserve fund. The following apply if the reserve fund contains the maximum amount required to be in the reserve fund:
(1) If any of the lease rental is payable from taxes, the interest or other income shall be transferred to the fund to be used for the payment of the lease rental provided to be paid from taxes.
(2) If none of the lease rental is payable from taxes, the interest or other income shall become a part of the reserve fund.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-16. Payment of Lease Rental From Cumulative Building Fund

Sec. 16. In addition to the ways specified in section 15 of this chapter for the payment of lease rental, any lease executed under this chapter may provide for the payment of lease rental from a cumulative building fund established by the lessee under IC 16-22-5-3 (or IC 16-12.1-4-4 before its repeal). Part or all of a cumulative building fund and the tax levied for that cumulative building fund may be committed and pledged to the payment of the lease rental. To the extent that the amount committed and pledged is insufficient to pay the lease rental, the lease shall provide that any remaining lease rental shall be paid entirely from the net revenues of the hospital of which the leased building is a part. So long as the lease remains in effect:
(1) any amount of cumulative building fund so committed and pledged may not be expended by the lessee for any other purpose; and
(2) the tax levy committed and pledged for the cumulative building fund may not be reduced or rescinded by the county council.
Notwithstanding any other provision of this chapter, if a lease provides for payment of lease rental under this section, no approval of the county council is required for the lease, the terms and conditions of the lease, or the sale of the land by the county to the authority under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-18. Options to Renew and to Purchase; Obligations of County; General Obligation Bonds

Sec. 18. (a) A lease under this chapter may provide that the lessee has an option to renew the lease for a like or lesser term, on the conditions that are provided in the lease. A lease shall contain an option to purchase:
(1) at any time after ten (10) years from the execution of the lease and before the expiration of the term of lease on the date fixed in the lease; and
(2) at a price equal to:
(A) the amount required to enable the authority to redeem all outstanding securities payable out of the rentals provided for in the lease, all premiums payable on the redemption, and accrued and unpaid interest; and
(B) all other expenses, indebtedness, and obligations of the authority attributable to the acquisition, construction, renovation, and leasing of the building.
(b) A lease may not provide or be construed to provide that the county is under any obligation to purchase the leased building or under any obligation with respect to any creditor or bondholder of the authority.
(c) A county exercising an option to purchase may issue general obligation bonds for the purpose of procuring funds with which to pay the purchase price of the building. The general obligation bonds shall be authorized, issued, and sold in the manner provided by law for the authorization, issuance, and sale of general obligation bonds of the county for other purposes.
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 7. Health Facility Financing › 5-1.2-7-19. Approval of Plans, Specifications, and Cost Estimates

Sec. 19. On behalf of the authority, the board of directors or board of managers of the hospital shall, before the execution of a lease, submit to and receive the approval of the board of commissioners of the county of the plans, specifications, and estimates of cost for the building or renovation. The plans and specifications shall be submitted to and approved by the state board of health, the department of homeland security, and other state agencies that are required by law to pass on plans and specifications for public buildings.
As added by P.L.189-2018, SEC.25. Amended by P.L.187-2021, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-20. Sale of County Land to the Authority

Sec. 20. A county desiring to have a building erected or renovated on land owned or to be acquired by the county may sell that land or building to the authority. Before the sale may take place, the county commissioners shall file a petition with the circuit court, superior court, or probate court of the county requesting the appointment of:
(1) one (1) disinterested freeholder of the county as an appraiser; and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana to determine the fair market value of the land or building. One (1) of the appraisers described under subdivision (2) must reside not more than fifty (50) miles from the land or building. Upon appointment, the appraisers shall fix the fair market value of the land or building and shall report that value within two (2) weeks after the date of their appointment. The county may then sell the land or building to the authority for an amount not less than the amount fixed by the appraisers as the fair market value. The amount shall be paid in cash upon delivery of the deed by the county to the authority. If a cumulative building fund exists at the time of the sale, the proceeds from the sale shall be placed in that fund. If a cumulative building fund does not exist at the time of the sale, the proceeds from the sale shall be paid into the county hospital fund with the principal of and interest on the fund to be used solely by the county hospital for the purposes set forth in IC 16-22-5-3 (or IC 16-12.1-4-4 before its repeal on July 1, 1993). A sale of land or a building by a county to the authority shall be authorized by the board of commissioners by an order that shall be entered in the official records of the board. The deed shall be executed on behalf of the county by the board of county commissioners.
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 7. Health Facility Financing › 5-1.2-7-21. Party Wall Agreements

Sec. 21. A county and an authority that have entered into, or propose to enter into, a lease under this chapter may enter into party wall agreements or other agreements concerning the attaching of an addition to a hospital building, if the agreement is:
(1) approved by the board of trustees or board of managers of the hospital; and
(2) recorded in the office of the recorder of the county in which the hospital is located.
An agreement may provide for an easement or license to construct a part of an addition over or above the existing hospital building.
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 8. Educational Facility Financing › 5-1.2-8-1. Purposes of This Chapter

Sec. 1. The general purposes of this chapter are the following:
(1) To provide financing for educational facility projects.
(2) To provide a measure of assistance and an alternative method to enable nonprofit colleges or universities in Indiana to refund or refinance outstanding indebtedness incurred by nonprofit colleges or universities in Indiana for the renovation, construction, acquisition, or equipping of educational facilities.
(3) To establish liability or other loss insurance reserves or to contribute those insurance reserves or other capital to a risk retention group to provide insurance coverage against liability claims or other losses.
(4) To provide the needed additional educational facilities for the public benefit and good.
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 8. Educational Facility Financing › 5-1.2-8-3. Scope of Powers

Sec. 3. Except as otherwise expressly provided in this chapter, none of the powers granted to the authority under this chapter are subject to the supervision or regulation or require the approval or consent of:
(1) any municipality or political subdivision;
(2) any department, division, commission, board, body, bureau, official, or agency of any municipality or political subdivision; or
(3) 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 8. Educational Facility Financing › 5-1.2-8-4. Powers; Educational Facility Projects

Sec. 4. (a) The authority may determine the location and character of any educational facility project to be financed under this chapter.
(b) The authority may construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease as lessee or lessor, regulate any educational facility project, or enter into contracts for any purpose stated in this section.
(c) The authority may designate a nonprofit college or university as the authority's agent for purposes of this section.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 8. Educational Facility Financing › 5-1.2-8-5. Rents and Charges

Sec. 5. The authority:
(1) may require that the rates, rents, fees, or charges established by a nonprofit college or university are sufficient to discharge the institution's obligations to the authority; but
(2) has no other jurisdiction over the rates, rents, fees, or charges.
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 8. Educational Facility Financing › 5-1.2-8-6. Rules for Projects

Sec. 6. The authority may:
(1) establish rules for the use of an educational facility project or any part of an educational facility project; and
(2) designate a nonprofit college or university as the authority's agent to establish rules for the use of an educational facility project undertaken for that nonprofit college or university.
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 8. Educational Facility Financing › 5-1.2-8-7. Loans

Sec. 7. (a) The authority may make loans to any nonprofit college or university for the cost of an educational facility project, including the establishment of liability or other loss insurance reserves or the contribution of those reserves to a risk retention group for the purpose of providing insurance coverage against liability claims or other losses in accordance with an agreement between the authority and the nonprofit college or university.
(b) A loan authorized under this section may not exceed the total cost of the educational facility project as determined by the nonprofit college or university and approved by 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 8. Educational Facility Financing › 5-1.2-8-8. Loans and Bonds

Sec. 8. (a) The authority may make loans to a nonprofit college or university to refund outstanding obligations or advances issued, made, or given by the nonprofit college or university for the cost of an educational facility project, including the establishment of liability or other loss insurance reserves or the contribution of those reserves to a risk retention group to provide insurance coverage against liability claims or other losses.
(b) The authority may issue bonds and make loans to a nonprofit college or university to refinance indebtedness incurred or to reimburse advances made for educational facility projects undertaken before the date of the bond issue whenever the authority finds that the financing is in the public interest and:
(1) alleviates a financial hardship upon the nonprofit college or university;
(2) results in a lesser cost of education; or
(3) enables the nonprofit college or university to offer greater security for a loan or loans to finance a new educational facility project or educational facility projects or to effect savings in interest costs or more favorable amortization terms.
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 8. Educational Facility Financing › 5-1.2-8-9. Costs

Sec. 9. The authority may charge to and apportion among nonprofit colleges or universities the authority's administrative costs and expenses incurred in the exercise of the powers and duties conferred by 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 8. Educational Facility Financing › 5-1.2-8-10. Financing

Sec. 10. (a) The authority may, for financing purposes, combine an educational facility project or educational facility projects and some or all future educational facility projects of any nonprofit college or university or nonprofit colleges or universities if:
(1) the authority obtains the consent of all of the nonprofit colleges or universities that are involved, or, when financing loans for the funding of liability or other loss insurance reserves or for the providing of those reserves or other capital to be contributed to a risk retention group, the authority obtains the consent of all of the eligible members that are involved; and
(2) the money set aside in any fund or funds pledged for any series of bonds or issue of bonds is held for the sole benefit of a series or issue separate and apart from the money pledged for any other series or issue of bonds of the authority.
(b) To facilitate the combining of educational facility projects, bonds may be issued in one (1) or more series under one (1) or more resolutions or trust agreements and be:
(1) fully open ended, thus providing for unlimited issuance of additional series; or
(2) partially open ended, limited as to additional series;
all in the discretion of the authority.
(c) Notwithstanding any provision of this chapter, the authority may permit a nonprofit college or university to substitute one (1) or more educational facilities of similar value (as determined by an independent appraiser satisfactory to the authority) as security for any educational facility financed under this chapter on the terms and conditions that the authority may prescribe.
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 8. Educational Facility Financing › 5-1.2-8-11. Mortgages

Sec. 11. The authority may mortgage all or any part of:
(1) any educational facility project and any other educational facilities conveyed to the authority for an educational purpose; and
(2) the site or sites of the facilities, whether presently owned or subsequently acquired;
for the benefit of the holders of the bonds of the authority issued to finance an educational facility project or any portion of an educational facility project or issued to refund or refinance outstanding indebtedness of a nonprofit college or university as permitted by 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 8. Educational Facility Financing › 5-1.2-8-14. Conveyance of Title

Sec. 14. The authority shall promptly take any action and execute any deeds and conveyances necessary and required to convey the title to an educational facility project or educational facility projects to the appropriate nonprofit college or university whenever:
(1) the principal of and interest on bonds of the authority issued to finance the cost of an educational facility project or educational facility projects for a nonprofit college or university, including any refunding bonds issued to refund and refinance the bonds, have been fully paid and retired; or
(2) adequate provision has been made to fully pay and retire bonds of the authority issued to finance the cost of an educational facility project or educational facility projects for a nonprofit college or university, all other conditions of the bond resolution have been satisfied, and the lien created by the bond resolution has been released in accordance with the provisions of the bond resolution.
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 8. Educational Facility Financing › 5-1.2-8-15. Income From Investments or Reserves or Sinking Funds; Allocation and Use

Sec. 15. Any income received from the investment of reserves or sinking funds must be applied in reduction of the rentals or other amounts paid by the nonprofit college or university or nonprofit colleges or universities for whose educational facility project or educational facility projects the reserves or sinking funds were created. Funds held as reserves or sinking funds when invested must be allocated to a specific educational facility project or educational facility projects of the institution for which the fund was created, and the income from the investment must be used to reduce the bonded indebtedness attributable to the educational facility project or educational facility projects.
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 8. Educational Facility Financing › 5-1.2-8-16. Leases

Sec. 16. (a) In connection with any lease entered into between the authority and any nonprofit college or university, the authority shall fix, revise, charge, and collect rents for the use of each educational facility project and contract with any person, partnership, association, limited liability company, or corporation, or other body, public or private, with respect to the educational facility project.
(b) Each lease entered into by the authority with a nonprofit college or university must provide that the rents or other money payable by the nonprofit college or university is sufficient at all times:
(1) to pay the private institution's share of the administrative costs and expenses of the authority;
(2) to pay the principal of, the premium on (if any), and the interest on outstanding bonds of the authority issued in respect of the educational facility project as the bonds become due and payable; and
(3) to create and maintain reserves that may be required or provided for in the bond resolution relating to the bonds of the authority.
(c) The authority shall pledge the revenues derived and to be derived from an educational facility project for the purposes specified in subsection (b).
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 8. Educational Facility Financing › 5-1.2-8-17. Issuance of Bonds

Sec. 17. The authority may provide for the issuance of bonds of the authority:
(1) to refund any bonds of the authority then outstanding, including the payment of any redemption premium on the bonds and any interest accrued or to accrue to the earlier or any subsequent date of redemption, purchase, or maturity of the bonds; and
(2) if determined advisable by the authority, for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any part of an addition, improvement, extension, or enlargement of an educational facility project. However, no refunding bonds may be issued unless the authority provides for the payment of rentals adequate to satisfy the requirements of section 13 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 8. Educational Facility Financing › 5-1.2-8-18. Bonds; Use of Proceeds

Sec. 18. The proceeds of any bonds issued for the purpose of refunding outstanding bonds may, in the discretion of the authority:
(1) be applied to the purchase or retirement at maturity or redemption of the outstanding bonds either on their earliest or any subsequent redemption date or upon the purchase or at the maturity of the outstanding bonds; and
(2) pending the application of the proceeds, be placed in escrow to be applied to the purchase or retirement at maturity or redemption of the outstanding bonds on a date determined by 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 8. Educational Facility Financing › 5-1.2-8-19. Escrowed Proceeds

Sec. 19. Any escrowed proceeds, pending use for the refunding of outstanding bonds, may be invested and reinvested in:
(1) direct obligations of the United States of America; or
(2) obligations having the timely payment of principal and interest unconditionally guaranteed by the United States of America;
maturing at a time or times that are appropriate to assure the prompt payment of the principal and interest and redemption premium, if any, on the outstanding bonds to be refunded. Any interest, income, and profits earned or realized on any investment may also be applied to the payment of the outstanding bonds to be refunded. Only after the terms of the escrow have been fully satisfied and carried out, any balance of the proceeds and any interest, income, and profits earned or realized on the investments described in this section must be returned to the nonprofit college or university for use by the nonprofit college or university in any lawful manner.
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 8. Educational Facility Financing › 5-1.2-8-20. Bonds; Authority to Refund

Sec. 20. All bonds issued to refund outstanding bonds of the authority are subject to this chapter in the same manner and to the same extent as other bonds issued under this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 8. Educational Facility Financing › 5-1.2-8-21. Competitive Bidding Requirement

Sec. 21. Except as provided in IC 21-36-2, an educational facility project is not subject to any statutory requirement of competitive bidding or other restriction imposed on the procedure for award of contracts or the lease, sale, or other disposition of property with regard to any action taken under authority of this chapter. If, however, the prospective lessee makes a request in writing, the authority shall call for the construction bids in the manner determined by the authority with the approval of the lessee.
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 8. Educational Facility Financing › 5-1.2-8-22. Powers of Authority; Financing

Sec. 22. Notwithstanding any other provision of this chapter, the authority may:
(1) finance the cost of an educational facility or refund outstanding indebtedness of a nonprofit college or university, as authorized under section 8 of this chapter; or
(2) finance the establishment of liability or other loss insurance reserves or the contribution of reserves or other capital to a risk retention group to provide insurance coverage against liability claims or other losses;
by issuing the authority's bonds for the purpose of loaning the proceeds to a nonprofit college or university for the cost of a project or to refund or refinance outstanding indebtedness or reimburse advances made in connection with a project in accordance with an agreement between the authority and the institution and in exchange for the institution's promissory note or notes.
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 8. Educational Facility Financing › 5-1.2-8-23. Promissory Notes

Sec. 23. (a) Any promissory notes received under section 22 of this chapter:
(1) must have the same principal amounts, maturities, and interest rates as the bonds being issued;
(2) may be secured by a first mortgage lien on the educational facility being financed or by a first mortgage lien on or security interest in other real or personal property or funds acceptable to the authority subject to any exceptions that the authority may approve and created by a mortgage instrument or security agreement satisfactory to the authority; and
(3) may be insured or guaranteed by others.
(b) Any bonds described in section 22 of this chapter must be payable solely out of the payments to be made on the promissory notes and under the corresponding agreement. Any bonds described in section 22 of this chapter may not exceed in principal amount the cost of the educational facility, as determined by the nonprofit college or university, or the necessary amount of these liability or other loss insurance reserves, and approved by 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 8. Educational Facility Financing › 5-1.2-8-24. Mortgages

Sec. 24. If an educational facility is financed and mortgaged under sections 22 and 23 of this chapter:
(1) the title to the facility must remain in the nonprofit college or university owning the facility, subject to the lien of the mortgage securing the promissory notes then being purchased; and
(2) there may not be a lease of the facility between the authority and the 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 8. Educational Facility Financing › 5-1.2-8-25. Powers of Authority; Restrictions

Sec. 25. Section 15 of this chapter does not apply to any educational facility or any liability or loss insurance reserves financed under this section and sections 22 through 24 of this chapter. However, the authority shall return the promissory notes purchased through the issuance of bonds to the nonprofit college or university issuing the promissory notes when:
(1) the bonds have been fully paid and retired or adequate provision has been made to pay and retire the bonds fully;
(2) all other conditions of the trust agreement or indenture creating the bonds have been satisfied; and
(3) the lien has been released in accordance with the provisions of the instrument creating the lien.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-3. Public Offering for Sale or Lease of Property

Sec. 3. The authority may, instead of a private sale or leasing as authorized by IC 5-1.2-4-1(a) or a financing of an economic development project under section 12 of this chapter, decide to hold a public offering under this chapter for the sale or leasing of any land or interests in land, building improvements, structures, personal property, and franchises and patents acquired by the authority under this article for an economic development project. If the authority decides to hold a public offering for the sale or leasing of any property or interests acquired for an economic development project, the offering shall be made in accordance with this chapter.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-4. Public Offering; Requirements; Offering Sheet

Sec. 4. Before offering for sale or lease to the public any property or interests acquired for an economic development project, the authority shall prepare an offering sheet showing the property or interests to be offered and copies of the offering sheets shall be furnished to prospective buyers or lessees. Maps and plats of the property and any additional information considered appropriate by the authority shall also be kept available for inspection at the office of the authority.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-5. Notice

Sec. 5. The authority shall publish a notice of the offering in accordance with IC 5-3-1. The notice must state that at a designated time the authority will open and consider written offers for the purchase or lease of the property or interests being offered. In giving the notice, it is not necessary to describe specifically the property or interests or to specify the exact terms of the disposition, but the notice must state the general location of the property or interests and call attention generally to any requirements or limitations that the authority may establish in respect to the economic development project.
As added by P.L.189-2018, SEC.25.
2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 9. Economic Development Projects › 5-1.2-9-6. Offers

Sec. 6. At the time fixed in the notice, the authority shall open and consider any offers received. All offers received shall be opened at public meetings of the authority and shall be kept open for public inspection.
As added by P.L.189-2018, SEC.25.