reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-16. Payment of Principal and Interest on Obligations in Nearly Equal Payment Amounts and at Regular Designated Intervals; Exceptions

Sec. 16. (a) This section applies to obligations that are:
(1) issued after June 30, 2008, by a local issuing body; and
(2) payable from ad valorem property taxes, special benefit taxes on property, or tax increment revenues derived from property taxes;
including obligations that are issued under a statute that permits the bonds to be issued without complying with any other law or otherwise expressly exempts the bonds from the requirements of this section.
(b) An agreement for the issuance of obligations must provide for the payment of principal and interest on the obligations in nearly equal payment amounts and at regular designated intervals over the maximum term of the obligations except to the extent that:
(1) interest for a particular repayment period has been paid from the proceeds of the obligations under section 6 of this chapter; or
(2) the local issuing body authorizes a different payment schedule to:
(A) maintain substantially equal payments, in the aggregate, in any period in which the local issuing body pays the interest and principal on outstanding obligations;
(B) provide for the payment of principal on the obligations in amounts and at intervals that will produce an aggregate amount of principal payments greater than or equal to the aggregate amount that would otherwise be paid as of the same date;
(C) provide for level principal payments over the term of the obligations, in order to reduce total interest costs;
(D) with respect to obligations wholly or partially payable from tax increment revenues derived from property taxes, provide for the payment of principal and interest in varying amounts over the term of the obligations as necessary due to the variation in the amount of tax increment revenues available for those payments; or
(E) provide for a repayment schedule that will result in the same or a lower amount of interest being paid on obligations that would be issued using nearly equal payment amounts.
As added by P.L.146-2008, SEC.31. Amended by P.L.182-2009(ss), SEC.64.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 14. Miscellaneous Provisions › 5-1-14-18. Validity of Electronic Signatures

Sec. 18. In connection with the issuance by the issuer of any obligation described in IC 5-1-1-1(b), the execution of the obligation (including any contract, certificate, or other document executed on behalf of the issuer in connection with the execution of the obligation) using electronic signatures rather than manual signatures shall be considered fully legal and valid for all purposes with the same force and effect as if the execution were performed with manual signatures.
As added by P.L.88-2021, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 15. Fully Registered and Book Entry Obligations › 5-1-15-2. Form of Obligations; Interchangeable Nature

Sec. 2. Notwithstanding any other provision of law, bonds, notes, evidences of indebtedness, or other written obligations may be issued in fully registered or book entry form, and may be interchangeable in any manner provided for by the issuing entity.
As added by P.L.44-1983, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 15. Fully Registered and Book Entry Obligations › 5-1-15-3. Delivery; Registrar or Paying Agent; Deposit; Certificates

Sec. 3. (a) Bonds, notes, evidences of indebtedness, or other written obligations issued in book entry form shall:
(1) not be delivered to the owners thereof; and
(2) have a registrar or paying agent that may be:
(A) the issuing entity;
(B) a bank or trust company; or
(C) a securities depository corporation.
(b) In connection with issuance in book entry form, the following may be done:
(1) A written instrument may be deposited with the registrar or paying agent.
(2) Participation certificates or certificates of beneficial interest may be issued to the owner by the issuing entity, registrar, or paying agent.
As added by P.L.44-1983, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 15. Fully Registered and Book Entry Obligations › 5-1-15-4. Employment of Bank or Trust Company

Sec. 4. The entity may employ any bank or trust company as paying agent or registrar, co-registrar, or depository institution. The bank or trust company need not be a depository bank under IC 5-13, and need not be located within the state of Indiana.
As added by P.L.44-1983, SEC.7. Amended by P.L.3-1990, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 15. Fully Registered and Book Entry Obligations › 5-1-15-5. Confidentiality of Books and Records

Sec. 5. Notwithstanding any other provision of law, registers or registration books or transfer records for bonds, notes, evidences of indebtedness, or other written obligations of any entity are not public records, but are only for the use of the entity, any trustee, fiduciary, paying agent, registrar, co-registrar, or transfer agent. A trust department of a bank having possession of these records shall not disclose them to a bond department, commercial department, subsidiary of the bank, or a subsidiary of the parent corporation of the bank.
As added by P.L.44-1983, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 16.5. Repealed

[Pre-2007 Higher Education Recodification Citations:
5-1-16.5-1formerly 20-12-63-15-1-16.5-2formerly 20-12-63-27 part5-1-16.5-3formerly 20-12-63-295-1-16.5-4formerly 20-12-63-285-1-16.5-5formerly 20-12-63-1.55-1-16.5-6New5-1-16.5-7formerly 20-12-63-3(1)5-1-16.5-8formerly 20-12-63-3(4)5-1-16.5-9formerly 20-12-63-3(5)5-1-16.5-10formerly 20-12-63-3(3)5-1-16.5-11formerly 20-12-63-3(6)5-1-16.5-12formerly 20-12-63-3(7)5-1-16.5-13formerly 20-12-63-3(9)5-1-16.5-14formerly 20-12-63-3(8)5-1-16.5-15formerly 20-12-63-3(10)5-1-16.5-16formerly 20-12-63-3(2)5-1-16.5-17formerly 20-12-63-3(11)5-1-16.5-18formerly 20-12-63-3(12)5-1-16.5-19formerly 20-12-63-3(13)5-1-16.5-20New5-1-16.5-21formerly 20-12-63-11(1)5-1-16.5-22formerly 20-12-63-11(2)5-1-16.5-23formerly 20-12-63-11(3)5-1-16.5-24formerly 20-12-63-11(4)5-1-16.5-25formerly 20-12-63-11(5)5-1-16.5-26formerly 20-12-63-11(6)5-1-16.5-27formerly 20-12-63-11(7)5-1-16.5-28formerly 20-12-63-11(8)5-1-16.5-29formerly 20-12-63-11(9)5-1-16.5-30formerly 20-12-63-11(10)5-1-16.5-31formerly 20-12-63-11(11)5-1-16.5-32formerly 20-12-63-11(12)5-1-16.5-33formerly 20-12-63-11(13)5-1-16.5-34formerly 20-12-63-125-1-16.5-35formerly 20-12-63-135-1-16.5-36formerly 20-12-63-145-1-16.5-37formerly 20-12-63-15(a)5-1-16.5-38formerly 20-12-63-15(b)5-1-16.5-39formerly 20-12-63-15(c)5-1-16.5-40formerly 20-12-63-15(d)5-1-16.5-41formerly 20-12-63-15(e)5-1-16.5-42formerly 20-12-63-15(f)5-1-16.5-43formerly 20-12-63-165-1-16.5-44formerly 20-12-63-175-1-16.5-45formerly 20-12-63-185-1-16.5-46formerly 20-12-63-195-1-16.5-47formerly 20-12-63-205-1-16.5-48formerly 20-12-63-21(a)5-1-16.5-49formerly 20-12-63-21(b)5-1-16.5-50formerly 20-12-63-21(c)5-1-16.5-51formerly 20-12-63-21(d)5-1-16.5-52formerly 20-12-63-225-1-16.5-53formerly 20-12-63-235-1-16.5-54formerly 20-12-63-245-1-16.5-55formerly 20-12-63-255-1-16.5-56formerly 20-12-63-26(a) part5-1-16.5-57formerly 20-12-63-26(a) part5-1-16.5-58formerly 20-12-63-26(b)5-1-16.5-59formerly 20-12-63-26(c)5-1-16.5-60formerly 20-12-63-27 part5-1-16.5-61formerly 20-12-63-27 part.]
Repealed by P.L.189-2018, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-0.3. General Assembly Findings

Sec. 0.3. The general assembly finds the following:
(1) Marion, Boone, Johnson, Hamilton, Hancock, Hendricks, Morgan, and Shelby counties, and certain municipalities located in those counties, face unique and distinct challenges and opportunities related to the economic development issues associated with the construction and maintenance of a world-class convention center and stadium facility in Indianapolis.
(2) A unique approach is required to ensure that these counties have sufficient revenue sources to allow them to meet these challenges and opportunities.
(3) The powers and responsibilities provided to these counties and to the Indiana stadium and convention building authority created by this chapter are appropriate and necessary to carry out the public purposes of encouraging and fostering economic development in central Indiana and constructing a world-class convention center and stadium facility in Indianapolis.
(4) The retention of a National Football League franchised professional football team in Indianapolis poses unique challenges due to the need for development of a world class football stadium and related infrastructure that would not be needed apart from the needs related to the retention of a National Football League franchised professional football team in Indianapolis.
(5) The retention of a National Football League franchised professional football team in Indianapolis is critical to successful economic development in Indianapolis and is a public purpose.
(6) Encouragement of economic development in Indianapolis will:
(A) generate significant economic activity, a substantial portion of which results from persons residing outside Indiana, which may attract new businesses and encourage existing businesses to remain or expand in Indianapolis;
(B) promote the consolidated city to residents outside Indiana, which may attract residents outside Indiana and new businesses to relocate to the Indianapolis area;
(C) protect and increase state and local tax revenues; and
(D) encourage overall economic growth in Indianapolis and in Indiana.
(7) Indianapolis faces unique challenges in the development of infrastructure and other facilities necessary to promote economic development as a result of its need to rely on sources of revenue other than property taxes, due to the large number of tax exempt properties located in Indianapolis because Indianapolis is the seat of government, the home to multiple institutions of higher education, and the site of numerous state and regional nonprofit corporations.
(8) Economic development benefits the health and welfare of the people of Indiana, is a public use and purpose for which public money may be spent, and is of public utility and benefit.
As added by P.L.220-2011, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-3. "Bonds"

Sec. 3. As used in this chapter, "bonds" means bonds, notes, commercial paper, or other evidences of indebtedness. The term includes obligations (as defined in IC 8-9.5-9-3) and swap agreements (as defined in IC 8-9.5-9-4).
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-4. "Capital Improvement Board"

Sec. 4. As used in this chapter, "capital improvement board" refers to a capital improvement board of managers created by IC 36-10-8 or IC 36-10-9.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-5. "State Agency"

Sec. 5. As used in this chapter, "state agency" has the meaning set forth in IC 5-1.2-2.
As added by P.L.214-2005, SEC.6. Amended by P.L.189-2018, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-6. Establishment

Sec. 6. An Indiana stadium and convention building authority is created in Indiana as a separate body corporate and politic as an instrumentality of the state to acquire, construct, equip, own, lease, and finance facilities for lease to or for the benefit of a capital improvement board.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-7. Membership

Sec. 7. (a) The board is composed of the following seven (7) members, who must be residents of Indiana:
(1) Four (4) members appointed by the governor. The president pro tempore of the senate and the speaker of the house of representatives may each make one (1) recommendation to the governor concerning the appointment of a member under this subdivision.
(2) Two (2) members appointed by the Marion County executive.
(3) One (1) member appointed by the governor, who has been nominated by the county fiscal body of a county that is contiguous to Marion County, determined as follows:
(A) The member nominated for the initial term shall be nominated by the contiguous county that has the largest population of all the contiguous counties that have adopted an ordinance to impose a food and beverage tax under IC 6-9-35.
(B) The member nominated for each successive term shall be nominated by the contiguous county that:
(i) contributed the most revenues from the tax imposed by IC 6-9-35 to the capital improvement board of managers created by IC 36-10-9-3 in the immediately previous calendar year; and
(ii) has not previously made a nomination to the governor or, if all the contributing counties have previously made such a nomination, is the one whose then most recent nomination occurred before those of all the other contributing counties.
(b) A member appointed under subsection (a)(1) through (a)(2) is entitled to serve a three (3) year term. A member appointed under subsection (a)(3) is entitled to serve a one (1) year term. A member may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the governor shall fill the vacancy by appointing a new member for the remainder of the vacated term. If the vacated member was appointed under subsection (a)(2) or (a)(3), the governor shall appoint a new member who has been nominated by the person or body who made the nomination of the vacated member.
(d) A member may be removed for cause by the appointing authority.
(e) Each member, before entering upon the duties of office, must take and subscribe an oath of office under IC 5-4-1, which shall be endorsed upon the certificate of appointment and filed with the records of the board.
(f) The governor shall nominate an executive director for the authority, subject to the veto authority of the Marion County executive.
As added by P.L.214-2005, SEC.6. Amended by P.L.104-2022, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-8. Meetings; Officers; Quorum

Sec. 8. (a) The board shall hold an initial organizational meeting on or before June 30, 2005. Immediately after January 15 of each year, the board shall hold its annual organizational meeting.
(b) The governor shall appoint a member of the board to serve as chair of the board.
(c) The board shall elect one (1) of the members vice chair and another secretary-treasurer to perform the duties of those offices. These officers serve from the date of their election and until their successors are elected and qualified. The board may elect an assistant secretary-treasurer.
(d) Special meetings may be called by the chair of the board or any three (3) members of the board.
(e) A majority of the members constitutes a quorum, and the concurrence of a majority of the members is necessary to authorize any action.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-9. Bylaws; Rules; Code of Ethics

Sec. 9. (a) The board may adopt the bylaws and rules it considers necessary for the proper conduct of its duties and the safeguarding of the funds and property entrusted to its care.
(b) The board shall, without complying with IC 4-22-2, adopt the code of ethics in executive order 05-12 for its members and employees.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-9.5. Personal Liability of Members or Employees

Sec. 9.5. The:
(1) members of the authority;
(2) officers and employees of the authority; and
(3) executive director;
executing bonds, leases, obligations, or other agreements under this chapter are not subject to personal liability or accountability by reason of any act authorized by this chapter.
As added by P.L.120-2006, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-10. Purpose

Sec. 10. The authority is organized for the following purposes:
(1) Acquiring, financing, constructing, and leasing land and capital improvements to or for the benefit of a capital improvement board.
(2) Financing and constructing additional improvements to capital improvements owned by the authority and leasing them to or for the benefit of a capital improvement board.
(3) Acquiring land or all or a portion of one (1) or more capital improvements from a capital improvement board by purchase or lease and leasing the land or these capital improvements back to the capital improvement board, with any additional improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more capital improvements from a capital improvement board by purchase or lease to fund or refund indebtedness incurred on account of those capital improvements to enable the capital improvement board to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the capital improvement board considers to be unduly burdensome.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-12. Bonds; Refunding; Leases; Property

Sec. 12. (a) Bonds issued under IC 36-10-8 or IC 36-10-9 or prior law may be refunded as provided in this section.
(b) A capital improvement board may:
(1) lease all or a portion of land or a capital improvement or improvements to the authority, which may be at a nominal lease rental with a lease back to the capital improvement board, conditioned upon the authority assuming bonds issued under IC 36-10-8 or IC 36-10-9 or prior law and issuing its bonds to refund those bonds; and
(2) sell all or a portion of land or a capital improvement or improvements to the authority for a price sufficient to provide for the refunding of those bonds and lease back the land or capital improvement or improvements from the authority.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-14. Complete Authority

Sec. 14. This chapter contains full and complete authority for leases between the authority and a capital improvement board. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by the board or the capital improvement board or any other officer, department, agency, or instrumentality of the state or any political subdivision is required to enter into any lease, except as prescribed in this chapter.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-15. Capital Improvement Plans and Specifications; Approval

Sec. 15. If the lease provides for a capital improvement or improvements thereto to be constructed by the authority, the plans and specifications shall be submitted to and approved by all agencies designated by law to pass on plans and specifications for public buildings.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-16. Agreements; Common Wall; Easements; Licenses

Sec. 16. The authority and a capital improvement board may enter into common wall (party wall) agreements or other agreements concerning easements or licenses. These agreements shall be recorded with the recorder of the county in which the capital improvement is located.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-17. Capital Improvement; Land; Sale; Lease

Sec. 17. (a) A capital improvement board may lease for a nominal lease rental, or sell to the authority, one (1) or more capital improvements or portions thereof or land upon which a capital improvement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by a capital improvement board to the authority must be for a term equal to the term of the lease of that capital improvement back to the capital improvement board.
(c) A capital improvement board may sell property to the authority.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-18.3. Prohibition on Certain Contract Limitations for a Project

Sec. 18.3. (a) The following definitions apply throughout this section:
(1) "Contract" includes a lease or other agreement.
(2) "Contract limitation" refers to a bid specification, project agreement, lease provision, or other contract document that does any of the following:
(A) Requires a bidder, offeror, or contractor in any contractor tier to enter into or adhere to an agreement with a labor organization relating to a project.
(B) Prohibits a bidder, offeror, or contractor in any contractor tier from entering into or adhering to an agreement with a labor organization relating to a project.
(C) Discriminates against a bidder, offeror, or contractor in any contractor tier for any of the following:
(i) Becoming or remaining a signatory to an agreement with a labor organization relating to a project.
(ii) Refusing to become or remain a signatory to an agreement with a labor organization relating to a project.
(iii) Adhering or refusing to adhere to an agreement with a labor organization relating to a project.
(3) "Project" refers to a project of the authority for the construction of a facility and all buildings, facilities, structures, and improvements related to that facility to be financed in whole or in part from funds derived from the establishment of a tax area under IC 36-7-31.5.
(4) "Public benefit" refers to a grant, a tax abatement, a tax credit, or establishment or use of tax area revenues related to a project.
(b) A contract relating to a project may not require a contractor or subcontractor to enter into a contract limitation as a condition of being awarded and performing work on the contract. Any such provision is void.
(c) A public entity may not award a public benefit that is conditioned upon a requirement that the person awarded the public benefit include a contract limitation in a contract document related to a project. Any such provision is void.
As added by P.L.109-2019, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-18.5. Negotiating With a Single Bidder for a Project

Sec. 18.5. (a) This section applies to bids received with respect to a capital improvement under this chapter:
(1) that is constructed by, for, or on behalf of the authority; and
(2) for which only one (1) bid was received from a responsible bidder.
(b) The board may attempt to negotiate a more advantageous proposal and contract with the bidder if the board determines that rebidding:
(1) is not practicable or advantageous; or
(2) would adversely affect the construction schedule or budget of the project.
(c) The board shall prepare a bid file containing the following information:
(1) A copy of all documents that are included as part of the invitation for bids.
(2) A list of all persons to whom copies of the invitation for bids were given, including the following information:
(A) The name and address of each person who received an invitation for bids.
(B) The name of each bidder who responded and the dollar amount of the bid.
(C) A summary of the bid received.
(3) The basis on which the bid was accepted.
(4) Documentation of the board's negotiating process with the bidder. The documentation must include the following:
(A) A log of the dates and times of each meeting with the bidder.
(B) A description of the nature of all communications with the bidder.
(C) A copy of all written communications, including electronic communications, with the bidder.
(5) The entire contents of the contract file except for proprietary information included with the bid, such as trade secrets, manufacturing processes, and financial information that was not required to be made available for public inspection by the terms of the invitation for bids.
As added by P.L.120-2006, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-19. Bonds; Complete Authority

Sec. 19. This chapter contains full and complete authority for the issuance of bonds. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by the board or any other officer, department, agency, or instrumentality of the state or of any political subdivision is required to issue any bonds, except as prescribed in this chapter.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-20. Bonds; Legal Investments

Sec. 20. Bonds issued under this chapter are legal investments for private trust funds and the funds of banks, trust companies, insurance companies, building and loan associations, credit unions, banks of discount and deposit, savings banks, loan and trust and safe deposit companies, rural loan and savings associations, guaranty loan and savings associations, mortgage guaranty companies, small loan companies, industrial loan and investment companies, and other financial institutions organized under Indiana law.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-21. Bonds; Security

Sec. 21. (a) The authority may secure bonds issued under this chapter by a trust indenture between the authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from leased capital improvements, but may not mortgage land or capital improvements;
(2) contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants setting forth the duties of the authority and board;
(3) set forth the rights and remedies of bondholders and trustee; and
(4) restrict the individual right of action of bondholders.
(c) Any pledge or assignment made by the authority under this section is valid and binding from the time that the pledge or assignment is made, against all persons whether or not they have notice of the lien. Any trust indenture by which a pledge is created or an assignment made need not be filed or recorded. The lien is perfected against third parties by filing the trust indenture in the records of the board.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-22. Bond Issue for Leased Property Purchase

Sec. 22. If a capital improvement board exercises its option to purchase leased property, it may issue its bonds as authorized by statute.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-23. Tax Exemption

Sec. 23. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the proceeds received by a holder from the sale of bonds to the extent of the holder's cost of acquisition, proceeds received upon redemption before maturity, proceeds received at maturity, and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the financial institutions tax imposed under IC 6-5.5.
As added by P.L.214-2005, SEC.6. Amended by P.L.79-2017, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-24. Bonds; Contesting Validity

Sec. 24. Any action to contest the validity of bonds to be issued under this chapter may not be brought after the fifteenth day following:
(1) the receipt of bids for the bonds, if the bonds are sold at public sale; or
(2) the publication one (1) time in a newspaper of general circulation published in the county of notice of the execution and delivery of the contract for the sale of bonds;
whichever occurs first.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-25. Bonds; Maximum Amount; Conditions

Sec. 25. The authority shall not issue bonds in a principal amount exceeding five hundred million dollars ($500,000,000) to finance any capital improvement in Marion County unless:
(1) on or before June 30, 2005, the county fiscal body:
(A) increases the rate of the tax authorized by IC 6-6-9.7 by the maximum amount authorized by IC 6-6-9.7-7(c);
(B) increases the rate of the tax authorized by IC 6-9-8 by the maximum amount authorized by IC 6-9-8-3(d);
(C) increases the rate of tax authorized by IC 6-9-12 by the maximum amount authorized by IC 6-9-12-5(b); and
(D) increases the rate of the tax authorized by IC 6-9-13 by the maximum amount authorized by IC 6-9-13-2(b); and
(2) on or before October 1, 2005, the budget director makes a determination under IC 36-7-31-14.1 to increase the amount of money captured in a tax area established under IC 36-7-31 by up to eleven million dollars ($11,000,000) per year, commencing July 1, 2007.
As added by P.L.214-2005, SEC.6. Amended by P.L.104-2022, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-27. Real Property Conveyance Without Bid or Advertisement

Sec. 27. In order to enable the authority to lease a capital improvement or existing facility to a state agency under section 26 of this chapter, the governor may convey, transfer, or sell, with or without consideration, real property (including the buildings, structures, and improvements), title to which is held in the name of the state, to the authority, without being required to advertise or solicit bids or proposals, in order to accomplish the governmental purposes of this chapter.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17. Indiana Stadium and Convention Building Authority › 5-1-17-28. Lease Payments From Taxes; Budget Director Designee

Sec. 28. If the authority enters into a lease with a capital improvement board under section 13 of this chapter or a state agency under section 26 of this chapter, which then enters into a sublease with a capital improvement board under section 26(b) of this chapter, and the rental payments owed by the capital improvement board to the authority under the lease or to the state agency under the sublease are payable from the taxes described in section 25 of this chapter or from the taxes authorized under IC 6-9-35, the budget director may choose the designee of the capital improvement board, which shall receive and deposit the revenues derived from such taxes. The designee shall hold the revenues on behalf of the capital improvement board pursuant to an agreement between the authority and the capital improvement board or between a state agency and the capital improvement board. The agreement shall provide for the application of the revenues in a manner that does not adversely affect the validity of the lease or the sublease, as applicable.
As added by P.L.214-2005, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-1. Legislative Findings

Sec. 1. The general assembly finds the following:
(1) Marion County and certain surrounding counties and municipalities located in those counties face unique and distinct challenges and opportunities related to the economic development issues associated with the maintenance of a world-class motorsports facility in the town of Speedway.
(2) A unique approach is required to ensure that such a motorsports facility can be maintained to allow these counties and municipalities to meet these challenges and opportunities.
(3) The powers and responsibilities provided to the Indiana motorsports commission created by this chapter and the Indiana finance authority are appropriate and necessary to carry out the public purposes of encouraging and fostering economic development in central Indiana and maintaining a world-class motorsports facility in the town of Speedway.
(4) Encouragement of economic development in central Indiana will:
(A) generate significant economic activity, a substantial part of which results from persons residing outside Indiana, which may attract new businesses and encourage existing businesses to remain or expand in central Indiana;
(B) promote central Indiana to residents outside Indiana, which may attract residents outside Indiana and new businesses to relocate to central Indiana;
(C) protect and increase state and local tax revenues; and
(D) encourage overall economic growth in central Indiana and in Indiana.
(5) Marion County faces unique challenges in the development of infrastructure and other facilities necessary to promote economic development as a result of its need to rely on sources of revenue other than property taxes, due to the large number of tax-exempt properties located in Marion County, because Indianapolis is the seat of state government and Marion County government, and because Marion County is home to multiple institutions of higher education and the site of numerous state and regional nonprofit corporations.
(6) Economic development benefits the health and welfare of the people of Indiana, is a public use and purpose for which public money may be spent, and is of public utility and benefit.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-2. "Admissions Fees"

Sec. 2. As used in this chapter, "admissions fees" means the admissions fees under IC 6-8-14.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-6. "Bonds"

Sec. 6. As used in this chapter, "bonds" has the meaning set forth in IC 5-1.2-2-5.
As added by P.L.233-2013, SEC.5. Amended by P.L.189-2018, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-7. "Budget Agency"

Sec. 7. As used in this chapter, "budget agency" means the budget agency established by IC 4-12-1-3.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-8. "Budget Committee"

Sec. 8. As used in this chapter, "budget committee" means the budget committee established by IC 4-12-1-3.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-11. "Motorsports Investment District"

Sec. 11. As used in this chapter, "motorsports investment district" means the geographic area established as a motorsports investment district under this chapter.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-12. "Person"

Sec. 12. As used in this chapter, "person" has the meaning set forth in IC 36-1-2-12.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-13. "Political Subdivision"

Sec. 13. As used in this chapter, "political subdivision" has the meaning set forth in IC 36-1-2-13.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-14. "Qualified Motorsports Facility"

Sec. 14. (a) As used in this chapter, "qualified motorsports facility" means a facility that:
(1) is located in Indiana;
(2) is used for professional motorsports racing events;
(3) has a motorsports racetrack that is greater than two (2) miles in length; and
(4) holds at least two (2) professional motorsports racing events annually at which the combined admissions total at least two hundred thousand (200,000).
(b) For purposes of this section, a professional motorsports racing event includes a professional motorsports racing practice session that is open to the general public.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-15. Commission Established; Purpose

Sec. 15. The Indiana motorsports commission is created in Indiana as a separate body corporate and politic, as an instrumentality of the state, to finance and lease real and personal property improvements for the benefit of an owner of a qualified motorsports facility within a motorsports investment district.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-17. Powers of the Commission

Sec. 17. The commission is authorized and empowered to do the following:
(1) To sue and be sued, and to plead and be impleaded in the name of the commission.
(2) To receive and accept from any federal agency grants and to receive and accept aid or contributions from any source of money, property, labor, or other things of value, to be held, used, and applied only for the purposes for which such grants and contributions may be made.
(3) To hold, use, administer, and expend such sum or sums as may at any time be appropriated or transferred to the commission.
(4) To purchase, acquire, or hold debt securities or other investments for the commission's own account at prices and in a manner the commission considers advisable, and to sell or otherwise dispose of those securities or investments at prices without relation to cost and in a manner the commission considers advisable.
(5) To lease real or personal property as lessor or lessee from or to the authority or any person under this chapter.
(6) To do all acts and things necessary or proper to carry out the powers expressly granted in this chapter.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-18. Staff Support and Expenses; Employees

Sec. 18. The authority shall provide staff support for the commission and pay all expenses of the commission from funds transferred to the commission from the motorsports investment district fund established under section 30 of this chapter. In providing such staff, the authority may employ, without the approval of the attorney general or any other state officer, any accounting and technical experts, attorneys, and other officers, employees, and agents, permanent or temporary, as may be necessary in the authority's judgment to carry out the efficient operation of the commission, including professionals who can prepare a report on the matters to be considered in making the findings of the commission set forth in section 24 of this chapter, and the commission may fix their compensation and title. Employees of the authority employed under this section shall not be considered employees of the state.
As added by P.L.233-2013, SEC.5. Amended by P.L.2-2014, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-19. Surety Bonds of Directors

Sec. 19. (a) Except as provided in subsection (b), each director of the board shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual is not required to obtain another bond, so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the commission.
(b) Instead of a bond, the chair may execute a blanket surety bond covering each director.
(c) Each surety bond must be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the commission.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-20. Personal Liability of Directors

Sec. 20. The directors of the board are not subject to personal liability or accountability by reason of any act authorized by this chapter with respect to the:
(1) issuance of any obligations;
(2) execution of any lease or sublease; or
(3) execution of any other agreement under this chapter.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-21. Annual Audit

Sec. 21. The commission shall cause an audit or review of its books and accounts to be made at least once each year by certified public accountants.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-22. Annual Report

Sec. 22. The commission shall, following the close of each fiscal year of the commission, submit an annual report of its activities for the preceding year to the governor, the budget committee, and the legislative council. An annual report submitted under this section to the legislative council must be in an electronic format under IC 5-14-6. Each report must set forth a complete operating and financial statement for the commission during the fiscal year the report covers.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited

Sec. 23. (a) A director of the commission who knowingly has an interest:
(1) in any contract with the commission; or
(2) in the sale or lease of any real or personal property to the commission;
commits a Class A misdemeanor. All such contracts or leases are void.
(b) This section does not apply to contracts for purchases of property, real or personal, between the commission and:
(1) the authority;
(2) any political subdivision; or
(3) any department or agency of the state.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-24. Resolution by Commission Establishing a District; Public Hearing; Required Findings by Commission; Territory of District

Sec. 24. (a) The commission may, after a public hearing, adopt a resolution establishing a motorsports investment district. Notice of the public hearing must be provided in accordance with IC 5-3-1.
(b) In establishing the motorsports investment district, the commission must make the following findings:
(1) There are improvements that will be undertaken in the motorsports investment district that will have a positive effect on the activities of a qualified motorsports facility.
(2) The improvements that will be undertaken in the motorsports investment district will benefit the public health and welfare and will be of public utility and benefit.
(3) The improvements that will be undertaken in the motorsports investment district will protect or increase state and local tax bases and tax revenues.
(c) A motorsports investment district consists of:
(1) the geographic area that is included within the qualified motorsports facility;
(2) adjacent property that is:
(A) related to the operation of the qualified motorsports facility; and
(B) owned by the owner of the qualified motorsports facility or a subsidiary or affiliate of the qualified motorsports facility;
(3) property on which activities related to the qualified motorsports facility occur; and
(4) other public property specified by the commission;
as determined in the resolution adopted by the commission.
As added by P.L.233-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 1. Bonds and Other Obligations › Chapter 17.5. Motorsports Investment District › 5-1-17.5-25. Allocation of Amounts Appropriated to the Commission; Expiration Date of District

Sec. 25. A resolution establishing a motorsports investment district must provide for the allocation to the motorsports investment district fund established under section 30 of this chapter of the money appropriated to the commission. The resolution must state an expiration date for the motorsports investment district, which must be the later of:
(1) the date that is thirty (30) years after the date of the adoption of the resolution; or
(2) the date on which the owner or owners of a qualified motorsports facility no longer have a financial liability to the commission.
Subject to section 24(c) of this chapter, the commission shall specify in the resolution the geographic area that is included within the motorsports investment district.
As added by P.L.233-2013, SEC.5.