2023 Indiana Code › Title 5. State and Local Administration › Article 1.2. Indiana Finance Authority › Chapter 7. Health Facility Financing › 5-1.2-7-5. Powers of the Authority

Sec. 5. (a) The authority has all the powers necessary to carry out and effectuate its public purposes under this chapter, including initiating a program of providing health facility property to be operated by participating providers in health facilities. In furtherance of this objective, the authority may also do one (1) or more of the following:
(1) Provide, or cause to be provided by a participating provider, by acquisition, lease, construction, fabrication, repair, restoration, reconditioning, refinancing, or installation, health facility property to be located within a health facility.
(2) Lease as lessor any item of health facility property for those rentals and upon the terms and conditions as the authority considers advisable and are not in conflict with this chapter.
(3) To charge to and apportion among participating providers its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this chapter and IC 5-1.2-4.
(4) Assist, coordinate, and participate with other issuers of tax exempt bonds and public officials in other states in connection with financings or refinancings on behalf of multiple state health facilities. Assistance, coordination, and participation provided under this subdivision may include conducting any hearings required by state or federal law in order for bonds to be issued by public officials in other states if part of the proceeds of the bonds will be used by participating providers in Indiana. Neither the state of Indiana nor the authority, nor any officers, agents, or employees of the state or the authority, are subject to any liability resulting from assistance to or coordination or participation with other issuers of tax exempt bonds under this subsection. Any assistance, coordination, or participation provided under this subdivision is given with the understanding that the issuers of tax exempt bonds or borrowers will agree to indemnify and hold harmless the state of Indiana and the authority and their officers, agents, and employees from all claims and liability arising from any action against the state of Indiana or the authority relating to the bonds.
(5) Employ and enter into agreements with, and delegate to, any person as the authority sees fit, the power to manage the routine affairs of the authority, including the originating and processing of any applications from participating providers for the lease or purchase from the authority, or financing, reimbursing, or refinancing by the authority, of health facility property and to service the leases, installment purchase contracts, and loan agreements between the authority and the participating providers.
(6) Establish eligibility standards for participating providers, without complying with IC 4-22-2. However, these standards have the force of law if the standards are adopted after a public hearing for which notice has been published in a newspaper published in the city of Indianapolis, at least ten (10) days in advance of the hearing.
(7) Contract with any entity securing the payment of bonds under IC 5-1.2-4-1(a)(10) and IC 5-1.2-4-1(a)(32), authorizing the entity to approve the participating providers that can finance or refinance health facility property with proceeds from the bond issue secured by that entity.
(8) Lease to a participating provider specific items of health facility property upon terms and conditions that the authority considers proper, to charge and collect rents for the health facility property, to terminate such a lease upon the failure of the lessee to comply with any of its obligations under the lease or otherwise as the lease provides, and to include in the lease provisions that the lessee has the option to renew the term of the lease for the periods and at the rents as may be determined by the authority or to purchase any or all of the health facility property to which the lease applies.
(9) Loan to a participating provider under an installment purchase contract or loan agreement money to finance, reimburse, or refinance the cost of specific items of health facility property and to take back a secured or unsecured promissory note evidencing such a loan and a security interest in the health facility property financed or refinanced with the loan, upon the terms and conditions as the authority considers proper.
(10) Sell or otherwise dispose of any unneeded or obsolete health facility property under terms and conditions as determined by the authority.
(11) Maintain, repair, replace, and otherwise improve or cause to be maintained, repaired, replaced, and otherwise improved any health facility property owned by the authority.
(12) Obtain or aid in obtaining property insurance on all health facility property owned or financed, or to accept payment if any health facility property is damaged or destroyed.
(13) Enter into any agreement, contract, or other instrument with respect to any insurance, guarantee, or letter of credit, accepting payment in the manner and form as provided in the insurance, guarantee, or letter of credit if a participating provider defaults, and to assign the insurance, guarantee, or letter of credit as security for bonds issued by the authority.
(b) No part of the revenues or assets of the authority may inure to the benefit of or be distributable to its members or officers or other private persons. Any net earnings of the authority beyond that necessary for retirement of authority indebtedness or to implement the public purposes of this chapter inure to the benefit of the state. Upon termination or dissolution of the authority, all rights and properties of the authority pass to and are vested in the state, subject to the rights of lienholders and other creditors.
As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.17.