CHAPTER 10.9. INDIANA FINANCE AUTHORITY LAW; DEFINITIONS
IC 4-4-10.9
Chapter 10.9. Indiana Finance Authority Law; Definitions
IC 4-4-10.9-1
Application of definitions
Sec. 1. Subject to IC 4-4-11-2.7, the definitions in this chapter
apply throughout this chapter, IC 4-4-11, and the affected statutes.
As added by P.L.20-1985, SEC.1. Amended by P.L.224-2003,
SEC.271; P.L.1-2007, SEC.5; P.L.162-2007, SEC.1.
IC 4-4-10.9-1.2
"Affected statutes"
Sec. 1.2. "Affected statutes" means all statutes that grant a power
to or impose a duty on the authority, including but not limited to
IC 4-4-11, IC 4-4-11.4, IC 4-4-11.6, IC 4-4-21, IC 4-13.5, IC 5-1-16,
IC 5-1-16.5, IC 8-9.5, IC 8-14.5, IC 8-15, IC 8-15.5, IC 8-16,
IC 13-18-13, IC 13-18-21, IC 13-19-5, and IC 14-14.
As added by P.L.235-2005, SEC.1. Amended by P.L.47-2006, SEC.1;
P.L.1-2006, SEC.26; P.L.1-2007, SEC.6; P.L.162-2007, SEC.2;
P.L.2-2009, SEC.1; P.L.1-2009, SEC.5; P.L.1-2010, SEC.5.
IC 4-4-10.9-1.5
"Authority"
Sec. 1.5. "Authority" refers to the Indiana finance authority
established by IC 4-4-11.
As added by P.L.20-1988, SEC.1. Amended by P.L.11-1990, SEC.3;
P.L.235-2005, SEC.2.
IC 4-4-10.9-2
"Bonds"
Sec. 2. "Bonds" means any bonds, mortgage credit certificates,
notes, debentures, interim certificates, revenue anticipation notes,
warrants, or any other evidences of indebtedness of the authority and
for purposes of a refunding issue, means the same types of evidences
of indebtedness of a unit (as defined in IC 36-1-2-23) as well as the
authority.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.4;
P.L.24-1995, SEC.5.
IC 4-4-10.9-2.1
"Broadband development program"
Sec. 2.1. "Broadband development program" refers to the Indiana
broadband development program established by IC 8-1-33-15.
As added by P.L.235-2005, SEC.3.
IC 4-4-10.9-2.2
"Broadband development project"
Sec. 2.2. "Broadband development project" means a project
authorized by the broadband development program under IC 8-1-33.
As added by P.L.235-2005, SEC.4.
IC 4-4-10.9-3
Repealed
(Repealed by P.L.11-1990, SEC.135.)
IC 4-4-10.9-3.1
"Child care facility"
Sec. 3.1. "Child care facility" means a:
(1) child care center licensed under IC 12-17.2-4;
(2) child care home licensed under IC 12-17.2-5; or
(3) child care ministry licensed under IC 12-17.2-6.
As added by P.L.227-1999, SEC.2 and P.L.273-1999, SEC.192.
IC 4-4-10.9-3.2
"Child care facility project"
Sec. 3.2. "Child care facility project" includes the acquisition of
land, site improvements, infrastructure improvements, buildings or
structures, rehabilitation, renovation, and enlargement of buildings
and structures, machinery, equipment, working capital, furnishings,
or facilities (or any combination of these):
(1) comprising or being functionally related and subordinate to
a child care facility; and
(2) not used or to be used primarily:
(A) for sectarian care;
(B) as a place for devotional activities; or
(C) in connection with any part of the program of a:
(i) church;
(ii) school; or
(iii) department of divinity;
for any religious denomination.
As added by P.L.227-1999, SEC.3 and P.L.273-1999, SEC.193.
Amended by P.L.14-2000, SEC.8.
IC 4-4-10.9-4
"Contracting party"
Sec. 4. "Contracting party" means any party to a lease, sales
contract, or loan agreement other than the authority.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.5.
IC 4-4-10.9-5
"Cost of the project"
Sec. 5. "Cost of the project" means the cost or fair market value
of construction, equipment, lands, property rights, easements,
franchises, patents, financing charges, interest cost during
construction, engineering and legal services, plans, specifications,
surveys, cost estimates, studies, and other expenses as may be
necessary or incident to the development, construction, financing,
and placing in operation of an industrial development project.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-5.5
"Covered taxes"
Sec. 5.5. "Covered taxes" refers to any of the following:
(1) The state gross retail tax imposed under IC 6-2.5-2-1 or the
use tax imposed under IC 6-2.5-3-2.
(2) The adjusted gross income tax imposed under IC 6-3-2-1.
As added by P.L.224-2003, SEC.272.
IC 4-4-10.9-6
"Developer"
Sec. 6. "Developer" means a person who proposes to enter, or has
entered, into a financing agreement with the authority for an
industrial development project and who has entered into a separate
agreement with some other persons for the substantial use of the
facilities financed.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.6.
IC 4-4-10.9-6.1
"Distressed area"
Sec. 6.1. "Distressed area" means a county in which:
(1) the average annualized unemployment rate in each of the
two (2) calendar years immediately preceding the current
calendar year exceeded the statewide average annualized
unemployment rate for each of the same calendar years by at
least two percent (2%); or
(2) the average annualized unemployment rate in the
immediately preceding calendar year was at least double the
statewide average annualized unemployment rate for the same
period;
as determined by the department of workforce development.
As added by P.L.224-2003, SEC.273. Amended by P.L.1-2007,
SEC.7.
IC 4-4-10.9-6.2
"Educational facility project"
Sec. 6.2. (a) "Educational facility project" includes:
(1) the acquisition of land, site improvements, infrastructure
improvements, buildings, or structures, the rehabilitation,
renovation, and enlargement of buildings and structures,
machinery, equipment, furnishings, or facilities (or any
combination of these):
(A) comprising or being functionally related and subordinate
to any aquaria, botanical societies, historical societies,
libraries, museums, performing arts associations or societies,
scientific societies, zoological societies, and independent
elementary, secondary, or postsecondary educational
institution (or any combination of these) that engages in the
cultural, intellectual, scientific, educational, or artistic
enrichment of the people of the state the development or
expansion of which serves the purposes set forth in
IC 4-4-11-2;
(B) is not used or to be used primarily for sectarian
instruction or study or as a place for devotional activities;
and
(C) is not used or to be used primarily in connection with
any part of the program of a school or department of divinity
for any religious denomination; or
(2) funding (including reimbursement or refinancing) by a
nonprofit organization described in subsection (b) of:
(A) real property and improvements;
(B) personal property; or
(C) noncapital costs to fund a judgment, a settlement, or
other cost or liability, other than an ordinary and recurring
operating cost or expenditure.
(b) For purposes of subsection (a)(2), a nonprofit organization
must be:
(1) qualified as tax exempt under Section 501(c)(3) of the
Internal Revenue Code; and
(2) have headquarters or a primary educational or exhibit
facility located on property owned by or titled in the name of
the state of Indiana or an agency, a commission, or an
instrumentality of the state of Indiana that serves the purposes
set forth in IC 4-4-11-2.
As added by P.L.24-1995, SEC.6. Amended by P.L.4-2002, SEC.1;
P.L.2-2007, SEC.21.
IC 4-4-10.9-6.5
"Eligible export loan"
Sec. 6.5. "Eligible export loan" has the meaning set forth in
IC 4-4-21.
As added by P.L.20-1988, SEC.2.
IC 4-4-10.9-7
"Equipment"
Sec. 7. "Equipment" means any capital item.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-7.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-8
"Financing agreement"
Sec. 8. "Financing agreement" means an agreement between the
authority and a developer, user, or lender concerning the financing
of, the title to, or possession of an industrial development project and
that provides for payments to the authority in an amount sufficient to
pay the principal of, premium, if any, and interest on bonds
authorized by the authority for the financing of an industrial
development project.
As added by P.L.20-1985, SEC.1. Amended by P.L.24-1987, SEC.3;
P.L.11-1990, SEC.7.
IC 4-4-10.9-8.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-9
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-9.5
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-10
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-11
"Industrial development project"
Sec. 11. "Industrial development project" includes:
(1) the acquisition of land, site improvements, infrastructure
improvements, buildings, or structures, rehabilitation,
renovation, and enlargement of buildings and structures,
machinery, equipment, furnishings, or facilities (or any
combination of these), comprising or being functionally related
and subordinate to any project (whether manufacturing,
commercial, agricultural, environmental, or otherwise) the
development or expansion of which serves the public purposes
set forth in IC 4-4-11-2;
(2) educational facility projects;
(3) child care facility projects; and
(4) broadband development projects.
As added by P.L.20-1985, SEC.1. Amended by P.L.10-1986, SEC.1;
P.L.25-1987, SEC.1; P.L.15-1991, SEC.1; P.L.13-1993, SEC.3;
P.L.24-1995, SEC.7; P.L.227-1999, SEC.5; P.L.273-1999, SEC.194;
P.L.14-2000, SEC.9; P.L.4-2005, SEC.3; P.L.235-2005, SEC.5;
P.L.162-2007, SEC.3.
IC 4-4-10.9-11.5
"International exports"
Sec. 11.5. "International exports" has the meaning set forth in
IC 4-4-21.
As added by P.L.20-1988, SEC.5.
IC 4-4-10.9-12
"Lease"
Sec. 12. "Lease" when used in connection with the multiple
project program means a lease containing an option to purchase the
industrial development project for a nominal sum upon payment in
full, or provision therefor, of all bonds issued in connection with the
industrial development project and all interest thereon and all other
expenses in connection with the industrial development project, and
a lease containing an option to purchase the industrial development
project at any time, as provided therein, upon payment of the
purchase price which shall be sufficient to pay all bonds issued in
connection with the industrial development project and all interest
thereon and all other expenses incurred in connection with the
industrial development project, but which payment may be made in
the form of one (1) or more rental payments, notes, debentures, or
other secured or unsecured debt obligations of the lessee providing
for timely payments, including without limitation interest thereon
sufficient for such purposes and delivered to the authority or to the
trustee under the indenture, if any, pursuant to which the bonds were
issued.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.9.
IC 4-4-10.9-13
"Lender"
Sec. 13. "Lender" when used in connection with the multiple
project program means any federal or state chartered bank, Federal
Land Bank, production credit association, bank for cooperatives,
savings association, small business investment company, or any other
institution qualified within the state to originate and service loans,
such as insurance companies, credit unions, and mortgage loan
companies.
As added by P.L.20-1985, SEC.1. Amended by P.L.79-1998, SEC.2.
IC 4-4-10.9-14
"Loan"
Sec. 14. "Loan" means any lease, loan agreement, or sale contract
as defined in this chapter.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-15
"Loan agreement"
Sec. 15. "Loan agreement" when used in connection with the
multiple project program means an agreement providing for the
authority, or a lender with which the authority has contracted, to lend
the proceeds derived from the issuance of bonds pursuant to
IC 4-4-11 to one (1) or more contracting parties to be used to pay the
cost of one (1) or more industrial development projects and
providing for the repayment of such loan by the contracting party or
parties, and which may provide for the loans to be secured or
evidenced by one (1) or more notes, debentures, or other secured or
unsecured debt obligations of the contracting party or parties,
delivered to the authority or to the trustee under the indenture
pursuant to which the bonds were issued.
As added by P.L.20-1985, SEC.1. Amended by P.L.20-1988, SEC.6;
P.L.11-1990, SEC.10.
IC 4-4-10.9-16
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-17
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-17.3
"Mortgage credit certificates"
Sec. 17.3. "Mortgage credit certificates" refers to mortgage credit
certificates issued under Section 25 of the Internal Revenue Code of
1986, including any later amendments.
As added by P.L.24-1995, SEC.8.
IC 4-4-10.9-18
"Mortgage payments"
Sec. 18. "Mortgage payments" means periodic payments called for
by the mortgage covering interest, installments of principal, taxes
and assessments, mortgage insurance premiums, and hazard
insurance premiums.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-19
"Mortgagee"
Sec. 19. "Mortgagee" means the original lender under a mortgage
and his successors and assigns approved by the authority and may
include all insurance companies, trust companies, banks, investment
companies, savings banks, executors, trustees, and other fiduciaries,
including pensions and retirement funds.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.11.
IC 4-4-10.9-20
"Mortgagor"
Sec. 20. "Mortgagor" means the original borrower under a
mortgage and his successors and assigns.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-21
"Multiple project program"
Sec. 21. "Multiple project program" means, among other things,
that program of the authority described under IC 4-4-11-18 pursuant
to which it acquires from lenders loans made to developers, users, or
both, for the financing of industrial development projects, the
payment on such loans providing security for the repayment of
bonds.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.12.
IC 4-4-10.9-22
"Person"
Sec. 22. "Person" means any individual or entity.
As added by P.L.20-1985, SEC.1. Amended by P.L.8-1993, SEC.13;
P.L.98-2008, SEC.1.
IC 4-4-10.9-23
"Pollution"
Sec. 23. "Pollution" means all forms of environmental pollution,
including water pollution, air pollution, sewage, solid and radioactive
waste, thermal pollution, radiation contamination, and noise
pollution.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-24
"Pollution control facility"
Sec. 24. "Pollution control facility" means a facility for the
abatement, reduction, or prevention of pollution or for the removal
or treatment of any substances in materials being processed that
otherwise would cause pollution when used. This includes the
following:
(1) Coal washing, coal cleaning, or coal preparation facilities
designed to reduce the sulfur and ash levels of Indiana coal.
(2) Coal-fired boiler facilities designed to reduce emissions
while burning Indiana coal.
(3) Pollution control equipment to allow for the
environmentally sound use of Indiana coal.
As added by P.L.20-1985, SEC.1.
IC 4-4-10.9-24.5
"Public finance director"
Sec. 24.5. "Public finance director" means the public finance
director appointed under IC 4-4-11-9.
As added by P.L.162-2007, SEC.4.
IC 4-4-10.9-25
"Sale contract"
Sec. 25. "Sale contract" when used in connection with the
multiple project program means a contract providing for the sale of
one (1) or more industrial development projects to one (1) or more
contracting parties and includes a contract providing for payment of
the purchase price in one (1) or more installments. If the sale contract
permits title to the industrial development project to pass to the
contracting party or parties prior to payment in full of the entire
purchase price, it shall also provide for the contracting party or
parties to deliver to the authority or to the trustee under the indenture
pursuant to which the bonds were issued one (1) or more notes,
debentures, or other secured or unsecured debt obligations of the
contracting party or parties providing for timely payments, including,
without limitation, interest thereon for the balance of the purchase
price at or prior to the passage of title.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.13.
IC 4-4-10.9-26
Repealed
(Repealed by P.L.162-2007, SEC.42.)
IC 4-4-10.9-27
"Single project program"
Sec. 27. "Single project program" means, among other things, that
program of the authority described in IC 4-4-11-17 pursuant to which
it issues bonds, the proceeds of which are used to finance an
industrial development project or projects pursuant to a loan between
the authority and the developer or user.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.14.
IC 4-4-10.9-27.3
"Taxable bonds"
Sec. 27.3. "Taxable bonds" means bonds, the interest on which
will not be excluded from the gross income of the owners of the
bonds under Section 103 of the Internal Revenue Code.
As added by P.L.25-1987, SEC.2.
IC 4-4-10.9-27.7
"Tax-exempt bonds"
Sec. 27.7. "Tax-exempt bonds" means bonds, the interest on
which will be excluded from the gross income of the owners thereof
under Section 103 of the Internal Revenue Code.
As added by P.L.25-1987, SEC.3.
IC 4-4-10.9-28
"User"
Sec. 28. "User" means a person who has entered into a financing
agreement with the authority or lender or contract for use with the
developer or lender in contemplation of its use of an industrial
development project.
As added by P.L.20-1985, SEC.1. Amended by P.L.11-1990, SEC.15.