CHAPTER 2. DEFINITIONS
IC 8-14.5-2
Chapter 2. Definitions
IC 8-14.5-2-1
Applicability of definitions
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-2
Authority
Sec. 2. "Authority" refers to the Indiana finance authority
established under IC 4-4-11.
As added by P.L.68-1988, SEC.12. Amended by P.L.235-2005,
SEC.114.
IC 8-14.5-2-3
Bonds
Sec. 3. "Bonds" refers to bonds of the authority issued under
IC 8-14.5-6 or IC 8-14.5-7.
As added by P.L.68-1988, SEC.12. Amended by P.L.246-2005,
SEC.80.
IC 8-14.5-2-4
Capitalized interest
Sec. 4. "Capitalized interest" means interest cost on bonds or
notes before and during the period of construction of the project for
which the bonds or notes were issued, and for a period not to exceed
one (1) year after completion of construction.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-5
Construction
Sec. 5. "Construction" means the construction, acquisition,
reconstruction, improvement, and extension of a project.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-6
Costs
Sec. 6. "Costs" as applied to any project includes any item or cost
of a capital nature incurred in the construction of a project,
including:
(1) the cost of construction;
(2) the cost of acquisition of all land, rights-of-way, property,
rights, easements, and any other legal or equitable interests
acquired by the authority for the construction, including the cost
of any relocations incident to the acquisition;
(3) the cost of demolishing or removing any buildings,
structures, or improvements on property acquired by the
authority including the cost of:
(A) acquiring any property to which the buildings,
structures, or improvements may be moved; or
(B) acquiring any property which may be exchanged for
property acquired by the authority;
(4) financing charges;
(5) costs of issuance of bonds or notes, including costs of credit
enhancement, such as bond or note insurance;
(6) remarketing or conversion fees;
(7) bond or note discount;
(8) capitalized interest;
(9) the cost of funding any reserves to secure the payment of
bonds or notes;
(10) engineering and legal expenses, costs of plans,
specifications, surveys, estimates, and any necessary feasibility
studies;
(11) other expenses necessary or incident to determining the
feasibility or practicability of constructing any project;
(12) administrative expenses of the authority or the department
relating to any project financed by bonds or notes;
(13) reimbursement of the department for:
(A) any cost, obligation, or expense incurred by the
department relating to a project;
(B) advances relating to a project from the department to the
authority for surveys, borings, preparation of plans and
specifications, or engineering services; or
(C) any other cost of construction incurred by the
department or paid from advances; and
(14) other expenses the authority finds necessary or incident to
the construction of the project, the financing of the
construction, and the placing of the project in operation.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-7
Department
Sec. 7. "Department" refers to the Indiana department of
transportation established under IC 8-23-2.
As added by P.L.68-1988, SEC.12. Amended by P.L.18-1990,
SEC.125.
IC 8-14.5-2-8
Notes
Sec. 8. "Notes" refers to notes of the authority issued under
IC 8-14.5-6 or IC 8-14.5-7 and includes any evidences of
indebtedness of the authority except bonds.
As added by P.L.68-1988, SEC.12. Amended by P.L.246-2005,
SEC.81.
IC 8-14.5-2-9
Project
Sec. 9. "Project" means any:
(1) express highway;
(2) superhighway;
(3) state highway;
(4) public highway;
(5) road;
(6) street;
(7) motorway;
(8) bridge;
(9) tunnel;
(10) overpass;
(11) underpass;
(12) interchange;
(13) entrance;
(14) approach; or
(15) other public way;
that the authority considers necessary or desirable for the operation
of transportation systems. "Project" includes all land, rights-of-way,
property, rights, easements, materials, and legal or equitable interests
that may be acquired by the authority for the construction of the
project.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-10
Property owner
Sec. 10. "Property owner" means all individuals, copartnerships,
associations, governmental units or entities, corporations, limited
liability companies, or other legal entities having any title or interest
in any land, rights-of-way, property, rights, easements, or legal or
equitable interests that may be acquired by the authority.
As added by P.L.68-1988, SEC.12. Amended by P.L.8-1993,
SEC.142.
IC 8-14.5-2-11
Public thoroughfares
Sec. 11. "Public thoroughfares" means any facilities for the
movement of vehicular traffic owned by any governmental entity
other than the state.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-12
Transportation systems
Sec. 12. "Transportation systems" means any facilities for the
movement of vehicular traffic owned, leased, or operated by the state
or the authority.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-13
Weighted average life
Sec. 13. "Weighted average life" of an issue of bonds or notes
means:
(1) the sum of the products of the face amount of each maturity
and the number of years to maturity (determined separately for
each maturity and by taking into account mandatory sinking
fund redemptions); divided by
(2) the face amount of the entire issue of bonds or notes.
As added by P.L.68-1988, SEC.12.
IC 8-14.5-2-14
Weighted average useful life
Sec. 14. "Weighted average useful life" of a project or projects
means:
(1) the sum of the products of the cost of each asset comprising
the project or projects and the useful life of the respective asset;
divided by
(2) the total cost of all the assets comprising the project or
projects.
For purposes of this computation, the useful life of land is fifty (50)
years. The useful life of all other assets comprising the project shall
be conclusively evidenced by a certificate of the department based on
its experience in maintaining transportation systems. The weighted
average useful life of any project shall be determined as of the later
of the date on which the project is expected to be placed in service
and the date on which the bonds or notes are issued.
As added by P.L.68-1988, SEC.12.