CHAPTER 7. GRANT ANTICIPATION REVENUE BONDS AND NOTES
IC 8-14.5-7
Chapter 7. Grant Anticipation Revenue Bonds and Notes
IC 8-14.5-7-1
"Authority"
Sec. 1. As used in this chapter, "authority" refers to the Indiana
finance authority or its successor.
As added by P.L.246-2005, SEC.83. Amended by P.L.1-2006,
SEC.155.
IC 8-14.5-7-2
"Federal highway revenues"
Sec. 2. As used in this chapter, "federal highway revenues"
means:
(1) money and obligation authority apportioned or allocated, or
anticipated to be apportioned or allocated in the current federal
fiscal year or a future federal fiscal year, to Indiana by the
United States Department of Transportation under 23 U.S.C., as
amended, for use on a highway improvement project; or
(2) other federal money that may be used for a highway
improvement project and is available or anticipated to be
available in the current federal fiscal year or a future federal
fiscal year.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-3
"Grant anticipation revenue bond"
Sec. 3. As used in this chapter, "grant anticipation revenue bond"
or "grant anticipation revenue note" means a bond or note,
respectively, secured by lease rentals relating to highway
improvement projects and anticipated to be paid from federal
highway revenues deposited in the grant anticipation fund.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-4
"Highway improvement project"
Sec. 4. As used in this chapter, "highway improvement project"
means a highway project for which the department may use federal
highway revenues.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-5
Issuance of grant anticipation revenue bonds or notes
Sec. 5. The authority may, by resolution, before July 1, 2009,
issue grant anticipation revenue bonds or notes for any purpose that
is authorized by IC 8-14.5-6 and for which the department may use
federal highway revenues.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-6
Revenue declaration
Sec. 6. (a) Before grant anticipation revenue bonds or notes may
be issued under this chapter, the department shall prepare a revenue
declaration that includes the department's determination that the
amount of federal highway revenues received by the state in a
particular state fiscal year will exceed the amount specified in
subsection (c)(2) by at least eighteen percent (18%). Grant
anticipation revenue bonds or notes may not be issued under this
chapter unless the department makes the determination required
under this subsection.
(b) The revenue declaration prepared under this section must
provide a specified amount or percentage of federal highway
revenues received by the state during a state fiscal year to be
deposited in the grant anticipation fund and the number of years the
deposits shall be made. A revenue declaration prepared under this
section is subject to approval of the budget agency and the authority.
(c) The total amount of lease rentals securing grant anticipation
revenue bonds or notes issued under this chapter and scheduled to be
paid during any state fiscal year, determined as of the date of
issuance of each series of grant anticipation revenue bonds or notes,
may not exceed an amount equal to twenty-five percent (25%) of the
remainder of:
(1) the total amount of federal highway revenues apportioned or
allocated to the department during the federal fiscal year
immediately preceding the state fiscal year in which the series
of bonds or notes is issued; minus
(2) seven hundred thirty-four million eight hundred fifty
thousand three hundred ninety dollars ($734,850,390), which is
the total amount of federal highway revenues apportioned or
allocated to the department during the federal fiscal year
beginning October 1, 2003, and ending September 30, 2004.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-7
Maximum term of bonds and notes
Sec. 7. The term of grant anticipation revenue bonds or notes may
not exceed twelve (12) years.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-8
Application of other law
Sec. 8. All other provisions of IC 8-14.5-6 apply to the issuance
of grant anticipation revenue bonds or notes under this chapter.
As added by P.L.246-2005, SEC.83.
IC 8-14.5-7-9
Indebtedness limited to authority
Sec. 9. Grant anticipation revenue bonds or notes:
(1) constitute the corporate obligations of the authority;
(2) do not constitute an indebtedness of the state within the
meaning or application of any constitutional provision or
limitation; and
(3) are payable solely as to both principal and interest from:
(A) the revenues from a lease to the department, if any;
(B) proceeds of bonds or notes, if any; or
(C) investment earnings on proceeds of bonds or notes, if
any.
As added by P.L.246-2005, SEC.83.