Your Committee on Ways and Means , to which was referred Senate Bill 180 , has had the same under consideration and begs leave to report the same back to the House with the recommendation that said bill be amended as follows:
that will result in an expansion of employment and investment
and the enhancement of the economic stability of the community
in which the industrial development project is located.
(c) Notwithstanding any other law, including sections 7 and 8 of this chapter, the board for depositories shall guarantee a loan or loans that total not more than ten million dollars ($10,000,000) for an industrial development project in a community revitalization enhancement district that qualifies under this section. The board for depositories may not make more than one (1) loan guarantee under this section for a particular community revitalization enhancement district. The total of all the loan guarantees outstanding on the total outstanding balance of all loans guaranteed under this section for all industrial development projects in all community revitalization districts in all political subdivisions may not exceed ten million dollars ($10,000,000).
(d) The board for depositories, in making the loan guarantee for an industrial development project under this section, shall comply with all the following conditions:
(1) Protection against loss on the loan guarantee must be secured through collateral evidenced by a valid mortgage, security agreement, or other agreement or document with the Indiana political subdivision to which the loan guarantee is made. In order to obtain the loan guarantee, the Indiana political subdivision must demonstrate to the board for depositories that the political subdivision has sufficient resources to secure the repayment of the loan guarantee in the event of a valid claim of loss.
(2) The term of a loan guarantee made under this section may not exceed twenty (20) years.
(3) The board for depositories shall determine the guarantee premium to be received by the public deposit insurance fund for the loan guarantee. The guarantee premium shall be determined in the discretion of the board for depositories at an amount not greater than the market rate then in effect for guarantees, mortgage insurance rates, or letters of credit
used for similar purposes.
(e) Members of the board for depositories and any officers or employees of the board for depositories are not subject to personal liability or accountability for or by reason of the loan guarantee made under this section.
(f) This section constitutes all the authority required for the board for depositories to make a loan guarantee for an industrial development project under this section. This section is in addition to and not in limitation of the other powers of the board for depositories under this chapter.
(g) Any claim, loss, or debt arising out of any guarantee under this section is the obligation of the board for depositories, payable out of the public deposit insurance fund, as special funds only and as provided in this section, and does not constitute a debt, liability, or obligation of the state or a pledge of the faith and credit of the state. The document evidencing any guarantee must have on its face the words, "The obligations created by this guarantee (or other document as appropriate) do not constitute a debt, liability, or obligation of the state or a pledge of the faith and credit of the state, but are obligations of the board for depositories and are payable solely out of the public deposit insurance fund, as special funds, and neither the faith and credit nor the taxing power of the state is pledged to the payment of any obligation under this guarantee."".