SB 578-1_ Filed 03/17/2005, 18:07
Text Box
Adopted Rejected
[
]
COMMITTEE REPORT
YES:
20
NO:
0
MR. SPEAKER:
Your Committee on Ways and Means , to which was referred Senate Bill 578 ,
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:
SOURCE: Page 16, line 13; (05)CR057801.16. -->
Page 16, line 13, delete "such" and insert " the action".
Page 24, line 24, strike "the".
Page 25, between lines 16 and 17, begin a new paragraph and insert:
SOURCE: IC 4-4-28-11; (05)CR057801.42. -->
"SECTION 42. IC 4-4-28-11 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 11. (a) Each
community development corporation shall annually provide the
department of commerce Indiana housing finance authority with
information needed to determine:
(1) the number of accounts administered by the community
development corporation;
(2) the length of time each account under subdivision (1) has been
established; and
(3) the amount of money an individual has deposited into each
account under subdivision (1) during the preceding twelve (12)
months.
(b) The department of commerce Indiana housing finance
authority shall use the information provided under subsection (a) to
deposit the correct amount of money into each account as provided in
section 12 of this chapter.
SOURCE: IC 4-4-28-12; (05)CR057801.43. -->
SECTION 43. IC 4-4-28-12 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 12. (a) The department
of commerce Indiana housing finance authority shall allocate, for
each account that has been established after June 30, 2001, for not more
than four (4) years, including any time in which an individual held an
individual development account under this chapter before July 1, 2001,
three dollars ($3) for each one dollar ($1) an individual deposited into
the individual's account during the preceding twelve (12) months.
However, the department's authority's allocation under this subsection
may not exceed nine hundred dollars ($900) for each account described
in this subsection.
(b) Not later than June 30 of each year, the department of commerce
Indiana housing finance authority shall deposit into each account
established under this chapter the appropriate amount of money
determined under this section. However, if the individual deposits the
maximum amount allowed under this chapter on or before December
31 of each year, the individual may request in writing that the
department of commerce authority allocate and deposit the matched
funds under subsection (a) into the individual's account not later than
forty-five (45) days after the department of commerce authority
receives the written request.
(c) Money from a federal block grant program under Title IV-A of
the federal Social Security Act may be used by the state to provide
money under this section for deposit into an account held by an
individual who receives assistance under IC 12-14-2.
SOURCE: IC 4-4-28-15; (05)CR057801.44. -->
SECTION 44. IC 4-4-28-15 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 15. (a) An individual
must request and receive authorization from the community
development corporation that administers the individual's account
before withdrawing money from the account for any purpose.
(b) An individual who is denied authorization to withdraw money
under subsection (a) may appeal the community development
corporation's decision to the
department of commerce Indiana housing
finance authority under rules adopted by the
department of commerce
authority under IC 4-22-2.
SOURCE: IC 4-4-28-18; (05)CR057801.45. -->
SECTION 45. IC 4-4-28-18 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 18. (a) Each
community development corporation shall annually:
(1) evaluate the individual development accounts administered by
the community development corporation; and
(2) submit a report containing the evaluation information to the
department of commerce. Indiana housing finance authority.
(b) Two (2) or more community development corporations may
work together in carrying out the purposes of this chapter.
SOURCE: IC 4-4-28-21; (05)CR057801.46. -->
SECTION 46. IC 4-4-28-21 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 21. The department of
commerce Indiana housing finance authority may adopt rules under
IC 4-22-2 to implement this chapter.
SOURCE: IC 4-6-12-8; (05)CR057801.47. -->
SECTION 47. IC 4-6-12-8 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 8. The unit shall
cooperate with the department of commerce Indiana housing
authority in the development and implementation of the home
ownership education programs established under IC 4-4-3-8(b)(15).
IC 5-20-1-4(g).".
SOURCE: Page 27, line 39; (05)CR057801.27. -->
Page 27, between lines 39 and 40, begin a new paragraph and insert:
SOURCE: IC 4-13.5-1-3; (05)CR057801.53. -->
"SECTION 53. IC 4-13.5-1-3 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 3. (a) The commission
may:
(1) adopt and alter an official seal;
(2) adopt, amend, and repeal bylaws for the regulation of its
affairs and the conduct of its business and prescribe rules and
policies in connection with the performance of its functions and
duties;
(3) (1) accept gifts, devises, bequests, grants, loans,
appropriations, revenue sharing, other financing and assistance,
and any other aid from any source and agree to and comply with
any attached conditions;
(4) (2) acquire real property, or any interest in real property, by
lease, conveyance (including purchase) in lieu of foreclosure, or
foreclosure, own, manage, operate, hold, clear, improve, and
construct facilities on real property, and sell, assign, exchange,
transfer, convey, lease, mortgage, or otherwise dispose of or
encumber real property, or interests in real property or facilities on
real property, if the use is necessary or appropriate to the purposes
of the commission;
(5) (3) procure insurance against any loss in connection with its
operations in amounts, and from insurers, as it considers necessary
or desirable;
(6) (4) borrow funds as set forth in IC 4-13.5-4 and issue revenue
bonds of the commission, payable solely from revenues, as set
forth in IC 4-13.5-4, or from the proceeds of bonds issued under
this article and earnings on bonds, or both, for the purpose of
carrying out its purposes under this article, including paying all or
any part of the cost of acquisition or construction of any one (1)
or more facilities, or for the purpose of refunding any other bonds
or loan contracts of the commission;
(7) (5) establish reserves or sinking funds from the proceeds of the
sale of bonds or from other funds, or both, to secure the payment
of the bonds;
(8) (6) invest any funds held in reserve or in sinking fund accounts
or any money not required for immediate disbursement, in
obligations of the state, the United States, or their agencies or
instrumentalities, and other obligors as may be permitted under
the terms of any resolution authorizing the issuance of the
commission's bonds or other obligations;
(9) (7) include in any borrowing or issue amounts considered
necessary by the commission to pay financing charges, interest on
the obligations (for a period not exceeding the period of
construction and a reasonable time after the period of construction
or, if the facility is completed, two (2) years from the date of issue
of the obligations), consultant, advisory, and legal fees, and other
expenses necessary or incident to the borrowing or issue;
(10) employ fiscal consultants, engineers, bond counsel, other
special counsel (with the approval of the attorney general), real
estate counselors, appraisers, architectural historians, and other
consultants, employees, and agents as required in the judgment of
the commission, and fix and pay their compensation from funds
available to the commission for the payment of compensation;
(11) (8) make, execute, and effectuate contracts, agreements, or
other documents with any governmental agency or any person,
corporation, limited liability company, association, partnership, or
other organization or entity necessary or convenient to accomplish
the purposes of this article;
(12) (9) acquire in the name of the commission by the exercise of
the right of condemnation, in the manner provided in this section,
public or private lands, or rights in lands, rights-of-way, property,
rights, easements, and interests, as it considers necessary for
carrying out this article; and
(13) (10) do any and all acts and things necessary, proper, or
convenient to carry out this article.
(b) The commission may provide for facilities for state agencies or
branches of state government if the general assembly, by statute:
(1) finds that the state needs renovation, refurbishing, or alteration
of existing facilities or construction of additional facilities; and
(2) authorizes the commission to provide for the facilities.
In providing for the facilities, the commission shall proceed under this
article.
(c) If the commission is unable to agree with the owners, lessees, or
occupants of any real property selected for the purposes of this article,
it may proceed to procure the condemnation of the property under
IC 32-24-1. The commission may not institute a proceeding until it has
adopted a resolution that:
(1) describes the real property sought to be acquired and the
purpose for which the real property is to be used;
(2) declares that the public interest and necessity require the
acquisition by the commission of the property involved; and
(3) sets out any other facts that the commission considers
necessary or pertinent.
The resolution is conclusive evidence of the public necessity of the
proposed acquisition and shall be referred to the attorney general for
action, in the name of the commission, in the circuit or superior court
of the county in which the real property is located.
(d) The title to all property acquired in any manner by the
commission shall be held in the name of the commission.".
SOURCE: Page 44, line 4; (05)CR057801.44. -->
Page 44, line 4, strike "by rule or policy".
Page 44, between lines 15 and 16, begin a new paragraph and insert:
SOURCE: IC 5-1.5-2-2; (05)CR057801.71. -->
"SECTION 71. IC 5-1.5-2-2 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 2. (a) There is
established a board of directors to govern the bank. The powers of the
bank are vested in this board.
(b) The board is composed of:
(1) the treasurer of state, who shall be the chairman ex officio;
(2) the director of the department of financial institutions, public
finance director appointed under IC 4-4-11-9, who shall be the
director ex officio; and
(3) five (5) directors appointed by the governor.
(c) Each of the five (5) directors appointed by the governor:
(1) must be a resident of Indiana;
(2) must have substantial expertise in the buying, selling, and
trading of municipal securities, in municipal administration or in
public facilities management;
(3) serves for a term of three (3) years and until his successor is
appointed and qualified;
(4) is eligible for reappointment;
(5) is entitled to receive the same minimum salary per diem as is
provided in IC 4-10-11-2.1(b) while performing his duties. Such
a director is also entitled to the same reimbursement for traveling
expenses and other expenses, actually incurred in connection with
his duties as is provided in the state travel policies and procedures,
established by the department of administration and approved by
the state budget agency; and
(6) may be removed by the governor for cause.
(d) Any vacancy on the board, other than by expiration of term, shall
be filled by appointment of the governor for the unexpired term only.".
SOURCE: Page 46, line 11; (05)CR057801.46. -->
Page 46, line 11, delete "forty-five (45)" and insert "
twenty-one
(21)".
Page 46, line 15, delete "forty-five (45)" and insert "
twenty-one
(21)".
Page 47, line 6, delete "forty-five (45)" and insert "
twenty-one
(21)".
Page 47, line 10, delete "forty-five (45)" and insert "
twenty-one
(21)".
Page 64, between lines 20 and 21, begin a new paragraph and insert:
"
(g) Beginning July 1, 2005, the authority shall identify,
promote, assist, and fund home ownership education programs
conducted throughout Indiana by nonprofit counseling agencies
certified by the authority using funds appropriated under section
27 of this chapter. The attorney general and the entities listed in
IC 4-6-12-4(a)(1) through IC 4-6-12-4(a)(10) shall cooperate with
the authority in implementing this subsection.".
Page 66, between lines 6 and 7, begin a new paragraph and insert:
SOURCE: IC 5-20-1-27; (05)CR057801.87. -->
"SECTION 87. IC 5-20-1-27 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2005]: Sec. 27. (a) The home ownership
education account within the state general fund is established to
support the home ownership education programs established under
section 4(g) of this chapter. The account is administered by the
authority.
(b) The home ownership education account consists of fees
collected under IC 24-9-9.
(c) The expenses of administering the home ownership education
account shall be paid from money in the fund.
(d) The treasurer of state shall invest the money in the home
ownership education account not currently needed to meet the
obligations of the account in the same manner as other public
money may be invested.".
SOURCE: Page 66, line 39; (05)CR057801.66. -->
Page 66, between lines 39 and 40, begin a new paragraph and insert:
SOURCE: IC 6-3.1-9-1; (05)CR057801.91. -->
"SECTION 91. IC 6-3.1-9-1, AS AMENDED BY P.L.4-2005,
SECTION 53, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2005]: Sec. 1. As used in this chapter:
"Business firm" means any business entity authorized to do business
in the state of Indiana that has state tax liability.
"Community services" means any type of counseling and advice,
emergency assistance, medical care, recreational facilities, housing
facilities, or economic development assistance to individuals, groups,
or neighborhood organizations in an economically disadvantaged area.
"Crime prevention" means any activity which aids in the reduction
of crime in an economically disadvantaged area.
"Economically disadvantaged area" means an enterprise zone, or any
area in Indiana that is certified as an economically disadvantaged area
by the Indiana
economic development corporation housing finance
authority after consultation with the community services agency. The
certification shall be made on the basis of current indices of social and
economic conditions, which shall include but not be limited to the
median per capita income of the area in relation to the median per
capita income of the state or standard metropolitan statistical area in
which the area is located.
"Education" means any type of scholastic instruction or scholarship
assistance to an individual who resides in an economically
disadvantaged area that enables the individual to prepare for better life
opportunities.
"Enterprise zone" means an enterprise zone created under
IC 5-28-15.
"Job training" means any type of instruction to an individual who
resides in an economically disadvantaged area that enables the
individual to acquire vocational skills so that the individual can become
employable or be able to seek a higher grade of employment.
"Neighborhood assistance" means either:
(1) furnishing financial assistance, labor, material, and technical
advice to aid in the physical or economic improvement of any part
or all of an economically disadvantaged area; or
(2) furnishing technical advice to promote higher employment in
any neighborhood in Indiana.
"Neighborhood organization" means any organization, including but
not limited to a nonprofit development corporation:
(1) performing community services in an economically
disadvantaged area; and
(2) holding a ruling:
(A) from the Internal Revenue Service of the United States
Department of the Treasury that the organization is exempt
from income taxation under the provisions of the Internal
Revenue Code; and
(B) from the department of state revenue that the organization
is exempt from income taxation under IC 6-2.5-5-21.
"Person" means any individual subject to Indiana gross or adjusted
gross income tax.
"State fiscal year" means a twelve (12) month period beginning on
July 1 and ending on June 30.
"State tax liability" means the taxpayer's total tax liability that is
incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); and
(2) IC 6-5.5 (the financial institutions tax);
as computed after the application of the credits that, under IC 6-3.1-1-2,
are to be applied before the credit provided by this chapter.
"Tax credit" means a deduction from any tax otherwise due and
payable under IC 6-3 or IC 6-5.5.
SOURCE: IC 6-3.1-9-2; (05)CR057801.92. -->
SECTION 92. IC 6-3.1-9-2, AS AMENDED BY P.L.4-2005,
SECTION 54, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2005]: Sec. 2. (a) A business firm or a person
who contributes to a neighborhood organization or who engages in the
activities of providing neighborhood assistance, job training or
education for individuals not employed by the business firm or person,
or for community services or crime prevention in an economically
disadvantaged area shall receive a tax credit as provided in section 3 of
this chapter if the board of the Indiana economic development
corporation housing finance authority approves the proposal of the
business firm or person, setting forth the program to be conducted, the
area selected, the estimated amount to be invested in the program, and
the plans for implementing the program.
(b) The board of the Indiana economic development corporation,
housing finance authority, after consultation with the community
services agency and the commissioner of revenue, may adopt rules for
the approval or disapproval of these proposals.
SOURCE: IC 6-3.1-9-4; (05)CR057801.93. -->
SECTION 93. IC 6-3.1-9-4, AS AMENDED BY P.L.4-2005,
SECTION 55, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2005]: Sec. 4. (a) Any business firm or person
which desires to claim a tax credit as provided in this chapter shall file
with the department, in the form that the department may prescribe, an
application stating the amount of the contribution or investment which
it proposes to make which would qualify for a tax credit, and the
amount sought to be claimed as a credit. The application shall include
a certificate evidencing approval of the contribution or program by the
board of the Indiana
economic development corporation. housing
finance authority.
(b) The
board of the Indiana
economic development corporation
housing finance authority shall give priority in issuing certificates to
applicants whose contributions or programs directly benefit enterprise
zones.
(c) The department shall promptly notify an applicant whether, or
the extent to which, the tax credit is allowable in the state fiscal year in
which the application is filed, as provided in section 5 of this chapter.
If the credit is allowable in that state fiscal year, the applicant shall
within thirty (30) days after receipt of the notice file with the
department of state revenue a statement, in the form and accompanied
by the proof of payment as the department may prescribe, setting forth
that the amount to be claimed as a credit under this chapter has been
paid to an organization for an approved program or purpose, or
permanently set aside in a special account to be used solely for an
approved program or purpose.
(d) The department may disallow any credit claimed under this
chapter for which the statement or proof of payment is not filed within
the thirty (30) day period.".
SOURCE: Page 72, line 23; (05)CR057801.72. -->
Page 72, line 23, after "operation" insert ",".
Page 72, line 34, after "1965" insert ",".
Page 72, line 36, after "1977" insert ",".
Page 72, line 37, after "1979" insert ",".
Page 73, line 31, after "thousand" delete ",".
Page 73, line 39, strike "his" and insert " the member's".
Page 73, line 40, strike "his" and insert " the member's".
Page 75, line 16, after "books" insert ",".
Page 90, line 24, after "assistance" insert " ,".
Page 117, line 20, after "Evaluate" insert " or cause to be
evaluated".
Page 119, line 26, delete "or".
Page 126, between lines 4 and 5, begin a new paragraph and insert:
SOURCE: IC 14-14-1-18; (05)CR057801.183. -->
"SECTION 183. IC 14-14-1-18 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 18. The commission
may do the following:
(1) Adopt bylaws for the regulation of the commission's affairs
and the conduct of the commission's business.
(2) Adopt an official seal that may not be the seal of the state.
(3) Maintain a principal office at the place within Indiana the
commission designates.
(4) Sue and be sued and plead and be impleaded in the
commission's own name. All process shall be served on the
commission by delivering a copy:
(A) to the principal office of the commission with the person
in charge or with the secretary of the commission; and
(B) to the office of the attorney general.
(5) (1) Make and enter into all contracts, undertakings, and
agreements necessary or incidental to the performance of the
commission's duties and the execution of the commission's powers
under this chapter. If the cost of a contract for construction or for
the purchase of equipment, materials, or supplies involves an
expenditure of more than twenty thousand dollars ($20,000), the
commission shall make a written contract with the lowest and best
bidder after advertisement for not less than two (2) consecutive
weeks in a newspaper of general circulation in Marion County,
Indiana, and in other publications if the commission determines.
The notice must state the general character of the work and the
general character of the materials to be furnished, the place where
the plans and specifications may be examined, and the time and
place of receiving bids. Each bid must contain the full name of
every person or company interested in the bid and must be
accompanied by a sufficient bond or certified check on a solvent
bank that if the bid is accepted a contract will be entered into and
the performance of the bidder's proposal secured. The commission
may reject any and all bids. A bond with good and sufficient
surety approved by the commission is required of all contractors
in an amount equal to at least fifty percent (50%) of the contract
price conditioned upon the faithful performance of the contract.
(6) (2) Employ employees, fix their compensation, and define
their duties.
(7) (3) Contract for the following:
(A) Services, including services of engineers, architects,
accountants, attorneys, financial advisers, project or
construction managers, consultants, and experts as well as
other contract services.
(B) Construction.
(C) Materials.
(D) Supplies.
(8) (4) Conduct studies of the financial feasibility of proposed
park projects.
(9) (5) Use the services of professional and other personnel
employed by a department or an agency of the state for purposes
of studying the feasibility of or designing, constructing, or
maintaining a park project.
(10) (6) Receive and accept:
(A) from a federal agency grants for or in aid of the
acquisition, construction, improvement, or development of a
park project; and
(B) aid or contributions from any source of money, property,
labor, or other things of value;
to be held, used, and applied only for the purposes, consistent with
the purposes of this chapter, for which the grants and
contributions may be made.
(11) (7) Provide coverage for the commission's employees under
IC 27-7-2 and IC 22-4.
(12) (8) Do all acts and things necessary or proper to carry out the
powers expressly granted in this chapter.
(13) (9) Hold, use, administer, and expend the money
appropriated or transferred to the commission, administer a
general operating fund, the revolving fund created by this chapter,
create and administer any other fund considered desirable, and
enter into a covenant or pledge with respect to a fund created.
(14) (10) Accept advances or grants from a state agency or fund
authorized to make advances or grants and, for advances, enter
into agreements concerning the repayment of the advance and
repay the advances.".
SOURCE: Page 130, line 8; (05)CR057801.130. -->
Page 130, line 8, delete "." and insert ";".
Page 131, between lines 38 and 39, begin a new paragraph and
insert:
SOURCE: IC 20-12-63-11; (05)CR057801.197. -->
"SECTION 197. IC 20-12-63-11 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 11. The authority shall
have the
following functions and powers:
set forth in this section.
(1) The authority may adopt rules and bylaws for the regulation
of the authority's business.
(2) The authority may adopt an official seal and alter the official
seal.
(3) The authority may maintain an office at a place or places
designated by the authority.
(4) The authority may sue and be sued, plead and be impleaded in
the authority's own name.
(5) (1) The authority may determine the location and character of
any project to be financed under this chapter. The authority may
construct, reconstruct, remodel, maintain, manage, enlarge, alter,
add to, repair, operate, lease as lessee or lessor, regulate any
project, or enter into contracts for any purpose stated in this
subdivision. The authority may designate a private institution of
higher education as the authority's agent to carry out the authority
of this subsection.
(6) (2) The authority may issue bonds or fund and refund bonds
as provided in this chapter.
(7) (3) The authority may require that the rates, rents, fees, or
charges established by a private institution of higher education are
sufficient to discharge the institution's obligations to the authority
but shall have no other jurisdiction over such rates, rents, fees, or
charges.
(8) (4) The authority may establish rules for the use of a project or
any portion thereof and designate a private institution of higher
education as the authority's agent to establish rules for the use of
a project undertaken for that institution.
(9) (5) The authority may employ consulting engineers, architects,
attorneys, accountants, trustees, construction and financial
experts, superintendents, managers, and such other employees and
agents as may be necessary in the authority's judgment, and fix
their compensation.
(10) (6) The authority may receive and accept from any source
loans, contributions, or grants for or in aid of the construction or
funding of a project or any portion thereof in either money,
property, labor, or other things of value and, when required, use
such funds, property, or labor only for the purposes for which the
money, property, or labor was loaned, contributed, or granted.
(11) (7) The authority may make loans to any private institution
of higher education for the cost of a project, including the
establishment of liability or other loss insurance reserves or the
contribution of those reserves to a risk retention group for the
purpose of providing insurance coverage against liability claims
or other losses in accordance with an agreement between the
authority and the private institution of higher education. No such
loan may exceed the total cost of the project as determined by
such institution and approved by the authority.
(12) (8) The authority may make loans to a private institution of
higher education to refund outstanding obligations or advances
issued, made, or given by such institution for the cost of a project,
including the establishment of liability or other loss insurance
reserves or the contribution of those reserves to a risk retention
group for the purpose of providing insurance coverage against
liability claims or other losses. In addition, the authority may issue
bonds and make loans to a private institution of higher education
to refinance indebtedness incurred or to reimburse advances made
for projects undertaken prior to the date of the bond issue
whenever the authority finds that such financing is in the public
interest and either:
(A) alleviates a financial hardship upon the private institution
of higher education;
(B) results in a lesser cost of education; or
(C) enables the private institution of higher education to offer
greater security for a loan or loans to finance a new project or
projects or to effect savings in interest costs or more favorable
amortization terms.
(13) (9) The authority may charge to and apportion among private
institutions of higher education the authority's administrative costs
and expenses incurred in the exercise of the powers and duties
conferred by this chapter.
(14) (10) The authority may, for financing purposes, combine a
project or projects and some or all future projects of any private
institution or institutions of higher education provided that:
(A) the authority obtains the consent of all of the private
institutions of higher education which are involved, or when
financing loans for the funding of liability or other loss
insurance reserves or for the providing of those reserves or
other capital to be contributed to a risk retention group, the
authority obtains the consent of all of the eligible members that
are involved; and
(B) the money set aside in any fund or funds pledged for any
series of bonds or issue of bonds are held for the sole benefit
of such series or issue separate and apart from the money
pledged for any other series or issue of bonds of the authority.
To facilitate the combining of projects, bonds may be issued in
series under one (1) or more resolutions or trust agreements and
be fully open end, thus providing for unlimited issuance of
additional series, or partially open end, limited as to additional
series, all in the discretion of the authority. Notwithstanding any
provision of this chapter to the contrary, the authority may permit
a private institution of higher education to substitute one (1) or
more educational facilities of similar value (as determined by an
independent appraiser satisfactory to the authority) as security for
any educational facility financed under this chapter on such terms
and conditions as the authority may prescribe.
(15) (11) The authority may mortgage all or any portion of any
project and any other educational facilities conveyed to the
authority for such purpose and the site or sites thereof, whether
presently owned or subsequently acquired, for the benefit of the
holders of the bonds of the authority issued to finance such project
or any portion thereof or issued to refund or refinance outstanding
indebtedness of a private institution of higher education as
permitted by this chapter.
(16) (12) The authority may join in a risk retention group with
corporations (as defined in IC 20-12-6-1) or any private institution
of higher education.
(17) (13) The authority may do all things necessary to carry out
the purposes of this chapter.".
SOURCE: Page 132, line 25; (05)CR057801.132. -->
Page 132, between lines 25 and 26, begin a new paragraph and
insert:
SOURCE: IC 20-12-63-26; (05)CR057801.200. -->
"SECTION 200. IC 20-12-63-26 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 26. (a)
Notwithstanding any other provision of this chapter to the contrary, the
authority may:
(1) finance the cost of an educational facility or refund
outstanding indebtedness of a private institution of higher
education, as authorized under section
11(12) 11(8) of this
chapter; or
(2) finance the establishment of liability or other loss insurance
reserves or the contribution of such reserves or other capital to a
risk retention group for the purpose of providing insurance
coverage against liability claims or other losses;
by issuing its bonds for the purpose of loaning the proceeds to a private
institution of higher education for the cost of a project or to refund or
refinance outstanding indebtedness or reimburse advances made in
connection with a project in accordance with an agreement between the
authority and the institution and in exchange for the institution's
promissory note or notes. Any such promissory notes shall have the
same principal amounts, maturities, and interest rates as the bonds so
being issued, may be secured by a first mortgage lien on the educational
facility so being financed or by a first mortgage lien or security interest
in other real or personal property or funds acceptable to the authority
subject to such exceptions as the authority may approve and created by
a mortgage instrument or security agreement satisfactory to the
authority, and may be insured or guaranteed by others. Any such bonds
shall be payable solely out of the payments to be made on such
promissory notes and under such agreement and shall not exceed in
principal amount the cost of such educational facility, as determined by
the private institution of higher education, or the necessary amount of
these liability or other loss insurance reserves, and approved by the
authority. In other respects any such bonds shall be subject to the
provisions of section 15(c) of this chapter and the trust agreement or
indenture creating such bonds may contain such of the provisions set
forth in section 15(d) of this chapter as the authority may deem
appropriate.
(b) In the event that an educational facility is financed and
mortgaged pursuant to this section, the title to such facility shall remain
in the private institution of higher education owning the same, subject
to the lien of the mortgage securing the promissory notes then being
purchased, and there shall be no lease of such facility between the
authority and such institution.
(c) The provisions of section 14 of this chapter shall not apply to any
educational facility or any liability or other loss insurance reserves
financed pursuant to this section, but the authority shall return the
promissory notes purchased through the issuance of bonds under this
chapter to the private institution of higher education issuing such
promissory notes when:
(1) such bonds have been fully paid and retired or adequate
provision has been made to pay and retire the same fully;
(2) all other conditions of the trust agreement or indenture creating
such bonds have been satisfied; and
(3) the lien thereof has been released in accordance with the
provisions thereof.".
SOURCE: Page 143, line 28; (05)CR057801.143. -->
Page 143, line 28, delete "successor," and insert " successor
agency,".
Page 143, line 40, after "successor" insert " agency".
Page 144, line 20, delete "successor," and insert " successor
agency,".
Page 145, after line 37, begin a new paragraph and insert:
SOURCE: ; (05)CR057801.216. -->
"SECTION 216. [EFFECTIVE JULY 1, 2005] IC 6-3.1-9-1,
IC 6-3.1-9-2, and IC 6-3.1-9-4, all as amended by this act, apply to
applications for tax credits filed under IC 6-3.1-9 after June 30,
2005.
SOURCE: ; (05)CR057801.217. -->
SECTION 217. [EFFECTIVE JULY 1, 2005]
(a) Notwithstanding
the transfer of responsibility for administration of the individual
development accounts program to the lieutenant governor by
P.L.4-2005, SECTION 151, beginning July 1, 2005:
(1) the Indiana housing finance authority is responsible for the
administration of the program;
(2) any rules, policies, or guidelines adopted by the
department of commerce or the lieutenant governor
concerning the program are considered rules, policies, and
guidelines of the Indiana housing finance authority until the
authority adopts replacement rules, policies, or guidelines;
(3) the Indiana housing finance authority becomes the owner
of all property and obligations relating to the program; and
(4) any appropriations relating to the program are transferred
to the Indiana housing finance authority.
(b) This SECTION expires July 1, 2007.".
Renumber all SECTIONS consecutively.
(Reference is to SB 578 as reprinted March 1, 2005.)
and when so amended that said bill do pass.
__________________________________
CR057801/DI 92 2005