Citations Affected: IC 4-12.
State property. Authorizes the budget director, after an
advisory recommendation of the budget committee and approval of the
governor, to dispose of any asset of the state or a body corporate and
politic on any basis or terms and at any price the budget director
determines is fiscally prudent and reasonable.
Effective: Upon passage.
January 4, 2005, read first time and referred to Committee on Rules and Legislative
February 10, 2005, amended; reassigned to Committee on Appropriations.
A BILL FOR AN ACT to amend the Indiana Code concerning state
(1) A bond.
(2) A contract.
(3) A lease.
(4) A note.
(5) Any other obligation that provides for the payment of a debt.
Sec. 6. As used in this chapter, "person" refers to any of the following:
(1) An individual.
(2) A corporation.
(3) A general or limited partnership.
(4) A joint venture.
(5) A limited liability company.
(6) A nonprofit organization.
(7) A political subdivision (as defined in IC 36-1-2-13).
(8) A state educational institution (as defined in IC 20-12-0.5-1).
(9) An entity.
Sec. 7. As used in this chapter, "state agency" has the meaning set forth in IC 4-13-1-1(b).
Sec. 8. (a) The budget director's exercise of powers under this section is subject to both of the following:
(1) An advisory recommendation by the budget committee.
(2) Approval of the governor.
(b) Notwithstanding any other law, but subject to subsection (a), the budget director may provide for the disposition of an asset:
(1) on any basis or terms; and
(2) at any price;
the budget director determines is fiscally prudent and reasonable.
(c) The budget director's determination to convey an asset must:
(1) be in writing; and
(2) include consideration of the commercial value of the asset to be conveyed.
The value of the asset may be determined by any method that is commercially reasonable.
(d) The budget director may request proposals from persons as to the conveyance of an asset.
(e) The budget director has all powers necessary, convenient, appropriate, or desirable to implement this chapter, even if a power is not specifically granted by statute.
(f) The powers granted to the budget director under this chapter
are supplemental to the powers otherwise granted to the budget
director or an entity relating to the conveyance of an asset.
Sec. 9. The budget director, in exercising the powers and carrying out the duties under this chapter, may not take an action that would impair any obligation of an entity.
Sec. 10. The general assembly covenants and agrees with the holders or owners of an obligation issued under any statute by an entity that while any of the obligations are outstanding and unpaid, the budget director may not make a conveyance under this chapter to impair, and the state will not in any way impair, the rights and remedies of the holders or owners of the obligations until:
(1) the obligations;
(2) any interest on the obligations;
(3) interest on an unpaid installment of interest; and
(4) all costs and expenses relating to any action or proceedings by or on behalf of the holders or owners of the obligations;
are fully paid, met, and discharged.