SB 266-1_ Filed 01/20/2011, 14:41 ChairPerson
Adopted 01/20/2011


COMMITTEE REPORT





MADAM PRESIDENT:
    
     The Senate Committee on Rules and Legislative Procedure, to which was referred Senate Bill No. 266, has had the same under consideration and begs leave to report the same back to the Senate with the recommendation that said bill be AMENDED as follows:

    Delete the title and insert the following:
        A BILL FOR AN ACT to amend the Indiana Code concerning general provisions.
    Delete everything after the enacting clause and insert the following:
    SECTION 1. IC 4-4-11-16.7, AS ADDED BY SEA 490-2011, SECTION 20, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 16.7. (a) As used in this section, "Indiana development finance authority" refers to the Indiana development finance authority transferred to
        (1) the Indiana economic development corporation by P.L.224-2003, SECTION 264; and
        (2) the authority by P.L.235-2005, SECTION 213.
    (b) As used in this section, "Indiana employment development commission" refers to the Indiana employment development commission transferred to the Indiana development finance authority by P.L.11-1990, SECTION 139.
    (c) The restrictions on eligibility of any mortgage or security agreement under IC 4-4-11-16 (before its repeal) do not invalidate any guarantee of the Indiana employment development commission made before January 1, 1985.
SOURCE: IC 4-4-11-16.8; (11)PD4337.2. -->     SECTION 2. IC 4-4-11-16.8, AS ADDED BY SEA 490-2011, SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 16.8. (a) All powers, duties, and liabilities of the Indiana employment development commission and the Indiana agricultural development corporation with respect to bonds issued by

the commission or the corporation in connection with any trust agreement or indenture securing those bonds are transferred to the Indiana development finance authority. as successor.
    (b) The rights of the trustee under any trust agreement or indenture and the rights of the bondholders of the Indiana employment development commission and the Indiana agricultural development corporation remain unchanged, although the powers, duties, and liabilities of the commission and the corporation have been transferred to the Indiana development finance authority.
    (c) All bonds issued by the Indiana employment development commission and the Indiana agricultural development corporation are hereby legalized and declared valid if these bonds have been delivered and payment for those bonds has been received before July 1, 1990. All proceedings had and actions taken under which the bonds were issued are hereby fully legalized and declared valid.
SOURCE: IC 5-28-3-5; (11)PD4337.3. -->     SECTION 3. IC 5-28-3-5, AS ADDED BY SEA 490-2011, SECTION 105, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 5. The following bodies corporate and politic are transferred to the corporation to be operated as separate corporate entities under the supervision of the corporation on July 1, 2005:
        (1) Indiana small business development corporation established under IC 4-3-12-1 (before its repeal).
        (2) Indiana economic development council established under IC 4-3-14 (before its repeal).
        (3) Indiana development finance authority established by IC 4-4-11-4 (before its amendment by P.L.235-2005).
SOURCE: IC 31-16-12-0.3; (11)PD4337.4. -->     SECTION 4. IC 31-16-12-0.3 IS REPEALED [EFFECTIVE JULY 1, 2011].
            (Reference is to SB 266 as introduced.)


and when so amended that said bill be reassigned to the Senate Committee on Judiciary .

___________________________

LONG, Chairperson


RS 026601/dj
2011