YES:
MR. SPEAKER:
Your Committee on Ways and Means , to which was referred House Bill 2008 ,
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:
Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning
economic development and to make an appropriation.
Delete everything after the enacting clause and insert the following:
to the state general fund.
(e) In addition to any other appropriation made for the
purposes of the fund, the lesser of the amount transferred to the
fund under
IC 4-4-32
or six hundred thousand dollars ($600,000)
is annually appropriated from the fund for the purposes of the
fund in each of the state fiscal years beginning after June 30, 2003,
and ending before July 1, 2013. The spending authority granted by
an appropriation under this section does not expire at the end of
the state fiscal year for which the appropriation is made but
remains available for expenditure from the fund in any state fiscal
year that ends before July 1, 2013.
budget committee, may approve, deny, or modify grants and loans
recommended by the board. Money in the fund may not be used to
provide a recurring source of revenue for the normal operating
expenditures of any project.
(c) The treasurer of state authority shall invest the money in the
fund not currently needed to meet the obligations of the fund in the
same manner as other public funds may be invested. conformity with
IC 4-4-11
and the investment policy established by the authority.
(d) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund to be used
exclusively for the purposes of this chapter.
IC 5-14-1.5-4
must also state the name of each member who:
(1) was physically present at the place where the meeting was
conducted;
(2) participated in the meeting by using a means of
communication described in subsection (b); and
(3) was absent.
the money in the fund.
(c) Notwithstanding IC 5-13, the treasurer of state shall invest
the money in the fund not currently needed to meet the obligations
of the fund under
IC 5-10.3-5.
The treasurer of state may contract
with investment management professionals, investment advisers,
and legal counsel to assist in the management of the fund and may
pay the state expenses incurred under those contracts.
(d) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.
Sec. 2. (a) Money in the fund may be used for the following
purposes:
(1) To create, assess, and assist a pilot project to enhance the
economic and community development in a rural area.
(2) To establish a local revolving loan fund for an industrial,
a commercial, an agricultural, or a tourist venture.
(3) To provide a loan for an economic development project in
a rural area.
(4) To provide technical assistance to a rural organization.
(5) To assist in the development and creation of a rural
cooperative.
(6) To address rural workforce development challenges.
(7) To assist in addressing telecommunications needs in a
rural area.
(b) Expenditures from the fund are subject to appropriation by
the general assembly and approval by the Indiana rural
development council under
IC 4-4-9.5.
The council may not
approve an expenditure from the fund unless the rural
development administration advisory board established by section
3 of this chapter has recommended the expenditure.
Sec. 3. (a) The rural development administration advisory board
is established to make recommendations concerning the
expenditure of money from the fund.
(b) The advisory board shall meet at least four (4) times per
year and shall also meet at the call of the executive director of the
rural development council.
(c) The advisory board consists of the following members:
(1) The executive director of the Indiana rural development
council, who serves as an ex officio member and as the
chairperson of the advisory board.
(2) Two (2) members of the senate, who may not be members
of the same political party, and who are appointed by the
president pro tempore of the senate.
(3) Two (2) members of the house of representatives, who may
not be members of the same political party, and who are
appointed by the speaker of the house of representatives.
(4) A representative of the commissioner of agriculture, to be
appointed by the governor.
(5) A representative of the department of commerce, to be
appointed by the governor.
(6) A representative of the department of workforce
development, to be appointed by the governor.
(7) Two (2) persons with knowledge and experience in state
and regional economic needs, to be appointed by the
governor.
(8) A representative of a local rural economic development
organization, to be appointed by the governor.
(9) A representative of a small town or rural community, to be
appointed by the governor.
(10) A representative of the rural development council, to be
appointed by the governor.
(11) A representative of rural education, to be appointed by
the governor.
(12) A representative of the league of regional conservation
and development districts, to be appointed by the governor.
(13) A person currently enrolled in rural secondary education,
to be appointed by the governor.
(d) The members of the advisory board listed in subsection
(c)(1) through (c)(3) are nonvoting members.
(e) The term of office of a legislative member of the advisory
board is four (4) years. However, a legislative member of the
advisory board ceases to be a member if the member:
(1) is no longer a member of the chamber from which the
member was appointed; or
(2) is removed from the advisory board by the appointing
authority who appointed the legislator.
(f) The term of office of a voting member of the advisory board
is four (4) years. However, these members serve at the pleasure of
the governor and may be removed for any reason.
(g) If a vacancy exists on the advisory board, the appointing
authority who appointed the former member whose position has
become vacant shall appoint an individual to fill the vacancy for
the balance of the unexpired term.
(h) Six (6) voting members of the advisory board constitute a
quorum for the transaction of business at a meeting of the advisory
board. The affirmative vote of at least six (6) voting members is
necessary for the advisory board to take action.
Sec. 4. In addition to any other appropriation made for the
purposes of the fund, the lesser of the amount transferred to the
fund under
IC 4-4-32
or two million four hundred thousand dollars
($2,400,000) is annually appropriated from the fund for the
purposes of the fund in each of the state fiscal years beginning after
June 30, 2003, and ending before July 1, 2013. The spending
authority granted by an appropriation under this section does not
expire at the end of the state fiscal year for which the
appropriation is made but remains available for expenditure from
the fund in any state fiscal year that ends before July 1, 2013.
fund under
IC 4-4-32
or one million two hundred thousand dollars
($1,200,000) is annually appropriated from the fund for the
purposes of the fund in each of the state fiscal years beginning after
June 30, 2003, and ending before July 1, 2013. The spending
authority granted by an appropriation under this section does not
expire at the end of the state fiscal year for which the
appropriation is made but remains available for expenditure from
the fund in any state fiscal year that ends before July 1, 2013.
capital, or environmental pollution is a menace to the health,
safety, morals, and general welfare of not only the people of the
affected areas but of the people of the entire state.
(4) That involuntary unemployment and its resulting burden of
indigency falls with crushing force upon the unemployed worker
and ultimately upon the state in the form of public assistance and
unemployment compensation.
(5) That security against unemployment and the resulting spread
of indigency and economic stagnation in the areas affected can
best be provided by:
(A) the promotion, attraction, stimulation, rehabilitation, and
revitalization of industrial development projects, technology
commercialization projects, rural development projects,
mining operations, and agricultural operations that involve the
processing of agricultural products;
(B) the promotion and stimulation of international exports; and
(C) the education, both formal and informal, of people of all
ages throughout the state by the promotion, attraction,
construction, renovation, rehabilitation, and revitalization of
and assistance to educational facility projects.
(6) That the present and prospective health, safety, morals, right
to gainful employment, and general welfare of the people of the
state require as a public purpose the abatement or control of
pollution, the promotion of increased educational enrichment
(including cultural, intellectual, scientific, or artistic
opportunities) for people of all ages through new, expanded, or
revitalized educational facility projects or through assisting
educational facility projects, and the promotion of employment
creation or retention through development of new and expanded
industrial development projects, technology commercialization
projects, rural development projects, mining operations, and
agricultural operations that involve the processing of agricultural
products.
(7) That there is a need to stimulate a larger flow of private
investment funds from commercial banks, investment bankers,
professional investors, insurance companies, other financial
institutions, and individuals into such industrial development
projects, technology commercialization projects, rural
development projects, mining operations, international exports,
and agricultural operations that involve the processing of
agricultural products in the state.
(8) That the authority can encourage the making of loans, loan
guarantees, co-venture investment loans, or leases for creation
or expansion of industrial development projects, technology
commercialization projects, rural development projects, mining
operations, international exports, and agricultural operations that
involve the processing of agricultural products, thus putting a
larger portion of the private capital available in Indiana for
investment to use in the general economic development of the
state. in Indiana.
(9) That the issuance of bonds of the authority to create a
financing pool for industrial development projects promoting a
substantial likelihood of opportunities for:
(A) gainful employment;
(B) business opportunities;
(C) educational enrichment (including cultural, intellectual,
scientific, or artistic opportunities);
(D) the abatement, reduction, or prevention of pollution;
(E) the removal or treatment of any substances in materials
being processed that otherwise would cause pollution when
used; or
(F) increased options for and availability of child care;
will improve the health, safety, morals, and general welfare of the
people of the state and constitutes a public purpose for which the
authority shall exist and operate.
(10) That the issuance of bonds of the authority to create a
funding source for the making of guaranteed participating loans
will promote and encourage an expanding international exports
market and international exports sales and will promote the
general welfare of all of the people of Indiana by assisting Indiana
businesses through stimulation of the expansion of international
exports sales for Indiana products and services, especially those
of small and medium-sized businesses, by providing financial
assistance through the authority.
(b) The Indiana development finance authority shall exist and
operate for the public purposes of:
necessary or convenient to regulate its affairs and to carry into
effect the powers, duties, and purposes of the authority and
conduct its business.
(3) Sue and be sued in its own name.
(4) Have an official seal and alter it at will.
(5) Maintain an office or offices at a place or places within the
state as it may designate.
(6) Make and execute contracts and all other instruments
necessary or convenient for the performance of its duties and the
exercise of its powers and functions under this chapter,
IC 4-4-11.5
,
IC 4-4-21
,
IC 4-4-26
,
IC 13-19-5
, and
IC 15-7-5.
(7) Employ architects, engineers, attorneys, financial advisers,
inspectors, accountants, agriculture experts, silviculture experts,
aquaculture experts, and financial experts, and such other
advisors, consultants, and agents as may be necessary in its
judgment and to fix their compensation.
(8) Procure insurance against any loss in connection with its
property and other assets, including loans and loan notes in
amounts and from insurers as it may consider advisable.
(9) Borrow money, make guaranties, issue bonds, and otherwise
incur indebtedness for any of the authority's purposes, and issue
debentures, notes, or other evidences of indebtedness, whether
secured or unsecured, to any person, as provided by this chapter,
IC 4-4-21
,
IC 13-19-5
, and
IC 15-7-5.
(10) Procure insurance or guaranties from any public or private
entities, including any department, agency, or instrumentality of
the United States, for payment of any bonds issued by the
authority or for reinsurance on amounts paid from the industrial
development project guaranty fund, including the power to pay
premiums on any insurance or reinsurance.
(11) Purchase, receive, take by grant, gift, devise, bequest, or
otherwise, and accept, from any source, aid or contributions of
money, property, labor, or other things of value to be held, used,
and applied to carry out the purposes of this chapter,
IC 4-4-11.5
,
IC 4-4-21
,
IC 4-4-26
,
IC 13-19-5
, and
IC 15-7-5
, subject to the
conditions upon which the grants or contributions are made,
including but not limited to gifts or grants from any department,
agency, or instrumentality of the United States, and lease or
otherwise acquire, own, hold, improve, employ, use, and
otherwise deal in and with real or personal property or any
interest in real or personal property, wherever situated, for any
purpose consistent with this chapter,
IC 4-4-21
, or
IC 15-7-5.
(12) Enter into agreements with any department, agency, or
instrumentality of the United States or this state and with lenders
and enter into loan agreements, sales contracts, and leases with
contracting parties, including borrowers, lenders, developers,
professional or accredited investors, or users, for the purpose
of planning, regulating, and providing for the financing and
refinancing of any agricultural enterprise (as defined in
IC 15-7-4.9-2
), rural development project (as defined in
IC 15-7-4.9-19.5
), industrial development project, technology
commercialization project, or international exports, and
distribute data and information concerning the encouragement
and improvement of agricultural enterprises and agricultural
employment, rural development projects, industrial development
projects, international exports, and other types of employment in
the state undertaken with the assistance of the authority under this
chapter.
(13) Enter into contracts or agreements with lenders and lessors
for the servicing and processing of loans and leases pursuant to
this chapter,
IC 4-4-21
, and
IC 15-7-5.
(14) Provide technical assistance to local public bodies and to
profit and nonprofit entities in the development or operation of
agricultural enterprises, rural development projects, technology
commercialization projects, and industrial development
projects.
(15) To the extent permitted under its contract with the holders of
the bonds of the authority, consent to any modification with
respect to the rate of interest, time, and payment of any
installment of principal or interest, or any other term of any
contract, loan, loan note, loan note commitment, contract, lease,
or agreement of any kind to which the authority is a party.
(16) To the extent permitted under its contract with the holders of
bonds of the authority, enter into contracts with any lender
containing provisions enabling it to reduce the rental or carrying
charges to persons unable to pay the regular schedule of charges
when, by reason of other income or payment by any department,
agency, or instrumentality of the United States of America or of
this state, the reduction can be made without jeopardizing the
economic stability of the agricultural enterprise, rural
development project, or industrial development project being
financed.
(17) Invest any funds not needed for immediate disbursement,
including any funds held in reserve, in direct and general
obligations of or obligations fully and unconditionally guaranteed
by the United States, obligations issued by agencies of the United
States, obligations of this state, or any obligations or securities
which may from time to time be legally purchased by
governmental subdivisions of this state pursuant to IC 5-13, or
any obligations or securities which are permitted investments for
bond proceeds or any construction, debt service, or reserve funds
secured under the trust indenture or resolution pursuant to which
bonds are issued.
(18) Collect fees and charges, as the authority determines to be
reasonable, in connection with its loans, co-venture investment
loans and loan guarantees, guarantees, advances, insurance,
commitments, and servicing.
(19) Cooperate and exchange services, personnel, and information
with any federal, state, or local government agency, or
instrumentality of the United States or this state.
(20) Sell, at public or private sale, with or without public bidding,
any loan or other obligation held by the authority.
(21) Enter into agreements concerning, and acquire, hold, and
dispose by any lawful means, land or interests in land, building
improvements, structures, personal property, franchises, patents,
accounts receivable, loans, assignments, guarantees, and
insurance needed for the purposes of this chapter,
IC 4-4-21
,
IC 4-4-26
,
IC 13-19-5
, or
IC 15-7-5.
(22) Take assignments of accounts receivable, loans, guarantees,
insurance, notes, mortgages, security agreements securing notes,
and other forms of security, attach, seize, or take title by
foreclosure or conveyance to any industrial development project
or technology commercialization project when a guaranteed
loan thereon is clearly in default and when in the opinion of the
authority such acquisition is necessary to safeguard the industrial
development project guaranty fund or the Indiana venture fund,
and sell, or on a temporary basis, lease, or rent such industrial
development project or technology commercialization project
for any use.
(23) Expend money, as the authority considers appropriate, from
the industrial development project guaranty fund created by
section 16 of this chapter and the Indiana venture fund
established by
IC 4-4-11.7-5.
(24) Purchase, lease as lessee, construct, remodel, rebuild,
enlarge, or substantially improve industrial development projects,
including land, machinery, equipment, or any combination
thereof.
(25) Lease industrial development projects to users or developers,
with or without an option to purchase.
(26) Sell industrial development projects to users or developers,
for consideration to be paid in installments or otherwise.
(27) Make direct loans from the proceeds of the bonds to users or
developers for:
(A) the cost of acquisition, construction, or installation of
industrial development projects, including land, machinery,
equipment, or any combination thereof; or
(B) eligible expenditures for an educational facility project
described in
IC 4-4-10.9-6.2
(a)(2); or
(C) eligible expenditures for a technology
commercialization project;
with the loans to be secured by the pledge of one (1) or more
bonds, notes, warrants, or other secured or unsecured debt
obligations of the users or developers.
(28) Lend or deposit the proceeds of bonds to or with a lender or
professional or accredited investor for the purpose of:
(A) furnishing funds to such lender or investor to be used for
making a loan to a developer or user for the financing of
industrial development projects under this chapter; or
(B) making capital available to an eligible technology
commercialization project.
(29) Enter into agreements with users or developers to allow the
users or developers, directly or as agents for the authority, to
wholly or partially construct industrial development projects to be
leased from or to be acquired by the authority.
(30) Establish reserves from the proceeds of the sale of bonds,
other funds, or both, in the amount determined to be necessary by
the authority to secure the payment of the principal and interest on
the bonds.
(31) Adopt rules guidelines, without complying with
IC 4-22-2
,
governing its activities authorized under this chapter,
IC 4-4-21
,
IC 4-4-11.7
,
IC 4-4-26
,
IC 13-19-5
, and
IC 15-7-5.
(32) Use the proceeds of bonds to make guaranteed participating
loans.
(33) Purchase, discount, sell, and negotiate, with or without
guaranty, notes and other evidences of indebtedness.
(34) Sell and guarantee securities.
(35) Make guaranteed participating loans under
IC 4-4-21-26.
(36) Procure insurance to guarantee, insure, coinsure, and
reinsure against political and commercial risk of loss, and any
other insurance the authority considers necessary, including
insurance to secure the payment of principal and interest on notes
or other obligations of the authority.
(37) Provide performance bond guarantees to support eligible
export loan transactions, subject to the terms of this chapter or
IC 4-4-21.
(38) Provide financial counseling services to Indiana exporters.
(39) Accept gifts, grants, or loans from, and enter into contracts
or other transactions with, any federal or state agency,
municipality, private organization, or other source.
(40) Sell, convey, lease, exchange, transfer, or otherwise dispose
of property or any interest in property, wherever the property is
located.
(41) Cooperate with other public and private organizations to
promote export trade activities in Indiana.
(42) Make guarantees and administer the agricultural loan and
rural development project guarantee fund established by
IC 15-7-5.
(43) Take assignments of notes and mortgages and security
agreements securing notes and other forms of security, and attach,
seize, or take title by foreclosure or conveyance to any
agricultural enterprise or rural development project when a
guaranteed loan to the enterprise or rural development project is
clearly in default and when in the opinion of the authority the
acquisition is necessary to safeguard the agricultural loan and
rural development project guarantee fund, and sell, or on a
temporary basis, lease or rent the agricultural enterprise or rural
development project for any use.
(44) Expend money, as the authority considers appropriate, from
the agricultural loan and rural development project guarantee
fund created by
IC 15-7-5-19.5.
(45) Reimburse from bond proceeds expenditures for industrial
development projects under this chapter.
(46) Make direct loans and co-venture investment loans and
loan guarantees to professional and accredited investors to
provide seed and venture capital to technology
commercialization projects.
(47) Through administration of the twenty-first century
research and technology fund and the Indiana venture fund,
award grants to and enter into contracts with universities and
research institutions to:
(A) increase the capacity of Indiana institutions of higher
education, Indiana businesses, and Indiana nonprofit
corporations and organizations to compete successfully for
federal and private research and development funds;
(B) stimulate the transfer of research and technology into
marketable products;
(C) assist with diversifying Indiana's economy by focusing
investment on biomedical research, biotechnology,
information technology, and other high technology
industry clusters requiring high skill, high wage
employees; and
(D) encourage an environment of innovation and
cooperation among universities and businesses to promote
research.
(48) Do any act necessary or convenient to the exercise of the
powers granted by this chapter,
IC 4-4-11.5
,
IC 4-4-21
,
IC 4-4-26
,
IC 13-19-5
, or
IC 15-7-5
, or reasonably implied from
those statutes, including but not limited to compliance with
requirements of federal law imposed from time to time for the
issuance of bonds.
(b) The authority's powers under this chapter shall be interpreted
broadly to effectuate the purposes of this chapter and may not be
construed as a limitation of powers.
(c) This chapter does not authorize the financing of industrial
development projects for a developer unless any written agreement that
may exist between the developer and the user at the time of the bond
resolution is fully disclosed to and approved by the authority.
currently needed to meet the obligations of the fund in conformity
with
IC 4-4-11
and the investment policies established by the
authority. Interest that accrues from these investments shall be
deposited in the fund.
Sec. 8. Money in the fund at the end of a state fiscal year does
not revert to the state general fund.
Sec. 9. The authority may accept:
(1) grants;
(2) loans;
(3) subsidies;
(4) matching funds;
(5) reimbursements;
(6) appropriations;
(7) transfers of appropriations;
(8) bond proceeds from tobacco securitization;
(9) federal grant money;
(10) income derived from investments; or
(11) other things of value from:
(A) the federal government or state governments;
(B) any agency of any other state; or
(C) any institution, person, firm, or corporation, public or
private;
for deposit in the fund.
Sec. 10. The authority may invest and reinvest the fund and the
income from money in the fund as follows:
(1) To make a direct loan to a technology commercialization
project to provide seed capital or venture capital. A direct
loan under this subdivision may not exceed the lesser of the
following:
(A) Forty percent (40%) of the estimated cost of the initial
funding for the project (including development, testing,
initial production and marketing, company formation,
intellectual property protection and acquisition, and
associated working capital for the technology, product,
process, or invention).
(B) Six hundred thousand dollars ($600,000).
(2) To make direct or co-venture investments in the form of
loans or loan guarantees by entering into agreements with one
(1) or more professional or accredited investors who have
formally agreed to invest at least as much as the authority
invests in a technology commercialization project to provide
venture capital or seed capital. Not more than one million
dollars ($1,000,000) may be loaned or guaranteed by the
authority to any single business under this subdivision.
However, an amount not exceeding an additional five hundred
thousand dollars ($500,000) may be loaned or guaranteed to
the single business if the authority finds, after the initial
investment by the authority, that additional investments in the
business are necessary to protect or enhance the initial
investment of the authority. Each co-venture investment
agreement must provide that the authority is to recover its
investment before or simultaneously with any distribution to
participating professional or accredited investors. The
agreement must provide that the authority and participating
professional or accredited investors are to share ratably in the
profits earned in any form on the co-venture investment.
(3) To enter into written agreements or with one (1) or more
professional investors to establish a pool of funds to be used
exclusively as venture capital or seed capital investments. The
authority may not invest more than two million dollars
($2,000,000) in a single pool of funds or in affiliated pools of
funds. The agreement or contract must provide for the pool
of funds to be managed by a professional investor. The
authority must specifically find that the professional investor
meets the requirements of
IC 4-4-10.9-24.5
and is competent
to adequately monitor the pool. The authority may, by
guideline, limit or decline investment in funds that are not
Indiana or Midwest based. The authority may also limit or
decline investment in funds that do not commit to investing in
Indiana companies. The pool agreement or contract may
provide for reimbursement of expenses of, and payment of a
fee to, the manager. The agreement or contract may also
provide for payment to the manager of a percentage, not to
exceed forty percent (40%) (computed on an annual basis), of
cash and other property payable to the authority as its pro
rata share of distributions to investors in the pool of funds.
However, either:
(A) no amount shall be received by the manager upon sale
or other disposition of assets of the pool until recovery by
the authority of its investment, and upon liquidation or
withdrawal of the authority from the pool of funds, the
manager shall be obligated to refund any amount received
by it from the manager's percentage if necessary to allow
the authority to recover its investment; or
(B) the terms of payment of cash and other property to the
authority must not be less favorable to the authority than
payments to other investors (other than the manager) who
are parties to the agreement or contract.
Sec. 11. A seven (7) member advisory board shall evaluate
applications for loans or co-venture investments in the form of
loans or guarantees in accordance with the criteria established in
this chapter and any guidelines issued by the authority.
Sec. 12. The advisory board consists of the following:
(1) Three (3) members of the authority, other than the
lieutenant governor or the lieutenant governor's designee,
selected by the governor.
(2) Three (3) members of the twenty-first century research
and technology fund board established by
IC 4-4-5.1-6
, other
than the lieutenant governor or the lieutenant governor's
designee, selected by the governor.
(3) The lieutenant governor or the lieutenant governor's
designee.
A member selected by the governor under this section serves at the
pleasure of the governor.
Sec. 13. The lieutenant governor or the lieutenant governor's
designee shall serve as chair of the advisory board.
Sec. 14. The advisory board shall make recommendations to the
authority, which shall make the final determination regarding
investments.
Sec. 15. The advisory board shall keep the twenty-first century
research and technology fund board apprised of its
recommendations.
Sec. 16. The advisory board may request that the authority
consult with and hire professionals on its behalf as the authority
considers necessary to evaluate applications. The professionals
may be compensated from the fund or the applicant, or both.
Sec. 17. (a) The advisory board is subject to
IC 5-14-1.5.
(b) Subsections (c) through (e) apply to a meeting of the
advisory board at which at least four (4) members of the advisory
board are physically present at the place where the meeting is
conducted.
(c) A member of the advisory board may participate in a
meeting of the advisory board by using a means of communication
that permits:
(1) all other members participating in the meeting; and
(2) all members of the public physically present at the place
where the meeting is conducted;
to simultaneously communicate with each other during the
meeting.
(d) A member who participates in a meeting under subsection
(b) is considered to be present at the meeting.
(e) The memoranda of the meeting prepared under
IC 5-14-1.5-4
must also state the name of each member who:
(1) was physically present at the place where the meeting was
conducted;
(2) participated in the meeting by using a means of
communication described in subsection (c); and
(3) was absent.
Sec. 18. Members of the advisory board who have a conflict with
respect to a particular application, whether due to a relationship
with the business or the professional investor, must abstain from
discussion and voting on the application.
Sec. 19. Members of the advisory board are not entitled to
receive per diem. The member is, however, entitled to
reimbursement for traveling expenses as provided under
IC 4-13-1-4
and other expenses actually incurred in connection
with the member's duties as provided in the state policies and
procedures established by the Indiana department of
administration and approved by the budget agency.
Sec. 20. Each co-venture investment loan or guarantee or pool
participation agreement shall provide that the authority must be
repaid before or simultaneously with any distribution to
participating professional or accredited investors. The authority
and participating professional or accredited investors must share
ratably in the profits earned in any form on the co-venture
investment. Unless the investment is a pooled investment, the
agreement must also provide that the professional or accredited
investor must share its initial due diligence report on the business
and any subsequent analysis of and information received about the
business.
Sec. 21. An application for a direct loan or a co-venture
investment loan or guarantee from the fund must include the
following:
(1) Payment of a fee, as determined by the authority.
(2) A business plan, including a description of the business
and its management.
(3) A statement of the amount, timing, and projected use of
the capital required.
(4) A statement concerning the feasibility of the proposed
technology, product, process, or invention, its state of
development, and the likelihood of commercial success
(including intellectual property protection and licensing
arrangements for technologies).
(5) A statement of the potential economic impact of the
business on Indiana, including the number, location, and types
of jobs expected to be created.
(6) Financial projections.
(7) A listing of business and legal advisors engaged.
(8) Any other information that the authority or the advisory
board requires.
Sec. 22. In addition to consideration of the information provided
under section 21 of this chapter, the advisory board shall consider
the following factors in making its recommendation to the
authority:
(1) Whether the business has a reasonable chance of success.
(2) Whether the technology, product, process, or invention for
which the loan is being made is feasible and has the potential
to achieve commercial success.
(3) Whether the entrepreneur, investors, shareholders, and
other founders of the business have already made or are
obligated in writing to make a substantial financial and time
commitment to the enterprise.
Sec. 23. After the authority receives the recommendation under
section 22 of this chapter, the authority may approve an
application for a direct loan or co-venture investment loan or
guarantee only if the authority reviews the factors described in
section 22 of this chapter, the authority makes findings in the
affirmative relative to the factors described in section 22 of this
chapter, and the following have occurred:
(1) The authority determines that there is a reasonable
possibility that the authority will recoup its investment
within:
(A) ten (10) years after making the investment; or
(B) another period negotiated by the authority;
through the receipt of principal and interest payments or
other distribution of profits or royalties on investments made
by the authority.
(2) Binding commitments have been made to the authority by
the enterprise for adequate reporting of financial data to the
authority and any participating professional investors. The
report must include an annual audit of the books of the
enterprise by an independent certified public accountant if
required by the authority. The report must be prepared in
accordance with generally accepted accounting principles.
The authority and any participating professional or
accredited investors shall secure sufficient contractual rights
from the business as the authority shall consider prudent to
protect the investment of the authority, including, at the
discretion of the authority and without limitation, a right of
access to financial and other records of the business.
(3) If the loan is a co-venture investment loan or guarantee, a
binding commitment has been made to the business from a
participating professional or accredited investor in at least the
amount requested by the authority and the authority has a
written commitment from the participating professional or
accredited investor that the authority is to be repaid on its
co-venture investment loan or guarantee before or
simultaneously with any distribution to participating
professional investors.
(4) The authority has:
(A) received a copy of the professional or accredited
investor's due diligence report on the business, including
its analysis of the factors in section 22 of this chapter and
this section; and
(B) determined the report to be adequate.
(5) The authority must find that the professional or accredited
investor meets the respective definition in
IC 4-4-10.9-0.5
or
IC 4-4-10.9-24.5
and that the professional or accredited
investor is competent and adequately prepared to monitor the
progress of the business.
(6) If the co-venture investment is in the form of a loan
guarantee, the authority must make the following additional
findings:
(A) Sufficient reserves exist in the fund to support the loan
guarantee.
(B) The professional or accredited investor to whom the
guarantee is provided has made a commitment to keep the
authority informed on all aspects of the business receiving
the investment.
Sec. 24. The authority, with recommendations from the advisory
board, may invest money in the fund in accordance with the
investment guidelines established by the authority.
IC 4-22-2
does
not apply to these guidelines.
Sec. 25. Applicants that have received:
(1) prior funding from the twenty-first century research and
technology fund; or
(2) favorable reviews during the peer review process
conducted on an application for funding from the twenty-first
century research and technology fund;
shall receive preference from the advisory board during the
application review process. The authority may, by guideline,
require that all applicants meet the requirement of either
subdivision (1) or (2).
Sec. 26. The authority's interest in any single business in the
form of a loan or co-venture investment loan or guarantee may not
represent more than forty percent (40%) of the capitalization of
the business.
Sec. 27. Any documentary materials or data made or received
by any member, agent, or employee of the authority, to the extent
that the material or data consist of trade secrets, commercial
information, or financial information regarding:
(1) the operation of any business conducted by an applicant
for, or recipient of, any form of assistance which the authority
is empowered to render; or
(2) the competitive position of the business in a particular
field of endeavor;
are confidential. Any discussion or consideration of the trade
secrets or commercial or financial information may be held by the
advisory board or the authority in executive sessions under
IC 5-14-1.5-6.1
if notice of the executive session is properly posted.
Sec. 28. Proposals for the establishment of pools of funds must:
(1) be submitted on a form; and
(2) contain the information;
prescribed by the authority.
Sec. 29. The authority may not enter into any agreement or
contract regarding a pool of funds unless the agreement or
contract provides that the pool of funds is to be invested in an
enterprise only if the professional investor or manager finds all the
following:
(1) The enterprise has a reasonable chance of success.
(2) The technology, product, process, or invention for which
the investment is being made is feasible and has the potential
to achieve commercial success.
(3) The entrepreneur, investors, shareholders, or founders of
the enterprise have made or are obligated to make a
substantial commitment of time and funds to the enterprise.
(4) That there is a reasonable opportunity that it will recoup
their investment within ten (10) years after the investment,
through the receipt of principal and interest, dividends,
capital gains, or other distributions of profit or royalties.
(5) The enterprise has made binding commitments for
adequate reporting of and access to financing data of the
enterprise.
Sec. 30. The fund and all proceeds of the fund are public
property devoted to an essential public and governmental function
and purpose and is exempt from all taxes and special assessments,
direct or indirect, of the state or a political subdivision of the state.
However, this exemption does not exempt an enterprise in which
the authority has invested from state taxes or other taxes levied in
connection with the manufacture, production, use, or sale of any
technologies, products, processes, or inventions that are the subject
of an agreement.
revenues required to be paid by tobacco product
manufacturers to the state and the state's right to receive the
amounts and revenues under the master settlement
agreement.
(4) The issuance of bonds.
Sec. 12. The tobacco settlement authority is established and is a
public body corporate and politic, separate from the state, and not
a state agency. The exercise by the authority of its powers
constitutes an essential public and governmental function.
Sec. 13. (a) The powers of the authority are vested in and shall
be exercised by a board consisting of the following seven (7)
members:
(1) The governor, or the governor's designee, who serves as
chairperson.
(2) The lieutenant governor, or the lieutenant governor's
designee, who serves as vice chairperson.
(3) The treasurer of state, or the treasurer of state's designee.
(4) Four (4) members appointed by the governor who are
persons of known probity and who possess adequate capacity
for the performance of the duties of members of the authority.
Not more than two (2) of the members appointed under this
subdivision may be members of the same political party.
(b) The board shall elect from among the board's members the
other officers the board considers necessary or convenient.
(c) The term of the members of the board appointed by the
governor shall be four (4) years from the date of their
appointment, except that the terms of two (2) of the initial
appointees, as determined by the governor, shall be for two (2)
years from the date of their appointment.
(d) Each member of the board appointed by the governor:
(1) shall hold office for the term of the member's respective
appointment;
(2) shall continue to serve after the expiration of the
appointment until a successor is appointed and qualified;
(3) is eligible for reappointment; and
(4) serves at the pleasure of the governor and may be removed
from office by the governor at any time.
(e) The members of the board are not entitled to any
compensation for their services but are entitled to reimbursement
for actual and necessary expenses on the same basis as state
employees.
Sec. 14. Four (4) members of the board constitute a quorum.
Four (4) affirmative votes are required for the board to take
action.
Sec. 15. Meetings of the board shall be held in accordance with
IC 5-14-1.5
and at the call of the chair or when a majority of the
members of the board so requests.
Sec. 16. (a) This section applies to a meeting of the board at
which at least four (4) members of the board are physically present
at the place where the meeting is conducted.
(b) A member of the board may participate in a meeting of the
board by using a means of communication that permits:
(1) all other members of the board participating in the
meeting; and
(2) all members of the public physically present at the place
where the meeting is conducted;
to simultaneously communicate with each other during the
meeting.
(c) A member of the board who participates in a meeting under
subsection (b) is considered to be present at the meeting.
(d) The memoranda of the meeting prepared under
IC 5-14-1.5-4
must also state the name of each member of the
board who:
(1) was physically present at the place where the meeting was
conducted;
(2) participated in the meeting by using a means of
communication described in subsection (b); and
(3) was absent.
Sec. 17. Any member or employee of the authority who has, will
have, or later acquires an interest, direct or indirect, in any
transaction with the authority shall immediately disclose the
nature and extent of the interest in writing to the authority as soon
as the member or employee has knowledge of the actual or
prospective interest. The disclosure shall be announced in open
meeting and entered upon the minutes of the authority. Upon
disclosure, the member or employee shall not participate in any
action by the authority authorizing the transaction. However, such
an interest shall not invalidate actions by the authority with the
participation of the disclosing member prior to the time when the
member became aware of the interest.
Sec. 18. Subject to section 36 of this chapter, the authority may,
without the approval of the attorney general or any other state
officer, employ independent counsel, bond counsel, other attorneys,
financial advisers, investment bankers, auditors, other technical or
professional assistants, and such other officers, agents and
employees (including an executive director), permanent or
temporary, as the authority considers necessary or convenient to
carry out the efficient operation of the authority and shall
determine the qualifications, duties, compensation, and terms of
service of all such persons. The chairperson may appoint the initial
executive director. The executive director is the chief operating
officer of the authority, and the board shall establish the executive
director's duties and responsibilities, including the powers that the
authority has under this section. The board may delegate to an
officer of the authority, the executive director, or one (1) or more
other employees or agents of the authority such duties and
responsibilities as the board considers necessary or convenient,
including the powers that the authority has set forth in this section.
Employees of the authority shall not be considered employees of
the state.
Sec. 19. (a) The authority shall:
(1) adopt:
(A) rules under
IC 4-22-2
; or
(B) a policy;
establishing a code of ethics for its employees; or
(2) decide it wishes to be under the jurisdiction and rules
adopted by the state ethics commission.
(b) A code of ethics adopted by rule or policy under this section
must be consistent with state law and approved by the governor.
Sec. 20. The authority has all the general powers necessary to
carry out its purposes and duties and to exercise its specific
powers. In addition to other powers specified in this chapter, the
authority may:
(1) sue and be sued in the name of the authority;
bonds or sales agreement shall be conclusively presumed to be fully
authorized and valid under the laws of the state and any person or
entity is estopped from further questioning the authorization,
validity, execution, delivery, or issuance of the bonds or the sales
agreement.
(d) The bonds, when issued, shall have all the qualities of
negotiable instruments, subject to provisions for registration,
under IC 26-1 and are incontestable in the hands of a bona fide
purchaser or owner of the bond for value. Bonds issued under this
chapter are exempt from the registration requirements of
IC 23-2-1
and any other state securities registration statutes.
(e) The authority's bonds shall:
(1) bear the date or dates;
(2) mature at the time or times;
(3) be in the denominations;
(4) be in the form;
(5) be registered or registrable in the manner;
(6) be made transferable, exchangeable, and interchangeable;
(7) be payable in the medium of payment and at the place or
places;
(8) be subject to the terms of redemption;
(9) bear the fixed or variable rate or rates of interest;
(10) be payable at the time or times; and
(11) be sold at a public or negotiated sale in the manner and
at the price or prices;
as the authority determines.
(f) The bonds shall be executed by one (1) or more officers of the
authority and by the trustee or paying agent. Execution of the
bonds may be by manual or facsimile signature.
(g) The bonds of the authority are subject to the terms,
conditions, covenants, and protective provisions that are found
necessary or desirable by the authority, including, but not limited
to, pledges of the authority's assets, setting aside of reserves, and
other provisions the authority finds are necessary or desirable for
the security of bondholders.
(h) Any pledge of revenues to be derived by the authority under
a sales agreement or from any other source, and the right to
receive revenues under a sales agreement or from any other
source, or any pledge of a special fund, account, or subaccount
created by the authority, together with any investment earnings, is
valid and binding at the time the pledge is made. Property so
pledged is immediately subject to the lien of the pledge without any
physical delivery thereof or further act. The lien of such a pledge
is valid and binding as against all parties having claims of any kind
in tort, contract, or otherwise against the authority, regardless of
whether the parties have notice of the lien. Notwithstanding any
other provision of law to the contrary, the resolution or trust
agreement of the authority or any other instrument by which the
pledge is created need not be recorded or filed except in the
records of the authority to perfect the pledge.
(i) Neither a member of the board nor a person executing bonds
or notes issued under this article is liable personally on the bonds
or notes.
(j) The authority may, out of any funds or revenues available
therefor, purchase its bonds in the open market.
Sec. 23. (a) The bonds issued under this chapter by the authority
constitute the special obligations only of the authority and are
payable solely from and secured exclusively by the pledge by the
authority of certain funds and revenues and rights to receive funds
or revenues in accordance with this chapter. Neither the faith and
credit or taxing power of the state or any political subdivision of
the state is pledged to the payment of principal or interest on the
bonds. Each bond of the authority must plainly state on its face
that the bond does not constitute an indebtedness or lending of the
credit of the state within the meaning or application of any
constitutional provision or limitation but that it is payable solely as
to both principal and interest from the funds, revenues, and rights
pledged under this chapter. The provisions of this chapter and the
covenants and undertakings of the authority as expressed in any
proceedings preliminary to or in connection with the issuance of
the bonds may be enforced by a bondholder by action for
injunction or mandamus against the authority or any officer,
agent, or employee of the authority, but no action for monetary
judgment may be brought against the state for any violations of
this chapter.
(b) All property of the authority is public property devoted to
an essential public and governmental function and purpose and is
exempt from all taxes and special assessments, direct or indirect,
of the state or a political subdivision of the state. All bonds issued
under this chapter are issued by a body corporate and politic of
this state, but not a state agency, and for an essential public and
governmental purpose, and the bonds, the interest thereon, the
proceeds received by the holder from the sale of the bonds to the
extent of the holder's cost of acquisition proceeds received upon
redemption prior to maturity, and proceeds received at maturity
and the receipt of the interest and proceeds are exempt from
taxation in the state for all purposes except the financial
institutions tax imposed under IC 6-5.5 or a state inheritance tax
imposed under IC 6-4.1.
Sec. 24. Contracts entered into by the authority shall be entered
into in the name of the authority and not in the name of the state
of Indiana. The obligations of the authority under the contracts are
obligations only of the authority and are not in any way obligations
of the state of Indiana.
Sec. 25. Bonds issued under the provisions of this chapter are
hereby made securities in which all public officers and agencies of
the state, all insurance companies, banking associations,
investment companies, executors, administrators, trustees, and
other fiduciaries may properly and legally invest funds, including
capital in their control or belonging to them. These bonds are
hereby made securities that may properly and legally be deposited
with and received by any officer or agency of the state for any
purpose for which the deposit of bonds or obligations of the state
is now or may hereafter be authorized by law.
Sec. 26. (a) Without complying with any other law governing the
sale or disposition of property by the state, the state may sell and
assign to the authority, and the authority may purchase, all of the
state's right to receive a part not to exceed thirty-five percent
(35%) of the state's annual share of the amounts and revenues due
to the state under the master settlement agreement and of the
state's rights to receive those amounts and revenues. The state,
including the governor and the attorney general, may take any
action necessary or convenient to facilitate and complete the sale.
The authority may take any action necessary or convenient to
facilitate and complete the purchase.
(b) A sale and assignment made under this section is
irrevocable. All or a part of the amounts and revenues, and the
right to receive the amounts and revenues, sold to the authority
shall be pledged to the bondholders. The sale and assignment shall
constitute and be treated as a true sale and absolute transfer of the
property so sold and assigned and not as a pledge or other security
interest granted by the state for any borrowing. The
characterization of a sale and assignment as an absolute transfer
shall not be negated or adversely affected by the fact that only a
portion of the amounts and revenues due to the state under the
master settlement agreement is being sold and assigned, by the
state's acquisition or retention of an ownership interest in the
portion of the amounts and revenues due under the master
settlement agreement not so sold and assigned, or for any other
reason.
(c) The state hereby covenants and agrees with the holders of
any bonds that so long as any bonds of the authority issued under
this chapter are outstanding and unpaid, the state will not limit or
alter the rights vested in the authority to fulfill the terms of any
agreements made with, or make payments to, the holders of the
bonds or in any way impair the rights and remedies of the
bondholders, until the bonds, together with interest thereon, and
all costs and expenses in connection with any action or proceedings
by or on behalf of the bondholder are fully paid, satisfied, and
discharged.
(d) The terms of any sales agreement must provide that on and
after the effective date of the sale and assignment:
(1) the state shall have no right, title, or interest in the
property sold and assigned;
(2) the property sold and assigned is the property of the
authority and not the property of the state;
(3) the property sold and assigned shall be owned, received,
held, and disbursed by the authority or its trustee or assignee
and not by the state;
(4) none of the property sold and assigned shall be subject to
garnishment, levy, execution, attachment, or other process,
writ, (including writ of mandate), or remedy in connection
with the assertion or enforcement of any debt, claim,
settlement, or judgment against the state; and
(5) the portion of the amounts and revenues due under the
master settlement agreement that are sold and assigned to the
authority must be paid directly to the authority or its trustee
or assignee and shall not be considered money drawn from the
state treasury.
(e) Any sales agreement may include such other agreements and
covenants of the state as may be permitted by the constitution of
the state and as may be necessary or convenient for the sale and
assignment of the portion of the amounts and revenues due under
the master settlement agreement and the issuance of bonds to
finance the purchase by the authority.
(f) The state shall:
(1) notify the independent auditor and the escrow agent under
the master settlement agreement that a portion of the
amounts and revenues due under the master settlement
agreement has been sold and assigned to the authority; and
(2) irrevocably instruct the independent auditor and the
escrow agent that, after the date of the notice under
subdivision (1), the portion of the amounts and revenues due
under the master settlement agreement sold and assigned to
the authority is to be paid directly to the trustee under the
trust agreement of the authority for the benefit of the owners
of the bonds secured by a pledge of those amounts and
revenues until the bonds are no longer outstanding under the
resolution or trust agreement.
(g) For purposes of
IC 4-12-1-14.3
, the part of the amounts and
revenues due under the master settlement agreement that is sold
and assigned to the authority:
(1) is not money received by the state under the master
settlement agreement; and
(2) shall not be deposited in the Indiana tobacco master
settlement agreement fund.
Sec. 27. Members of the board, the officers and employees of the
authority, the agents of the authority, and any other persons
executing bonds issued under this chapter are not subject to
personal liability or accountability by reason of any act authorized
by this chapter, including, without limitation, the issuance of
bonds, the failure to issue bonds, the execution of bonds, and the
exercise of any other powers contemplated by this chapter.
Sec. 28. (a) The authority is prohibited from filing a voluntary
petition under chapter 9 of the federal bankruptcy code or any
corresponding chapter or section that may, from time to time, be
in effect. A governmental officer, governmental organization, or
other entity or person may not authorize the authority to be a
debtor under chapter 9 of the federal bankruptcy code or any
successor or corresponding chapter or sections.
(b) This section shall be part of any contractual obligation owed
to the holders of bonds issued under this chapter. Any such
contractual obligation shall not subsequently be modified by state
law before the date that is three hundred sixty-six (366) days after
the date upon which the authority no longer has any bonds
outstanding.
Sec. 29. The authority shall dissolve not later than two (2) years
from the date of final payment of all of its outstanding bonds and
the satisfaction of all outstanding obligations of the authority,
except to the extent necessary to remain in existence to fulfill any
outstanding covenants or provisions with bondholders or third
parties made in accordance with this chapter. Upon dissolution of
the authority, all of the authority's property shall be transferred
and assigned to the state and the authority shall execute all
necessary assignments and other documents as may be necessary
or convenient to transfer and assign its property to the state,
including the authority's right, title, or ownership interest in
amounts and revenues due under the master settlement agreement,
which amounts shall be deposited in the state general fund.
Sec. 30. Before issuing any bonds, the authority shall enter into
a sales agreement that includes the agreement of the state to:
(1) diligently enforce the authority's right to receive the
portion of the amounts and revenues due under the master
settlement agreement and sold under the sales agreement, to
the full extent permitted by the master settlement agreement;
(2) diligently enforce the qualifying statute as contemplated
by the master settlement agreement against all tobacco
product manufacturers that are selling tobacco products in
Indiana and are not signatories to the master settlement
agreement;
(3) neither amend the master settlement agreement nor take
any other action that would in any way:
(A) alter, limit, or impair the authority's right to receive
the portion of the amounts and revenues due under the
master settlement agreement and sold under the sales
agreement;
(B) limit or alter the rights vested in the authority by this
chapter or other law to fulfill its agreements with the bond
owners; or
(C) impair the rights and remedies of the bond owners or
the security for the bonds;
until the bonds, together with the interest on the bonds and all
costs and expenses in connection with any action or
proceedings by or on behalf of the bond owners, are fully paid
and discharged (however, nothing in this subdivision shall be
construed to preclude the state's regulation of smoking and
taxation and regulation of the sale of cigarettes or other
tobacco products);
(4) not amend, supersede, or repeal the qualifying statute in
any way that would violate section 26(c) of this chapter; or
(5) take no action that would adversely affect the tax exempt
status of any tax exempt bonds issued by the authority.
Sec. 31. The authority shall contract with an independent
certified public accountant for an annual financial audit of the
authority. The certified public accountant shall present an audit
report not later than seven (7) months after the end of each fiscal
year of the authority.
Sec. 32. The state board of accounts may at any time conduct an
audit of the authority.
Sec. 33. The authority shall submit copies of its annual budget
and the audit report referred to in section 31 of this chapter to the
budget director, the legislative council, and the state board of
accounts.
Sec. 34. Income or revenues of the authority not required to
meet its obligations (including redemption obligations on its bonds)
shall be paid over to the state general fund if directed by the
governor.
Sec. 35. (a) As used in this section, "sale portion" means the
portion of the punitive damage award payment that is equal to the
percentage determined under section 26 of this chapter.
(b) This section applies upon the entry of a judgment that
includes a punitive damage award in a civil action related to
tobacco products in which:
(1) the state or an agency of the state is the party to the action
receiving the award; and
(2) a tobacco manufacturer who participates in the master
settlement agreement is the party against whom the judgment
was entered.
IC 34-51-3-6 does not apply to such a punitive damage award.
(c) Upon entry of a judgment described in this section, the right
of the state or an agency of the state to receive the sale portion of
the punitive damage award payment described in this section is
assigned to the authority. For as long as this assignment is in effect,
any sale portion of a punitive damage award payment received by
the state, or an agency of the state, in settlement of a judgment
described in this section or as satisfaction or partial satisfaction of
a judgment to which this section applies shall be considered to be
held for the benefit of the authority and shall be remitted
immediately after receipt of the payment to the authority subject
to any pledge under this chapter.
(d) The authority may spend money received under this section
in accordance with this chapter, subject to any pledge under this
chapter.
(e) That portion of the punitive damages award in excess of the
sale portion under this section shall be paid to the state or an
agency of the state, as applicable, and used as otherwise provided
by law.
(f) The assignment under this section terminates upon the
earlier of the date on which:
(1) the authority is dissolved under section 29 of this chapter;
(2) all outstanding bonds and other agreements of the
authority have been paid in full or otherwise discharged; or
is entitled to a credit against the taxpayer's state tax liability in the
taxable year.
Sec. 11. A credit under this chapter is equal to the sum of:
(1) five hundred dollars ($500) for each targeted employment
position:
(A) filled by a student in or a graduate of a certified degree
program certified by the state student assistance
commission, in consultation with the department of
workforce development and the commission for higher
education under
IC 22-4.1-7
; and
(B) approved by the sponsoring institution of higher
learning; plus
(2) the lesser of:
(A) the payroll expenditures incurred by the taxpayer in
the taxable year to employ the student or graduate in
targeted employment; or
(B) five hundred dollars ($500).
Sec. 12. If the credit for which a taxpayer is eligible in a taxable
year under this chapter exceeds the taxpayer's state tax liability for
the taxable year, the taxpayer may carry over the excess to the
immediately following taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that
the carryover is used by the taxpayer to obtain a credit under this
chapter for any subsequent taxable year. A taxpayer is not entitled
to any carryback or refund.
Sec. 13. If a pass through entity does not have state income tax
liability against which the credit under this chapter may be
applied, a shareholder, partner, or member of the pass through
entity is entitled to a credit equal to:
(1) the credit determined under this chapter for the pass
through entity for the taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is
entitled.
Sec. 14. To receive a credit under this chapter, a taxpayer must
claim the credit on the taxpayer's state tax return in the manner
prescribed by the department. The taxpayer must submit to the
department proof of payment of the payroll expenditures and all
information that the department determines is necessary to
determine the taxpayer's eligibility for the credit.
Sec. 15. A taxpayer is not eligible to receive both a credit for an
employee under this chapter and a credit or deduction for the same
employee under any of the following:
(1)
IC 6-3-3-10
(enterprise zone employment credit).
(2)
IC 6-3.1-6
(prison investment credit).
the agricultural, industrial and commercial development of the state,
and to provide for the general welfare by the construction and
operation, in cooperation with the federal government, or otherwise, of
a modern port on Lake Michigan and/or the Ohio River, and/or the
Wabash River, system with terminal facilities to accommodate water,
rail, truck, and air-borne, and other forms of transportation, the
Indiana Port Commission is hereby authorized and empowered to
construct, maintain and operate, in cooperation with the federal
government, or otherwise, at such location on Lake Michigan and/or
the Ohio River, and/or the Wabash River, locations as shall be
approved by the governor, projects, including without limitation
public ports with terminal facilities and traffic exchange points
throughout Indiana for all forms of transportation, giving particular
attention to the benefits which may accrue to the state and its citizens
from the St. Lawrence Seaway, all forms of transportation, and to
issue port revenue bonds of the state payable solely from revenues, to
pay the cost of such projects. The commission's powers are not
limited to ports and may be exercised throughout Indiana for
projects that enhance, foster, aid, provide, or promote economic
development, public-private partnerships, and other industrial,
commercial, business, and transportation purposes.
Four (4) members of the commission shall constitute a quorum and the
affirmative vote of four (4) members shall be necessary for any official
action taken by the commission. No vacancy in the membership of the
commission shall impair the rights of a quorum to exercise all the
rights and perform all the duties of the commission.
(c) Before the issuance of any port revenue bonds under the
provisions of this chapter, each appointed member of the commission
shall give a surety bond to the state in the penal sum of twenty-five
thousand dollars ($25,000) and the secretary-treasurer shall give a
surety bond to the state in the penal sum of fifty thousand dollars
($50,000). Each such surety bond to must be conditioned upon the
faithful performance of the duties of the office, to be executed by a
surety company authorized to transact business in the state as surety
and to be approved by the governor and filed in the office of the
secretary of state.
(d) Each appointed member of the commission shall receive an
annual salary of seven thousand, five hundred dollars ($7,500), payable
in monthly instalments. However, no members of such commission as
appointed hereunder shall receive any salary except a per diem as fixed
and approved by the budget director until said commission is able to
carry on the full operations as intended by this chapter, and the budget
director, subject to the approval of the governor of the state of Indiana,
shall determine when said salaries for said commission members shall
commence. The governor shall, however, appoint said members as
herein provided within a period of sixty (60) days following the
effective date of this chapter.
(e) Each member shall be reimbursed for his the member's actual
expenses necessarily incurred in the performance of his the member's
duties.
(f) All expenses incurred in carrying out the provisions of this
chapter shall be payable solely from funds provided under the authority
of this chapter and no liability or obligation shall be incurred by the
commission hereunder beyond the extent to which moneys shall have
been provided under the authority of this chapter.
a pledge of the faith and credit of the state or of any such political
subdivision, but such bonds shall be payable solely from the funds
pledged for their payment as authorized in this chapter, unless such
bonds are refunded by refunding bonds, issued under the provisions of
this chapter, which refunding bonds shall be payable solely from funds
pledged for their payment as authorized herein. All such revenue bonds
shall contain on the face thereof a statement to the effect that the bonds,
as to both principal and interest, are not an obligation of the state of
Indiana, or of any political subdivision thereof, but are payable solely
from revenues pledged for their payment. All expenses incurred in
carrying out the provisions of this chapter shall be payable solely from
funds provided under the authority of this chapter and nothing in this
chapter contained shall be construed to authorize the commission to
incur indebtedness or liability on behalf of or payable by the state or
any political subdivision thereof.
discretion of the commission, best serve the commercial,
industrial, and agricultural interests of the state;
(5) provide adequate port and terminal facilities to accommodate
water, rail, truck, and airborne and other forms of transportation;
and
(6) provide a traffic exchange point for all forms of transportation,
giving particular attention to the benefits which may accrue to the
state and its citizens by the opening of the St. Lawrence Seaway
and river transportation.
(b) The title to all property included in any port or project shall be
taken in the name of, and shall be in, the state of Indiana.
the performance of its proposal secured. The commission may
reject any and all bids. A bond with good and sufficient surety as
shall be approved by the commission, shall be 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.
(13) To construct, assemble, or otherwise build, own, lease,
operate, manage, or otherwise control any project throughout
Indiana for the purpose of promoting economic growth and
development throughout Indiana, retaining existing
employment within Indiana, and attracting new employment
opportunities within Indiana.
(13) (14) To employ an executive director or manager, consulting
engineers, superintendents, and such other engineers, construction
and accounting experts, attorneys, and other employees and
agents as may be necessary in its judgment, and to fix their
compensation, but no compensation of any employee of the
commission shall exceed the compensation of the highest paid
officer or employee of the state. However, the employment of an
attorney shall be subject to such approval of the attorney general
as may be required by law.
(14) (15) To receive and accept from any federal agency grants
for or in aid of the construction of any port or port project, and to
receive and accept aid or contributions from any source of either
money, property, labor, or other things of value, to be held, used,
and applied only for the purposes for which such grants and
contributions may be made.
(15) (16) To provide coverage for its employees under the
provisions of
IC 22-3-2
through
IC 22-3-6
, and IC 22-4.
(16) (17) To do all acts and things necessary or proper to carry out
the powers expressly granted in this chapter. and
(17) (18) To hold, use, administer, and expend such sum or sums
as may herein or hereafter be appropriated or transferred to the
commission.
the same to be reconstructed at such location as the division of
government having jurisdiction over such road, highway, railroad or
public utility facility shall deem most favorable and of substantially the
same type and in as good condition as the original road, highway, or
railroad or public utility facility. The cost of such reconstruction,
relocation, or removal and any damage incurred in changing the
location of any such road, highway, railroad, or public utility facility,
shall be ascertained and paid by the commission as a part of the cost of
such the port or port project. The commission shall have authority to
petition the circuit court of the county wherein is situated any public
road or part thereof, affected by the location therein of any port or port
project, for the vacation or relocation of such road or any part thereof
with the same force and effect as statutes in effect on March 2, 1961,
to the inhabitants of any municipality or governmental subdivision of
the state. The proceedings upon such petition, whether it be for the
appointment of appraisers or otherwise, shall be the same as provided
by statutes in effect on March 2, 1961, for similar proceedings upon
such petitions. In addition to the foregoing powers, the commission and
its authorized agents and employees, after proper notice, may enter
upon any lands, waters, and premises in the state for the purpose of
making surveys, soundings, drillings, and examinations as are
necessary or proper for the purposes of this chapter, and such entry
shall not be deemed a trespass, nor shall an entry for such purpose be
deemed an entry under any condemnation proceedings which may be
then pending; provided, that before entering upon the premises of any
railroad, notice shall be given to the superintendent of such railroad
involved at least five (5) days in advance of such entry, and provided,
that no survey, sounding, drilling, and examination shall be made
between the rails, or so close to a railroad track, as would render said
track unusable. The commission shall make reimbursement for any
actual damage resulting to such lands, waters, and premises and to
private property located in, on, along, over, or under such lands, waters
and premises, as a result of such activities. The state of Indiana, subject
to the approval of the governor, hereby consents to the use of lands
owned by it, including lands lying under water and riparian rights,
which are necessary or proper for the construction or operation of any
port or port project, provided adequate compensation is made for such
use. The commission shall also have power to make reasonable
regulations for the installation, construction, maintenance, repair,
renewal, relocation, and removal of tracks, pipes, mains, conduits,
cables, wires, towers, poles, and other equipment and appliances
(referred to in this section as "public utility facilities") of any public
utility in, on, along, over, or under any port or port project. Whenever
the commission shall determine that it is necessary that any such public
utility facilities which are, on or after March 2, 1961, located in, on,
along, over, or under any such port or port project should be relocated
or should be removed from such the port or port project, the public
utility owning or operating such facilities shall relocate or remove the
same in accordance with the order of the commission. provided,
However, that the cost and expenses of such relocation or removal,
including the cost of installing such facilities in a new location or new
locations, and the cost of any lands, or any rights or interests in lands,
and any other rights, acquired to accomplish such relocation or
removal, shall be ascertained and paid by the commission as a part of
the cost of such the port or port project, excepting, however, cases in
which such equipment or facilities are located within the limits of
highways or public thoroughfares being constructed, reconstructed, or
improved under the provisions of this chapter. In case of any such
relocation or removal of facilities, the public utility owning or
operating the same, its successors or assigns, may maintain and operate
such facilities, with the necessary appurtenances, in the new location
or new locations, for as long a period, and upon the same terms and
conditions, as it had the right to maintain and operate such facilities in
their former location or locations subject, however, to the state's right
of regulation under its police powers.
ready access, while in performance of their official duty, to all property
under the jurisdiction or control of the commission without the
payment of tolls.
(b) Such rules and regulations adopted under this section shall be
adopted under
IC 4-22-2.
(c) A person who violates a rule or regulation of the commission
commits a Class C infraction.
leases cover a period of more than four (4) years shall be subject to the
approval of the Governor. Leases of lands under the jurisdiction or
control of the commission shall be made only for such uses and
purposes as are calculated to contribute to the growth and development
of the port and ports, terminal facilities, and projects under the
jurisdiction or control of the commission. In the event the commission
shall lease to others a building or structure financed by the issuance of
revenue bonds the rental shall be in an amount at least sufficient to pay
the interest on and principal of the amount of such bonds representing
the cost of such building or structure to the extent such interest and
principal is payable during the term of the lease, as well as to pay the
cost of maintenance, repair and insurance for such building and a
reasonable portion of the commission's administrative expense incurred
during the term of the lease which is allocable to such building or
structure.
(d) No tenant, lessee, licensee, owner of real estate located within
a port or project, or other person or entity has any right, claim,
title, or interest in any real estate, personal property, or common
property owned by the commission, a port, a project, or the state,
unless a written agreement entered into by the commission
expressly provides:
(1) the exact nature and extent of the right, claim, title, or
interest;
(2) all the conditions under which the right, claim, title, or
interest is granted; and
(3) a legal or complete description of the specific property.
commission to take or disturb property or facilities constituting all or
part of any presently existing or operating public port and nothing
herein shall authorize the commission to take or disturb property or
facilities belonging to any public utility or to a common carrier engaged
in interstate commerce, which property or facilities are required for the
proper and convenient operation of such public utility or common
carrier, unless provision is made for the restoration, relocation or
duplication of such property or facilities elsewhere at the sole cost of
the commission excepting however, cases in which such equipment or
facilities are located within the limits of existing highways or public
thoroughfares.
acquisition of land, including lands under water and riparian rights, or
options for the purchase of such land for a port or project site, and
incidental expenses incurred in connection with such acquisition.
(b) Upon the sale of port revenue bonds for any port or project, the
funds expended from the Indiana port fund in connection with the
development of such port or project and any obligation or expense
incurred by the commission for surveys, preparation of plans and
specifications, and other engineering or other services in connection
with development of such port or project shall be reimbursed to the
state general fund from the proceeds of such bonds.
facsimile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery.
(d) All bonds issued under this chapter shall have and are hereby
declared to have all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the state of
Indiana.
(e) The bonds may be issued in coupon or in registered form, or
both, as the commission may determine, and provision may be made
for the registration of any coupon bonds as to principal alone and also
as to both principal and interest, and for the reconversion into coupon
bonds of any bonds registered as to both principal and interest.
(f) The bonds shall be sold at public sale in accordance with
IC 4-1-5
, except as provided in
IC 8-10-4.
(g) No action to contest the validity of any bonds issued by the
commission under this chapter shall be commenced more than
thirty (30) days following the adoption of the resolution approving
the bonds as provided in this chapter.
delivery. The commission may also provide for the replacement of any
bonds which shall become mutilated or shall be destroyed or lost.
Bonds and any other instruments or the security for the bonds and
other instruments that are authorized by this chapter may be issued
under the provisions of this chapter without obtaining the consent of
any officer, department, division, commission, board, bureau, or
agency of the state, and without any other proceedings or the happening
of any other conditions or things than those proceedings, conditions, or
things which are specifically required by this chapter.
by the commission, but the commission shall not convey or mortgage
any port port or project or any part thereof. In authorizing the issuance
of bonds for any particular port or project, undertaken in connection
with the development of the port, the commission may limit the amount
of such bonds that may be issued as a first lien and charge against the
revenues pledged to the payment of such bonds or the commission may
authorize the issuance from time to time thereafter of additional bonds
secured by the same lien to provide funds for the completion of the port
or project on account of which the original bonds were issued, or to
provide funds to pay the cost of additional port projects undertaken in
connection with the development of the port or project, or for both
such purposes. Such additional bonds shall be issued on such terms and
conditions as may be provided in the bond resolution or resolutions
adopted by the commission and in the trust agreement or any
agreement supplemental thereto and may be secured equally and
ratably without preference, priority or distinction with the original issue
of bonds or may be made junior thereto. Any pledge or assignment
made by the commission pursuant hereto shall be valid and binding
from the time that the pledge or assignment is made and the revenues
so pledged and thereafter received by the commission shall
immediately be subject to the lien of such pledge or assignment without
physical delivery thereof or further act. The lien of such pledge or
assignment shall be valid and binding against all parties having claims
of any kind in tort, contract or otherwise against the commission
irrespective of whether such parties have notice thereof. Neither the
resolution nor any trust agreement by which a pledge is created or
assignment made need be filed or recorded except in the records of the
commission. Any such trust agreement or any resolution providing for
the issuance of such bonds may contain such provisions for protecting
and enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including, but not
limited to, covenants setting forth the duties of the commission in
relation to the acquisition of property and the construction,
improvement, maintenance, repair, operation, and insurance of the port
or project in connection with which such bonds shall have been
authorized, the rates of fees, tolls, rentals, or other charges, to be
collected for the use of the project, and the custody, safeguarding, and
application of all moneys, and provisions for the employment of
consulting engineers in connection with the construction or operation
of such project. It shall be lawful for any bank or trust company
incorporated under the laws of the state which may act as depository of
the proceeds of bonds or other funds of the commission, to furnish such
indemnifying bonds or to pledge such securities as may be required by
the commission. Any such trust agreement may set forth the rights and
remedies of the bondholders and of the trustee, and may restrict the
individual right of action by bondholders as is customary in trust
agreements or trust indentures securing bonds or debentures of private
corporations. In addition to the foregoing, any such trust agreement
may contain such other provisions as the commission may deem
reasonable and proper for the security of the bondholders. All expenses
incurred in carrying out the provisions of any such trust agreement may
be treated as a part of the cost of the operation of the port or project.
appertaining thereto, and the trustee under any trust agreement, except
to the extent the rights given in this chapter may be restricted by the
authorizing resolution or trust agreement, may, either at law or in
equity, by suit, action, mandamus, or other proceedings, protect and
enforce any and all rights under the statutes of the state or granted
under this chapter or under such trust agreement, or the resolution
authorizing the issuance of such bonds, and may enforce and compel
the performance of all duties required by this chapter or by such trust
agreement or resolution to be performed by the commission or by any
officer thereof, including the fixing, charging, and collecting of fees,
tolls, rentals, or other charges for the use of the port or port project.
prosperity, and for the improvement of their health and living
conditions.
(b) As the operation and maintenance of a port or project by the
commission will constitute the performance of essential governmental
functions, the commission shall not be required to pay any taxes or
assessments upon any port or project or any property acquired or used
by the commission under the provisions of this chapter or upon the
income therefrom. The bonds issued by the commission, the interest
thereon, the proceeds received by a holder from the sale of such bonds
to the extent of the holder's cost of acquisition, or proceeds received
upon redemption prior to maturity or proceeds received at maturity, and
the receipt of such interest and proceeds shall be exempt from taxation
in the state of Indiana for all purposes except the financial institutions
tax imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
(c) Notwithstanding any other statute, a lessee's leasehold estate in
land that is qualifies as part of a port under section 2(b)(1) of this
chapter and that is owned by the state or the commission is exempt
from property taxation. However, an exemption under this
subsection is not available for land that qualifies as part of a port
under section 2(b)(2) of this chapter or any other provision other
than section 2(b)(1) of this chapter.
1, 2003]: Sec. 31. (a) Except as provided in subsection (b), the
commission may not:
(1) enter into a contract for the construction or repair of any
building, structure, or other improvement;
(2) take another action in furtherance of the commission's
authorized purposes; or
(3) enter into a loan agreement for the borrowing of funds for
an improvement undertaken by the commission;
where the commission is the contracting entity, unless laborers and
mechanics employed on the improvements are paid the common
construction wage of laborers and mechanics for the class of work
called for by the improvement. For purposes of this section, wages
shall be determined in accordance with the requirements of
IC 5-16-7.
(b) Subsection (a) does not apply where the federal government
or any of its agencies furnishes by loan or grant all or any part of
the funds used in connection with the project and prescribes
predetermined minimum wages to be paid to the laborers and
mechanics.
be deemed to include facilities, adjuncts, and appurtenances of the
character referred to in this section.
(c) It is further declared that the acquisition, construction,
maintenance, repair, policing of, and leasing to others of such facilities
under the conditions set forth in this section is a public purpose.
(d) Nothing in this section shall authorize the Indiana port
commission to take, condemn, or disturb any property right or interest
in property, existing on March 10, 1967, including permits and
authorities to fill and reclaim submerged lands, or any facilities
constituting all or part of any operating property or any private or
public port. The Indiana port commission shall make reimbursement
for any actual damage to any public or private facilities, including but
not limited to breakwaters, water intakes, wharves, piers, boat docks,
warehouses, and pipeline equipment resulting from the exercise by it
of any powers granted to it by this section.
manner, either at public or private sale, as the commission may
determine, and the provisions of
IC 4-1-5
shall not be applicable
to such sale.
(c) IC 4-13.6, IC 5-16 (other than
IC 5-16-7
), and
IC 36-1-12
do not apply to projects to be leased to a private party whose
lease payments are expected to be sufficient to pay all debt
service on bonds issued by the commission to finance the
project. However, the private party must comply with
IC 5-16-7.
certified degree program under this chapter. The criteria must
include the following:
(1) The certified degree program is operated or administered
by an institution of higher learning or a department, school,
or program within an institution of higher learning.
(2) The certified degree program integrates a particular
curriculum or course of study offered at the institution of
higher learning with career internships provided by
employers.
(3) The certified degree program places students in career
internships provided by employers in targeted employment.
(4) The certified degree program requires participating
students to meet certain academic standards.
(5) The certified degree program requires employers to
provide to participating students the:
(A) supervision; and
(B) payroll and personnel services;
that the employers provide to their regular part-time
employees, if any.
(6) The certified degree program is designed to provide an
internship experience that enriches and enhances the
classroom experience of participating students in the field of
the targeted employment.
(7) The certified degree program requires employers to
comply with all state and federal laws pertaining to the
workplace.
(8) The certified degree program complies with any other
requirement adopted by rule by the commission after
consultation with the department.
Sec. 11. The criteria for a certified degree program may allow:
(1) a student to participate in an internship with an employer
in targeted employment at any time during the year, including
the summer, as long as the student remains enrolled at the
institution of higher learning that operates or administers the
certified degree program; and
(2) a graduate of the institution of higher learning to
participate in graduate position with an employer in targeted
employment at any time during the year, including the
summer, as long as the graduate is engaged in a post-graduate
component of a certified degree program that is approved
under this chapter.
Sec. 12. Any institution of higher learning may apply to the
commission to be certified to conduct a certified degree program.
Sec. 13. An institution of higher learning that seeks certification
for a certified degree program must:
(1) submit a request to the commission in the manner and in
the form specified by the commission; and
(2) meet the criteria established under this chapter for the
certified degree program.
Sec. 14. The commission, in consultation with the department of
workforce development and the commission for higher education,
shall certify certified degree programs.
Sec. 15. If an institution of higher learning is certified to conduct
a certified degree program, the commission, in consultation with
the department of workforce development, the commission for
higher education, and the budget agency, shall allocate to the
institution of higher learning, on the schedule determined by the
commission, the maximum number of students and graduates that
may be placed with an employer during a year through the
certified degree program. The commission may increase or
decrease the number of student and graduate positions allocated to
an institution of higher learning, as needed, to:
(1) temporarily or permanently reallocate unused positions;
and
(2) meet the requirements of section 16 of this chapter.
Sec. 16. The total number of student and graduate positions
allocated under section 15 of this chapter to all institutions of
higher learning that are certified under this chapter may not
exceed a number of positions that will result in a transfer under
section 17 of this chapter in any state fiscal year of an amount that
exceeds the amount that will be available in the fund from
appropriations from the fund, after taking into account any
amounts reserved in the fund for transfers in a subsequent state
fiscal year.
Sec. 17. In each state fiscal year after June 30, 2003, the budget
agency shall transfer from the fund an amount equal to the amount
needed to reimburse the state general fund for the amount by
which internship payroll credits (IC 6-3.1-25) taken by taxpayers
reduced tax revenue deposits into the state general fund in that
state fiscal year.
Sec. 18. If any money is available in the fund after:
(1) reserving amounts and transferring amounts, as needed,
to comply with section 17 of this chapter; and
(2) meeting the other obligations of the fund;
the commission may award to a student a grant from the fund. If
the commission awards a grant under this section, the commission
shall award the grant in an amount determined by the commission
for academic credit to fulfill the internship component of a
certified degree program. A grant awarded under this section is in
addition to any other grants awarded to a student.
Sec. 19. The commission, in consultation with the department
and the commission for higher education, may adopt rules under
IC 4-22-2
to implement this chapter.
Sec. 20. In addition to any other appropriation made for the
purposes of the fund, the lesser of the amounts transferred to the
fund under
IC 4-3-32
or following amounts are appropriated from
the fund for the purposes of the fund in each of the following
specified state fiscal years:
(1) Four million seven hundred thousand dollars ($4,700,000)
in the state fiscal year beginning July 1, 2003, and ending
June 30, 2004.
(2) Five million one hundred thousand dollars ($5,100,000) in
the state fiscal year beginning July 1, 2004, and ending June
30, 2005.
(3) Five million six hundred thousand dollars ($5,600,000) in
the state fiscal year beginning July 1, 2005, and ending June
30, 2006.
(4) Six million one hundred thousand dollars ($6,100,000) in
the state fiscal year beginning July 1, 2006, and ending June
30, 2007.
The spending authority granted by an appropriation under this
section does not expire at the end of the state fiscal year for which
the appropriation is made but remains available for expenditure
from the fund in any state fiscal year that ends before July 1, 2013.
technology park designated under this chapter. The fund shall be
administered by the treasurer of state. Money in the fund does not
revert to the state general fund at the end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall be
deposited during each state fiscal year in the incremental tax financing
fund established for a certified technology park under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the
certified technology park, until the amount of state gross retail
and use taxes deposited equals the gross retail incremental
amount for the certified technology park.
(2) The aggregate amount of the following taxes paid by
employees employed in the certified technology park with respect
to wages earned for work in the certified technology park, until
the amount deposited equals the income tax incremental amount:
(A) The adjusted gross income tax.
(B) The county adjusted gross income tax.
(C) The county option income tax.
(D) The county economic development income tax.
(c) Not more than a total of five million dollars ($5,000,000) may
be deposited in a particular incremental tax financing fund for a
certified technology park over the life of the certified technology park.
(d) (c) On or before the twentieth day of each month, all amounts
held in the incremental tax financing fund established for a certified
technology park shall be distributed to the redevelopment commission
for deposit in the certified technology park fund established under
section 23 of this chapter.
and when so amended that said bill do pass.