Sec. 7. (a) If the governing body enters into an installment payment contract for the purchase and installation of conservation measures under this chapter that are part of a project that is not related to the alteration of a water or wastewater structure or system, the balance of the payments must be paid in installments not to exceed the lesser of twenty (20) years or the average life of the conservation measure installed from the date of final installation. Payments under an installment payment contract are subject to annual appropriation by the fiscal body of the school corporation or political subdivision and do not constitute an indebtedness of the school corporation or political subdivision within the meaning of a constitutional or statutory debt limitation.
(b) If the governing body enters into an installment payment contract for the purchase and installation of conservation measures under this chapter that are part of a project that is related to the alteration of a water or wastewater structure or system, the balance of the payments must be paid in installments not to exceed the lesser of twenty (20) years or the average life of the conservation measure installed from the date of final installation. Payments under an installment payment contract are subject to annual appropriation by the fiscal body of the school corporation or political subdivision and do not constitute an indebtedness of the school corporation or political subdivision within the meaning of a constitutional or statutory debt limitation.
(c) With respect to a conservation measure described in section 1(a)(2)(G) or 1(a)(2)(H) of this chapter, annual revenues or savings from a guaranteed savings contract may be less than annual payments on the contract if during the length of the contract total savings and increased billable revenues occur as provided for by the contract.
(d) The financing of a guaranteed savings contract may be provided by:
(1) the vendor under the guaranteed savings contract; or
(2) a third party financial institution or company.
As added by P.L.24-1993, SEC.6. Amended by P.L.212-1995, SEC.4; P.L.208-1995, SEC.8; P.L.168-2006, SEC.15; P.L.71-2009, SEC.7; P.L.99-2009, SEC.6.
Structure Indiana Code
Chapter 12.5. Guaranteed Savings Contracts; Energy Efficiency Programs Used by School Corporations
36-1-12.5-0.5. "Actual Savings" Defined
36-1-12.5-0.6. "Billable Revenues" Defined; "Billable Revenue Increases" Defined; "Revenues" Defined
36-1-12.5-0.7. "Causally Connected Work" Defined
36-1-12.5-1. "Conservation Measure" Defined
36-1-12.5-1.5. "Governing Body" Defined
36-1-12.5-2. "Guaranteed Savings Contract" Defined
36-1-12.5-2.5. "Industry Engineering Standards" Defined
36-1-12.5-3. "Qualified Provider" Defined
36-1-12.5-3.5. "Related Capital Expenditures" Defined
36-1-12.5-3.7. "Stipulated Savings" Defined
36-1-12.5-4. "Utility Efficiency Program" Defined
36-1-12.5-5.3. Certification of Subcontractor Required
36-1-12.5-5.5. Procedures for Issuance of Bonds by Political Subdivisions Not Applicable
36-1-12.5-6. Report Before Installation or Remodeling
36-1-12.5-7. Installment Payment Contracts; Maximum Period
36-1-12.5-8. Approval Required
36-1-12.5-9. Payroll Records Required; Inspection
36-1-12.5-10. Submission of Contract and Annual Report to Department of Local Government Finance
36-1-12.5-11. Contracts That Include Stipulated Savings
36-1-12.5-12. Improvements Not Causally Connected to Conservation Measure