Sec. 21. (a) If a full funding grant agreement is not entered into between the commuter transportation district and the federal government for the West Lake corridor project, all amounts received by the secretary-treasurer of the development authority under IC 6-3.6-11-5.5, including any interest earned on those amounts, shall be distributed by the secretary-treasurer of the development authority to each civil taxing unit in proportion to the amounts withheld and paid on behalf of the civil taxing unit under IC 6-3.6-11-5.5.
(b) When a full funding grant agreement is entered into between the commuter transportation district and the federal government for a rail project, the development authority shall adopt a resolution taking notice of the executed full funding grant agreement, and the provisions of subsection (a) will not apply with respect to that rail project.
As added by P.L.259-2019, SEC.17.
Structure Indiana Code
Article 7.5. Northwest Indiana Regional Development Authority
Chapter 4. Financing; Issuance of Bonds; Leases
36-7.5-4-1. Development Authority Revenue Fund; Accounts; Use of Money in the Fund; Debt Service
36-7.5-4-2. Revenue Transfers to Fund; Rail Projects
36-7.5-4-4. Bonding; Complete Authority
36-7.5-4-5. Bonding; Security; Trust Indenture
36-7.5-4-6. Bond Refunding; Leases
36-7.5-4-8. Leases; Complete Authority
36-7.5-4-10. Agreements; Common Wall; Easements; Licenses
36-7.5-4-11. Leases or Sale of Projects or Land to Authority
36-7.5-4-12. Option to Purchase Property
36-7.5-4-14. Bonds; Legal Investments
36-7.5-4-15. Bonds; Contesting Validity
36-7.5-4-17. Covenant With Holders
36-7.5-4-18. Exclusive Approval; Development Authority; Financing a Rail Project
36-7.5-4-19. Obligations Legalized and Validated
36-7.5-4-20. Transfer of Money
36-7.5-4-21. West Lake Corridor Project; Failure to Enter Into a Full Funding Grant Agreement