Indiana Code
Chapter 4.5. Rail Transit Development Districts
36-7.5-4.5-16.5. Transfer of Funds by a Cash Participant or Associate Member; Double Tracking Project; Pledge

Sec. 16.5. (a) This section applies to an associate member or cash participant that has committed to:
(1) make a cash payment to the development authority; or
(2) provide revenues to the development authority annually to make debt service payments annually for the life of any:
(A) bonds or obligations issued; or
(B) leases entered into;
by the development authority;
to finance the mainline double tracking project.
(b) A transfer of funds made by a cash participant or an associate member under this section after December 31, 2018, is considered to be a payment for services provided to residents by the mainline double tracking project (as described in section 12 of this chapter) as those services are rendered.
(c) A transfer of funds under this section does not constitute an indebtedness of:
(1) an associate member;
(2) a cash participant; or
(3) the state;
within the meaning or application of any constitutional or statutory provision or limitation.
(d) A pledge by the development authority of transferred revenue under this section to the payment of bonds, leases, or obligations under this article or IC 5-1.3:
(1) constitutes the obligations of the development authority; and
(2) does not constitute an indebtedness of:
(A) an associate member;
(B) a cash participant; or
(C) the state;
within the meaning or application of any constitutional or statutory provision or limitation.
(e) Neither the transfer of revenue nor the pledge of revenue transferred under this section is an impairment of contract within the meaning or application of any constitutional provision or limitation because of the following:
(1) The statutes governing local government revenues, including the transferred revenue, have been the subject of legislation annually since 1973, and during that time the statutes have been revised, amended, expanded, limited, and recodified dozens of times.
(2) Owners of bonds, leases, or other obligations to which local government revenues have been pledged recognize that the regulation of government revenues has been extensive and consistent.
(3) All bonds, leases, or other obligations, due to their essential contractual nature, are subject to relevant state and federal law that is enacted after the date of a contract.
(4) The state of Indiana has a legitimate interest in assisting the northwest Indiana regional development authority in financing rail projects, including the mainline double tracking project.
As added by P.L.189-2018, SEC.180. Amended by P.L.10-2019, SEC.138.

Structure Indiana Code

Indiana Code

Title 36. Local Government

Article 7.5. Northwest Indiana Regional Development Authority

Chapter 4.5. Rail Transit Development Districts

36-7.5-4.5-0.5. "Associate Member"

36-7.5-4.5-1. "Base Assessed Value"

36-7.5-4.5-2. "Budget Agency"

36-7.5-4.5-2.5. "Cash Participant"

36-7.5-4.5-3. "Corridor"

36-7.5-4.5-4. "Department"

36-7.5-4.5-5. "Development Project"

36-7.5-4.5-6. "District"

36-7.5-4.5-7. "Gross Retail Tax Base Period Amount"

36-7.5-4.5-8. "Gross Retail Tax Increment Revenue"

36-7.5-4.5-9. "Local Income Tax Base Period Amount"

36-7.5-4.5-10. "Local Income Tax Increment Revenue"

36-7.5-4.5-11. "Property Tax Increment Revenue"

36-7.5-4.5-12. "Rail Project"

36-7.5-4.5-13. "State Income Tax Base Period Amount"

36-7.5-4.5-14. "State Income Tax Increment Revenue"

36-7.5-4.5-15. "Rail Transit Development Corridor"; Establishment; Geographic Area

36-7.5-4.5-16. County That Is Not a Member of Development Authority; Financially Participate in Mainline Double Tracking Project as Associate Member or Cash Member; Rights and Duties

36-7.5-4.5-16.5. Transfer of Funds by a Cash Participant or Associate Member; Double Tracking Project; Pledge

36-7.5-4.5-17. Transit Development District; Establishment; Conditions; Geographic Area

36-7.5-4.5-18. Transit Development District Located in Cash Participant County; Administration and Use of Incremental Property Tax Revenue

36-7.5-4.5-19. Steering Committee; Establishment; Members; Meetings; Duties

36-7.5-4.5-20. South Shore Improvement and Development Fund; Administration; Account for Each Transit Development District; Distributions to the Fund; Uses

36-7.5-4.5-21. Allocation and Distribution of Incremental Property Tax Revenue in Transit Development District

36-7.5-4.5-22. Duty to Maximize Amounts Distributed to Political Subdivisions That Would Otherwise Receive the Revenue; Public Meeting

36-7.5-4.5-23. Funding of Development Projects Within a Transit Development District; Uses

36-7.5-4.5-24. Development Authority; Duty to Provide Information Concerning Employers and Retail Merchants in Transit Development District to Department of State Revenue

36-7.5-4.5-25. Annual Reporting Requirement for Employers Operating in a Transit Development District

36-7.5-4.5-26. Annual Reporting Requirement for Retail Merchants Operating in a Transit Development District; Duty of Development Authority and Political Subdivisions to Provide Information

36-7.5-4.5-27. Local Income Tax Increment Fund; Deposit of Local Income Tax Increment Revenue in an Account Within the Fund for Each Transit Development District

36-7.5-4.5-28. Certification and Distributions From Transit Development District Account

36-7.5-4.5-29. Expenses; Liabilities; Obligations

36-7.5-4.5-30. Chapter Broadly Construed

36-7.5-4.5-31. Distribution of Remaining Money Upon Completion

36-7.5-4.5-32. Covenants

36-7.5-4.5-33. Expiration