Sec. 16. (a) Grants to or on behalf of political subdivisions for qualified economic growth initiatives shall be made by the Indiana economic development corporation established by IC 5-28-3-1.
(b) Each grant shall be made under a grant agreement by and between:
(1) the Indiana economic development corporation; and
(2) the political subdivision proposing the economic growth initiative or the person (as defined in IC 36-1-2-12) acting on behalf of the political subdivision.
(c) Each grant agreement shall describe in detail:
(1) the qualified economic growth initiative;
(2) the financing plan by the political subdivision proposing the economic growth initiative or by the person acting on behalf of the political subdivision; and
(3) the estimated cost of the economic growth initiative and all sources of money for the initiative.
(d) The Indiana economic development corporation may not execute and deliver a grant agreement under this section, and no money may be disbursed from the economic growth initiatives account, until the grant agreement has been:
(1) reviewed by the budget committee established by IC 4-12-1-3; and
(2) approved by the budget agency established by IC 4-12-1-3.
(e) In addition to the requirements of subsection (d), no money may be disbursed for a grant from the economic growth initiatives account without an appropriation made by the general assembly for that purpose, unless the grant is for a qualified economic growth initiative for a government building that is to be occupied by an agency of the federal government.
(f) Not more than twenty-five percent (25%) of any grant may be used for training or retraining employees whose jobs will be created or retained as a result of the economic growth initiative.
As added by P.L.28-1993, SEC.5. Amended by P.L.4-2005, SEC.6.
Structure Indiana Code
Title 4. State Offices and Administration
Article 10. State Funds Generally
Chapter 18. The Counter-Cyclical Revenue and Economic Stabilization Fund
4-10-18-2. Establishment; Administration by State Treasurer
4-10-18-3. Determination of Adjusted Personal Income and Annual Growth Rate
4-10-18-4. Annual Appropriation to and From General Fund; Determination of Amount
4-10-18-5. Annual Appropriation to and From General Fund; Certification of Amount; Transfer of Funds
4-10-18-6. Budget Reports; Statements of Actual or Estimated Transfers
4-10-18-7. Transfers; Adjustment
4-10-18-8. Excess Funds; Appropriations to State General Fund
4-10-18-9. General Fund Revenues; Shortfall; Transfers
4-10-18-10. Loan of Money From Fund; Application; Terms; Repayment; Eligible Entities
4-10-18-10-b. Loan of Money From Fund; Application; Terms; Repayment; Eligible Entities
4-10-18-11. Limitations on Loans
4-10-18-12. Appropriation to Underground Petroleum Storage Tank Excess Liability Trust Fund