Indiana Code
Chapter 17.5. Motorsports Investment District
5-1-17.5-16. Board of Directors of the Commission

Sec. 16. (a) The board of directors of the commission is composed of the following five (5) directors, who serve at the pleasure of the governor and must be residents of Indiana:
(1) The budget director, or the budget director's designee, who shall serve as chair of the commission.
(2) Four (4) directors appointed by the governor. The president pro tempore of the senate and the speaker of the house of representatives may each make one (1) recommendation to the governor concerning the appointment of a director under this subdivision.
(b) The commission shall be governed by the board. The directors may not be elected public officials of the state or any political subdivision. Except for the budget director, the directors first appointed continue in office for terms expiring on July 1, 2014, July 1, 2015, July 1, 2016, and July 1, 2017, and until their respective successors are duly appointed and qualified.
(c) Except for the budget director, the term of any director first appointed must be designated by the governor. If a vacancy occurs on the board, the governor shall fill the vacancy by appointing a new director. The successor of each such director is appointed for a term of four (4) years, except that any person appointed to fill a vacancy is appointed to serve only for the unexpired term and until a successor is duly appointed and qualified. A director is eligible for reappointment.
(d) The directors shall hold an initial organizational meeting within thirty (30) days after the board's appointment and after public notice given by the budget director in accordance with IC 5-3-1-4. As soon as practicable after January 15 of each year, the board shall hold its annual organizational meeting. The board shall elect one (1) of the directors as vice chair and another director as secretary-treasurer to perform the duties of those offices. These officers serve from the date of their election and until their successors are elected and qualified. Special meetings may be called by the chair or any two (2) directors of the board.
(e) Three (3) directors constitute a quorum of the board, and the affirmative vote of at least three (3) directors is necessary for any official action taken by the board. A vacancy in the membership of the board does not impair the rights of a quorum to exercise all the rights and perform all the duties of the board.
(f) Except for the budget director, the directors are entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with their duties as provided by law. Directors are not entitled to the salary per diem provided by IC 4-10-11-2.1(b) or any other compensation while performing their duties.
(g) All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under this chapter or from the proceeds of bonds issued by the authority under this chapter, and no liability or obligation shall be incurred by the commission or the authority under this chapter beyond the extent to which money shall have been provided under the authority of this chapter.
(h) The board:
(1) is responsible for implementing the powers and duties of the commission under this chapter;
(2) may adopt bylaws for the regulation of the affairs of the board, the conduct of the business of the commission, and the safeguarding of the funds and property entrusted to the commission; and
(3) shall, without complying with IC 4-22-2, adopt the code of ethics specified in executive order 05-12 for its members and employees.
As added by P.L.233-2013, SEC.5. Amended by P.L.2-2014, SEC.9.

Structure Indiana Code

Indiana Code

Title 5. State and Local Administration

Article 1. Bonds and Other Obligations

Chapter 17.5. Motorsports Investment District

5-1-17.5-1. Legislative Findings

5-1-17.5-2. "Admissions Fees"

5-1-17.5-3. Repealed

5-1-17.5-4. "Authority"

5-1-17.5-5. "Board"

5-1-17.5-6. "Bonds"

5-1-17.5-7. "Budget Agency"

5-1-17.5-8. "Budget Committee"

5-1-17.5-9. "Commission"

5-1-17.5-10. "Department"

5-1-17.5-11. "Motorsports Investment District"

5-1-17.5-12. "Person"

5-1-17.5-13. "Political Subdivision"

5-1-17.5-14. "Qualified Motorsports Facility"

5-1-17.5-15. Commission Established; Purpose

5-1-17.5-16. Board of Directors of the Commission

5-1-17.5-17. Powers of the Commission

5-1-17.5-18. Staff Support and Expenses; Employees

5-1-17.5-19. Surety Bonds of Directors

5-1-17.5-20. Personal Liability of Directors

5-1-17.5-21. Annual Audit

5-1-17.5-22. Annual Report

5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited

5-1-17.5-24. Resolution by Commission Establishing a District; Public Hearing; Required Findings by Commission; Territory of District

5-1-17.5-25. Allocation of Amounts Appropriated to the Commission; Expiration Date of District

5-1-17.5-26. Filing of Informational Tax Returns by Certain Taxpayers; Guidelines

5-1-17.5-27. Submission to the Budget Agency of Resolution Establishing District

5-1-17.5-28. Budget Committee Review; Approval by Budget Agency; Required Findings Before Resolution May Be Approved

5-1-17.5-29. Information to Be Provided to Department of State Revenue

5-1-17.5-30. Motorsports Investment District Fund; Request for Appropriations; Use of Money in the Fund

5-1-17.5-30.5. Establishment of Motorsports Facility Fund; Deposits; Reversions; Requests for Appropriations

5-1-17.5-31. Powers of Indiana Finance Authority

5-1-17.5-32. Lease of Structures and Improvements; Requirements

5-1-17.5-33. Option to Renew Lease

5-1-17.5-34. Option to Purchase Leased Property; Conveyance of Property; Requirements

5-1-17.5-35. Authorization and Execution of Leases by Commission Board of Directors

5-1-17.5-36. Commission Approval of Financed Improvements; Liens and Security Interests; Transfer of Controlling Ownership Interest in Qualified Motorsports Facility; Credits Against Obligations of Owners

5-1-17.5-37. Issuance of Bonds; Terms and Conditions; Use of Bond Proceeds

5-1-17.5-38. Authority for Certain Actions by the Commission and the Indiana Finance Authority; Bonds as Legal Investments

5-1-17.5-39. Securing of Bonds; Trust Indenture; Validity of Pledge or Assignment

5-1-17.5-40. Action to Contest Validity of Bonds

5-1-17.5-41. Equal Opportunities in Procurement and Contracting

5-1-17.5-42. Income Tax Withholding; Department of State Revenue Guidelines

5-1-17.5-43. Office of Management and Budget Review