Sec. 38. (a) This chapter contains full and complete authority for the issuance of bonds, the improvement, construction, reconstruction, renovation, purchase, lease, acquisition, and equipping of structures and capital improvements located within a motorsports investment district by the commission and the authority, and the leasing of such structures and capital improvements by the commission or the authority. No law, procedure, proceedings, publications, notices, consents, approvals, orders, or acts by the commission, the authority, or any other officer, department, agency, or instrumentality of the state or of any political subdivision is required to issue any bonds under this chapter, to improve, construct, reconstruct, renovate, purchase, lease, acquire, and equip structures and capital improvements located within a motorsports investment district, or to enter into any lease, except as prescribed in this chapter.
(b) Bonds issued under this chapter are legal investments for private trust funds and the funds of banks, trust companies, insurance companies, building and loan associations, credit unions, banks of discount and deposit, savings banks, loan and trust and safe deposit companies, rural loan and savings associations, guaranty loan and savings associations, mortgage guaranty companies, small loan companies, industrial loan and investment companies, and other financial institutions organized under Indiana law.
As added by P.L.233-2013, SEC.5.
Structure 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
5-1-17.5-8. "Budget Committee"
5-1-17.5-11. "Motorsports Investment District"
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
5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited
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
5-1-17.5-29. Information to Be Provided to Department of State Revenue
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
5-1-17.5-37. Issuance of Bonds; Terms and Conditions; Use of Bond Proceeds
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