Indiana Code
Chapter 10. Wastewater and Drinking Water Revolving Loan Programs
5-1.2-10-16. Loans or Other Financial Assistance; Required Asset Management Program and Reports

Sec. 16. (a) A loan or other financial assistance from either fund must be accompanied by the following:
(1) All papers and opinions required by the authority.
(2) Unless otherwise provided by the guidelines of the authority, the following:
(A) An approving opinion of nationally recognized bond counsel.
(B) A certification and guarantee of signatures.
(C) A certification that, as of the date of the loan or other financial assistance:
(i) no litigation is pending challenging the validity of or entry into the loan or other financial assistance or any security for the loan or other financial assistance; or
(ii) if litigation is pending, the litigation will not have a material adverse effect on the validity of the loan or other financial assistance or any security for the loan or other financial assistance.
(D) If litigation is pending, as an alternative to the certification described in clause (C), an opinion of legal counsel that the litigation will not have a material adverse effect on the validity of the loan or other financial assistance.
(E) Documentation demonstrating that the participant has the financial, managerial, technical, and legal capability of operating and maintaining its water or wastewater collection and treatment system.
(b) Each participant to which, or for the benefit of which:
(1) a loan, grant, or other financial assistance is awarded before July 1, 2023, must demonstrate that it has developed or is in the process of developing an asset management program, as defined in the guidelines of the authority; or
(2) a loan, grant, or other financial assistance is awarded after June 30, 2023:
(A) must demonstrate that it has developed:
(i) an asset management program, as defined in the guidelines of the authority; and
(ii) an estimate of the life cycle management costs, as defined in the guidelines of the authority, that will be incurred over the useful life of the asset to be financed with the loan, grant, or other financial assistance;
not later than the time of submission of the participant's preliminary engineering report for any project for which the loan, grant, or other financial assistance would be provided;
(B) must report to the authority on an ongoing basis, at such times as the authority shall prescribe, the actual life cycle management costs incurred by the participant over the useful life of the asset; and
(C) in the case of a participant that is not under the jurisdiction of the Indiana utility regulatory commission, must regularly report, at such times and in such manner as the authority shall prescribe, to all:
(i) customers;
(ii) counties; and
(iii) municipalities;
within the participant's service territory such information concerning the participant's asset management program and utility asset life cycle management costs as the authority may require.
As added by P.L.189-2018, SEC.25. Amended by P.L.18-2022, SEC.2.