Sec. 11. (a) As an alternative to making loans or providing other financial assistance to private individuals or entities, nonprofit entities, or political subdivisions, the authority may use the money in the Indiana brownfields fund to provide a leveraged loan program and other financial assistance programs to or for the benefit of political subdivisions, including using money in the Indiana brownfields fund to enhance a private individual or entity's, nonprofit entity's, or political subdivision's obligations under this chapter by:
(1) granting money to:
(A) be deposited in:
(i) a capital fund or reserve fund established under IC 5-1.2-4 or another law, including this chapter; or
(ii) any account established within the Indiana brownfields fund; or
(B) provide interest subsidies;
(2) paying bond insurance premiums, reserve insurance premiums, or credit enhancement, liquidity support, remarketing, or conversion fees, or other similar fees or costs for obligations of a political subdivision or for bonds or other obligations issued by a trustee that is a financial institution for a grantor trust or the authority if credit market access is improved or interest rates are reduced; or
(3) guaranteeing all or a part of obligations issued by political subdivisions or of bonds or other obligations issued by a trustee that is a financial institution for a grantor trust or the authority.
(b) The authority may enter into any agreements with:
(1) a trustee that is a financial institution for a grantor trust; or
(2) private individuals or entities, nonprofit entities, or political subdivisions;
to carry out this chapter.
(c) A guarantee of obligations or bonds under subsection (a)(3) must be limited to money in the Indiana brownfields fund. A guarantee under subsection (a)(3) does not create a liability or an indebtedness of the state or of the authority except, in the case of the authority, strictly in accordance with the guarantee terms.
(d) Notwithstanding any other law, the authority is considered a qualified entity for purposes of IC 5-1.5.
As added by P.L.189-2018, SEC.25.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.2. Indiana Finance Authority
Chapter 12. Indiana Brownfields Program
5-1.2-12-2. Indiana Brownfields Program; Establishment; Purposes
5-1.2-12-3. Indiana Brownfields Fund
5-1.2-12-7. Priority Ranking System
5-1.2-12-9. Loans or Other Financial Assistance; Necessary Documents
5-1.2-12-11. Leveraged Loan Program; Authorization
5-1.2-12-12. Authorization to Issue, Guarantee, and Sell Obligations