Sec. 33. (a) Notwithstanding any other law and if provided in a financial assistance agreement related to any program, any state department or state agency, including the treasurer of state:
(1) that is the custodian of money payable to a participant, other than money in payment for goods or services provided by the participant; and
(2) after written notice from the public finance director that the participant is in default on the payment of principal of or interest on a loan or evidence of other financial assistance related to any program owed to the authority;
may withhold payment of money from that participant and pay over the money to the authority as directed by the public finance director, for the purpose of curing the default.
(b) The withholding of payment from the participant and payment to the authority may not adversely affect the validity of the loan or other financial assistance.
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 4. General Powers and Duties
5-1.2-4-1. Powers of Indiana Finance Authority
5-1.2-4-2. Prohibited Activities
5-1.2-4-3. Issuance of Bonds or Notes; Failure to Pay Obligations
5-1.2-4-5. Requirements; Establishment of Terms Governing Reserves or Funding Levels
5-1.2-4-6. Power to Borrow Money and Issue Bonds
5-1.2-4-7. Bonds; Liability of Authority; Pledges as Additional Security
5-1.2-4-8. Bonds; Liability of State
5-1.2-4-9. Bonds; Issuance; Procedure; Terms
5-1.2-4-10. Bonds; Authorized Provisions
5-1.2-4-11. Bonds; Issue to Renew or Pay Bonds; Refund
5-1.2-4-13. Bonds; Purchase by Authority
5-1.2-4-14. Bonds; Trust Agreement or Indenture
5-1.2-4-15. Bonds; Negotiability
5-1.2-4-16. Bonds; Execution; Manual or Facsimile Signatures
5-1.2-4-17. Personal Liability for Acts Authorized by Affected Statutes
5-1.2-4-18. Funds and Accounts; Establishment
5-1.2-4-19. Money; Deposit; Security; Trust Funds
5-1.2-4-20. Money for the Payment of Bonds; Contracts; Security
5-1.2-4-21. Bonds; Pledge of State
5-1.2-4-22. Bonds; Exempt From State Taxes
5-1.2-4-23. Bonds; Legal Investments; Securities
5-1.2-4-24. Application of State Laws
5-1.2-4-25. Bonds; Exempt for Securities Registration
5-1.2-4-26. Bond Holders; Right to Specific Performance
5-1.2-4-27. Payment of Expenses and Power to Incur Indebtedness; Limitations; Authority Budget
5-1.2-4-28. Property; Tax Exemption
5-1.2-4-30. Participants May Invest Funds
5-1.2-4-33. Financial Assistance Agreement; Default by the Participant
5-1.2-4-34. Violations; Material Misstatement in Application
5-1.2-4-36. State Debt Management Plan; Established by the Authority