Sec. 23. (a) The authority may invest in, purchase or make commitments to invest in or purchase, and take assignments or make commitments to take assignments of, loans made for the acquisition, construction, installation, rehabilitation, or purchase of economic development projects.
(b) Before investment, purchase, assignment, or commitment, the lender shall certify that the proceeds of the authority's bonds will be used to make loans to provide financing for economic development projects, or pending the making of the loan, invested in short term obligations complying with the requirements of this article.
(c) The authority shall purchase a loan at a purchase price equal to the outstanding principal balance, but the authority may require a discount from the principal balance or make a payment of a premium to effect a fair rate of return for the lender, as determined by the rate of return on comparable investments under market conditions existing at the time of purchase.
(d) In addition to the payment of the outstanding principal balance, the authority shall pay the accrued interest due on the loan, on the date the loan is delivered against payment for the loan or on another date as may be established by agreement between the authority and the selling lender.
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 9. Economic Development Projects
5-1.2-9-1. Purposes of This Chapter
5-1.2-9-3. Public Offering for Sale or Lease of Property
5-1.2-9-4. Public Offering; Requirements; Offering Sheet
5-1.2-9-7. Award to Highest and Best Bidder; Factors That May Be Considered; Rejection
5-1.2-9-8. Cost Benefit Analyses
5-1.2-9-9. Contracts With a Bidder; Provisions
5-1.2-9-10. Sale, Exchange, or Lease of Property; Terms; Time Period
5-1.2-9-11. Action to Contest Validity
5-1.2-9-12. Negotiation of Financing Agreements; Considerations; Expenses
5-1.2-9-13. Report for Proposed Economic Development Project; Plan Commission; School Superintendent
5-1.2-9-15. Approval of Proposed Financing Agreement
5-1.2-9-16. Financing Agreement; Payment Provisions
5-1.2-9-17. Financing Agreement; Limit on Term of an Agreement
5-1.2-9-19. Financing of Projects for Developers or Users Through Issuance of Bonds
5-1.2-9-20. Requirements That Must Be Complied With Before Entering Into a Financing Agreement
5-1.2-9-21. Bonds Not General Obligation of the State
5-1.2-9-22. Taxable Bonds; Payment Provisions
5-1.2-9-23. Power to Engage in Financing Activities; Purchase of a Loan
5-1.2-9-24. Lender Certifications
5-1.2-9-25. Guarantees; Secured Loans; Reservation of Funds
5-1.2-9-26. Power to Issue Bonds; Cumulative Term of Refunding Bonds
5-1.2-9-27. Property Not Public Property; Not Exempt From Taxation