Sec. 8. (a) A loan to a county or municipality made under this chapter is not a general obligation of the county or municipality and is payable solely from revenues derived from the new or expanding business.
(b) Before making a loan to a county or municipality, the corporation shall determine that there is reasonable assurance that the loan will be repaid. In making this determination, the corporation shall consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken by the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant to its determination.
As added by P.L.4-2005, SEC.34.
Structure Indiana Code
Title 5. State and Local Administration
Article 28. Indiana Economic Development Corporation
Chapter 24. Investment Incentive Program
5-28-24-2. Establishment by Corporation; Purpose
5-28-24-3. Award of Grants and Loans to Counties and Municipalities; Criteria
5-28-24-5. Powers of Corporation
5-28-24-6. Use of Repayment Proceeds; Corporation Approval
5-28-24-7. Grants From State Appropriated Funds
5-28-24-9. Establishment and Purpose of Investment Incentive Fund; Administration