Indiana Code
Chapter 9. Industrial Development Program and Fund
5-28-9-20. Loan With Simultaneous or Successive Sale of Note or Other Obligation; Legal Investments

Sec. 20. (a) For economic development projects (as defined in IC 5-1.2-2) that have a cost of the project (as defined in IC 5-1.2-2) greater than one hundred million dollars ($100,000,000), the corporation may coordinate a loan to a county, city, or town under this chapter that is to be funded under IC 6-1.1-39 with a simultaneous or successive sale of the note or other debt obligation issued or to be issued by the county, city, or town to evidence the borrowing under this chapter. For such a coordinated or simultaneous lending and sale, the sale proceeds may be applied to the funding of the loan to the county, city, or town.
(b) Notes or other debt obligations of a county, city, or town that may be sold by the corporation under this section or section 19 of this chapter are declared to be legal investments for:
(1) all insurance companies and associations and other persons carrying on an insurance business; and
(2) all banks, bankers, banking associations, trust companies, savings associations including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business.
These entities may invest their funds, including capital, in the notes or other debt obligations, notwithstanding any law to the contrary.
As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.127; P.L.189-2018, SEC.45.

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