CHAPTER 17. INDIANA STADIUM AND CONVENTION BUILDING AUTHORITY
IC 5-1-17
Chapter 17. Indiana Stadium and Convention Building Authority
IC 5-1-17-1
"Authority"
Sec. 1. As used in this chapter, "authority" refers to the Indiana
stadium and convention building authority created by this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-2
"Board"
Sec. 2. As used in this chapter, "board" refers to the board of
directors of the authority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-3
"Bonds"
Sec. 3. As used in this chapter, "bonds" means bonds, notes,
commercial paper, or other evidences of indebtedness. The term
includes obligations (as defined in IC 8-9.5-9-3) and swap
agreements (as defined in IC 8-9.5-9-4).
As added by P.L.214-2005, SEC.6.
IC 5-1-17-4
"Capital improvement board"
Sec. 4. As used in this chapter, "capital improvement board"
refers to a capital improvement board of managers created by
IC 36-10-8 or IC 36-10-9.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-5
"State agency"
Sec. 5. As used in this chapter, "state agency" has the meaning set
forth in IC 4-13.5-1-1.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-6
Establishment
Sec. 6. An Indiana stadium and convention building authority is
created in Indiana as a separate body corporate and politic as an
instrumentality of the state to acquire, construct, equip, own, lease,
and finance facilities for lease to or for the benefit of a capital
improvement board.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-7
Membership
Sec. 7. (a) The board is composed of the following seven (7)
members, who must be residents of Indiana:
(1) Four (4) members appointed by the governor. The president
pro tempore of the senate and the speaker of the house of
representatives may each make one (1) recommendation to the
governor concerning the appointment of a member under this
subdivision.
(2) Two (2) members appointed by the executive of a county
having a consolidated city.
(3) One (1) member appointed by the governor, who has been
nominated by the county fiscal body of a county that is
contiguous to a county having a consolidated city, determined
as follows:
(A) The member nominated for the initial term shall be
nominated by the contiguous county that has the largest
population of all the contiguous counties that have adopted
an ordinance to impose a food and beverage tax under
IC 6-9-35.
(B) The member nominated for each successive term shall be
nominated by the contiguous county that:
(i) contributed the most revenues from the tax imposed by
IC 6-9-35 to the capital improvement board of managers
created by IC 36-10-9-3 in the immediately previous
calendar year; and
(ii) has not previously made a nomination to the governor
or, if all the contributing counties have previously made
such a nomination, is the one whose then most recent
nomination occurred before those of all the other
contributing counties.
(b) A member appointed under subsection (a)(1) through (a)(2) is
entitled to serve a three (3) year term. A member appointed under
subsection (a)(3) is entitled to serve a one (1) year term. A member
may be reappointed to subsequent terms.
(c) If a vacancy occurs on the board, the governor shall fill the
vacancy by appointing a new member for the remainder of the
vacated term. If the vacated member was appointed under subsection
(a)(2) or (a)(3), the governor shall appoint a new member who has
been nominated by the person or body who made the nomination of
the vacated member.
(d) A member may be removed for cause by the appointing
authority.
(e) Each member, before entering upon the duties of office, must
take and subscribe an oath of office under IC 5-4-1, which shall be
endorsed upon the certificate of appointment and filed with the
records of the board.
(f) The governor shall nominate an executive director for the
authority, subject to the veto authority of the executive of a county
having a consolidated city.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-8
Meetings; officers; quorum
Sec. 8. (a) The board shall hold an initial organizational meeting
on or before June 30, 2005. Immediately after January 15 of each
year, the board shall hold its annual organizational meeting.
(b) The governor shall appoint a member of the board to serve as
chair of the board.
(c) The board shall elect one (1) of the members vice chair and
another secretary-treasurer to perform the duties of those offices.
These officers serve from the date of their election and until their
successors are elected and qualified. The board may elect an assistant
secretary-treasurer.
(d) Special meetings may be called by the chair of the board or
any three (3) members of the board.
(e) A majority of the members constitutes a quorum, and the
concurrence of a majority of the members is necessary to authorize
any action.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-9
Bylaws; rules; code of ethics
Sec. 9. (a) The board may adopt the bylaws and rules it considers
necessary for the proper conduct of its duties and the safeguarding of
the funds and property entrusted to its care.
(b) The board shall, without complying with IC 4-22-2, adopt the
code of ethics in executive order 05-12 for its members and
employees.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-9.5
Personal liability of members or employees
Sec. 9.5. The:
(1) members of the authority;
(2) officers and employees of the authority; and
(3) executive director;
executing bonds, leases, obligations, or other agreements under this
chapter are not subject to personal liability or accountability by
reason of any act authorized by this chapter.
As added by P.L.120-2006, SEC.1.
IC 5-1-17-10
Purpose
Sec. 10. The authority is organized for the following purposes:
(1) Acquiring, financing, constructing, and leasing land and
capital improvements to or for the benefit of a capital
improvement board.
(2) Financing and constructing additional improvements to
capital improvements owned by the authority and leasing them
to or for the benefit of a capital improvement board.
(3) Acquiring land or all or a portion of one (1) or more capital
improvements from a capital improvement board by purchase
or lease and leasing the land or these capital improvements back
to the capital improvement board, with any additional
improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more capital
improvements from a capital improvement board by purchase
or lease to fund or refund indebtedness incurred on account of
those capital improvements to enable the capital improvement
board to make a savings in debt service obligations or lease
rental obligations or to obtain relief from covenants that the
capital improvement board considers to be unduly burdensome.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-11
Powers
Sec. 11. (a) The authority may also:
(1) finance, improve, construct, reconstruct, renovate, purchase,
lease, acquire, and equip land and capital improvements;
(2) lease the land or those capital improvements to a capital
improvement board;
(3) sue, be sued, plead, and be impleaded;
(4) condemn, appropriate, lease, rent, purchase, and hold any
real or personal property needed or considered useful in
connection with capital improvements;
(5) acquire real or personal property by gift, devise, or bequest
and hold, use, or dispose of that property for the purposes
authorized by this chapter;
(6) after giving notice, enter upon any lots or lands for the
purpose of surveying or examining them to determine the
location of a capital improvement;
(7) design, order, contract for, and construct, reconstruct, and
renovate any capital improvements or improvements thereto;
(8) employ managers, superintendents, architects, engineers,
attorneys, auditors, clerks, construction managers, and other
employees;
(9) make and enter into all contracts and agreements, including
agreements to arbitrate, that are necessary or incidental to the
performance of its duties and the execution of its powers under
this chapter;
(10) acquire in the name of the authority by the exercise of the
right of condemnation, in the manner provided in subsection
(c), public or private lands, or rights in lands, rights-of-way,
property, rights, easements, and interests, as it considers
necessary for carrying out this chapter; and
(11) take any other action necessary to implement its purposes
as set forth in section 10 of this chapter.
(b) The authority is subject to the provisions of 25 IAC 5
concerning equal opportunities for minority business enterprises and
women's business enterprises to participate in procurement and
contracting processes. In addition, the authority shall set a goal for
participation by minority business enterprises of fifteen percent
(15%) and women's business enterprises of five percent (5%),
consistent with the goals of delivering the project on time and within
the budgeted amount and, insofar as possible, using Indiana
businesses for employees, goods, and services. In fulfilling the goal,
the authority shall take into account historical precedents in the same
market.
(c) If the authority is unable to agree with the owners, lessees, or
occupants of any real property selected for the purposes of this
chapter, the authority may proceed to procure the condemnation of
the property under IC 32-24-1. The authority may not institute a
proceeding until the authority has adopted a resolution that:
(1) describes the real property sought to be acquired and the
purpose for which the real property is to be used;
(2) declares that the public interest and necessity require the
acquisition by the authority of the property involved; and
(3) sets out any other facts that the authority considers
necessary or pertinent.
The resolution is conclusive evidence of the public necessity of the
proposed acquisition and shall be referred to the attorney general for
action, in the name of the authority, in the circuit or superior court of
the county in which the real property is located.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-12
Bonds; refunding; leases; property
Sec. 12. (a) Bonds issued under IC 36-10-8 or IC 36-10-9 or prior
law may be refunded as provided in this section.
(b) A capital improvement board may:
(1) lease all or a portion of land or a capital improvement or
improvements to the authority, which may be at a nominal lease
rental with a lease back to the capital improvement board,
conditioned upon the authority assuming bonds issued under
IC 36-10-8 or IC 36-10-9 or prior law and issuing its bonds to
refund those bonds; and
(2) sell all or a portion of land or a capital improvement or
improvements to the authority for a price sufficient to provide
for the refunding of those bonds and lease back the land or
capital improvement or improvements from the authority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-13
Lease; findings; term; conditions
Sec. 13. (a) Before a lease may be entered into by a capital
improvement board under this chapter, the capital improvement
board must find that the lease rental provided for is fair and
reasonable.
(b) A lease or sublease of land or capital improvements from the
authority, or from a state agency under section 26 of this chapter, to
a capital improvement board:
(1) may not have a term exceeding forty (40) years;
(2) may not require payment of lease rentals for a newly
constructed capital improvement or for improvements to an
existing capital improvement until the capital improvement or
improvements thereto have been completed and are ready for
occupancy;
(3) may contain provisions:
(A) allowing the capital improvement board to continue to
operate an existing capital improvement until completion of
the improvements, reconstruction, or renovation of that
capital improvement or any other capital improvement; and
(B) requiring payment of lease rentals for land, for an
existing capital improvement being used, reconstructed, or
renovated, or for any other existing capital improvement;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the capital improvement board to
purchase the capital improvement upon the terms stated in the
lease:
(A) during the term of the lease for a price equal to the
amount required to pay all indebtedness incurred on account
of the capital improvement, including indebtedness incurred
for the refunding of that indebtedness; or
(B) for one dollar ($1) after the term of the lease, if all
indebtedness incurred on account of the capital
improvement, including indebtedness incurred for the
refunding of that indebtedness, is no longer outstanding;
(6) may be entered into before acquisition or construction of a
capital improvement;
(7) may provide that the capital improvement board shall agree
to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the
authority;
(C) assume responsibility for utilities, repairs, alterations,
and any costs of operation; and
(D) pay a deposit or series of deposits to the authority from
any funds legally available to the capital improvement board
before the commencement of the lease to secure the
performance of the capital improvement board's obligations
under the lease;
(8) subject to IC 36-10-8-13 and IC 36-10-9-11, may provide
that the lease rental payments by the capital improvement board
shall be made from:
(A) proceeds of one (1) or more of the excise taxes as
defined in IC 36-10-8 or IC 36-10-9;
(B) proceeds of the county supplemental auto rental excise
tax imposed under IC 6-6-9.7;
(C) that part of the proceeds of the county food and beverage
tax imposed under IC 6-9-35, which the capital improvement
board or its designee receives pursuant thereto;
(D) revenue captured under IC 36-7-31;
(E) net revenues of the capital improvement;
(F) any other funds available to the capital improvement
board; or
(G) any combination of the sources described in clauses (A)
through (F);
(9) subject to subdivision (10), must provide that the capital
improvement board is solely responsible for the operation and
maintenance of the capital improvement upon completion of
construction, including the negotiation and maintenance of
agreements with tenants or users of the capital improvement;
(10) must provide that, during the term of the lease, the
authority retains the right to approve any lease agreements and
amendments to any lease agreements between the capital
improvement board and any National Football League
franchised professional football team that will use the capital
improvement;
(11) must provide that:
(A) subject to the terms of the lease, the capital improvement
board will retain all revenues from operation of the capital
improvement; and
(B) the authority has no responsibility to fund the ongoing
maintenance and operations of the capital improvement; and
(12) with respect to a capital improvement that is subject to the
county admissions tax imposed by IC 6-9-13, must provide that
upon request of the authority the capital improvement board
will impose a fee:
(A) not to exceed three dollars ($3), as determined by the
authority, for each admission to a professional sporting event
described in IC 6-9-13-1; and
(B) not to exceed one dollar ($1), as determined by the
authority, for each admission to any other event described in
IC 6-9-13-1;
and, so long as there are any current or future obligations owed
by the capital improvement board to the authority or any state
agency pursuant to a lease or other agreement entered into
between the capital improvement board and the authority or any
state agency under section 26 of this chapter, the capital
improvement board or its designee shall deposit the revenues
received from the fee imposed under this subdivision in a
special fund, which may be used only for the payment of the
obligations described in this subdivision.
(c) A capital improvement board may designate the authority as
its agent to receive on behalf of the capital improvement board any
of the revenues identified in subsection (b)(8).
(d) All information prepared by the capital improvement board or
a political subdivision served by the capital improvement board with
respect to a capital improvement proposed to be financed under this
chapter, including a construction budget and timeline, must be
provided to the budget director. Any information described in this
subsection that was prepared before May 15, 2005, must be provided
to the budget director not later than May 15, 2005.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-14
Complete authority
Sec. 14. This chapter contains full and complete authority for
leases between the authority and a capital improvement board. No
law, procedure, proceedings, publications, notices, consents,
approvals, orders, or acts by the board or the capital improvement
board or any other officer, department, agency, or instrumentality of
the state or any political subdivision is required to enter into any
lease, except as prescribed in this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-15
Capital improvement plans and specifications; approval
Sec. 15. If the lease provides for a capital improvement or
improvements thereto to be constructed by the authority, the plans
and specifications shall be submitted to and approved by all agencies
designated by law to pass on plans and specifications for public
buildings.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-16
Agreements; common wall; easements; licenses
Sec. 16. The authority and a capital improvement board may enter
into common wall (party wall) agreements or other agreements
concerning easements or licenses. These agreements shall be
recorded with the recorder of the county in which the capital
improvement is located.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-17
Capital improvement; land; sale; lease
Sec. 17. (a) A capital improvement board may lease for a nominal
lease rental, or sell to the authority, one (1) or more capital
improvements or portions thereof or land upon which a capital
improvement is located or is to be constructed.
(b) Any lease of all or a portion of a capital improvement by a
capital improvement board to the authority must be for a term equal
to the term of the lease of that capital improvement back to the
capital improvement board.
(c) A capital improvement board may sell property to the
authority.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-18
Bond issues
Sec. 18. (a) Subject to subsection (h), the authority may issue
bonds for the purpose of obtaining money to pay the cost of:
(1) acquiring real or personal property, including existing
capital improvements;
(2) constructing, improving, reconstructing, or renovating one
(1) or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-8 or
IC 36-10-9 or prior law.
(b) The bonds are payable from the lease rentals from the lease of
the capital improvements for which the bonds were issued, insurance
proceeds, and any other funds pledged or available.
(c) The bonds shall be authorized by a resolution of the board.
(d) The terms and form of the bonds shall either be set out in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds shall mature within forty (40) years.
(f) The board shall sell the bonds at public or private sale upon the
terms determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied to the payment of the cost of the acquisition or
construction, or both, of capital improvements, or the cost of
refunding or refinancing outstanding bonds, for which the bonds are
issued. The cost may include:
(1) planning and development of the facility and all buildings,
facilities, structures, and improvements related to it;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the capital improvement suitable
for use and operations;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums (if any) for, and interest on,
the bonds being refunded or refinanced.
(h) The authority may not issue bonds under this chapter unless
the authority first finds that the following conditions are met:
(1) Each contract or subcontract for the construction of a
facility and all buildings, facilities, structures, and
improvements related to that facility to be financed in whole or
in part through the issuance of the bonds:
(A) requires payment of the common construction wage
required by IC 5-16-7; and
(B) requires the contractor or subcontractor to enter into a
project labor agreement as a condition of being awarded and
performing work on the contract.
(2) The capital improvement board and the authority have
entered into a written agreement concerning the terms of the
financing of the facility. This agreement must include the
following provisions:
(A) Notwithstanding any other law, if the capital
improvement board selected a construction manager and an
architect for a facility before May 15, 2005, the authority
will contract with that construction manager and architect
and use plans as developed by that construction manager and
architect. In addition, any other agreements entered into by
the capital improvement board or a political subdivision
served by the capital improvement board with respect to the
design and construction of the facility will be reviewed by a
selection committee consisting of:
(i) two (2) of the members appointed to the board of
directors of the authority under section 7(a)(1) of this
chapter, as designated by the governor;
(ii) the two (2) members appointed to the board of
directors of the authority under section 7(a)(2) of this
chapter; and
(iii) the executive director of the authority.
The selection committee is not bound by any prior
commitments of the capital improvement board or the
political subdivision, other than the general project design,
and will approve all contracts necessary for the design and
construction of the facility.
(B) If before May 15, 2005, the capital improvement board
acquired any land, plans, or other information necessary for
the facility and the board had budgeted for these items, the
capital improvement board will transfer the land, plans, or
other information useful to the authority for a price not to
exceed the lesser of:
(i) the actual cost to the capital improvement board; or
(ii) three million five hundred thousand dollars
($3,500,000).
(C) The capital improvement board agrees to take any legal
action that the authority considers necessary to facilitate the
financing of the facility, including entering into agreements
during the design and construction of the facility or a
sublease of a capital improvement to any state agency that is
then leased by the authority to any state agency under
section 26 of this chapter.
(D) The capital improvement board is prohibited from taking
any other action with respect to the financing of the facility
without the prior approval of the authority. The authority is
not bound by the terms of any agreement entered into by the
capital improvement board with respect to the financing of
the facility without the prior approval of the authority.
(E) As the project financier, the Indiana finance authority (or
its successor agency) and the public finance director will be
responsible for selecting all investment bankers, bond
counsel, trustees, and financial advisors.
(F) The capital improvement board agrees to deliver to the
authority the one hundred million dollars ($100,000,000)
that is owed to the capital improvement board, the
consolidated city, or the county having a consolidated city
pursuant to an agreement between the National Football
League franchised professional football team and the capital
improvement board, the consolidated city, or the county.
This amount shall be applied to the cost of construction for
the stadium part of the facility. This amount does not have
to be delivered until a lease is entered into for the stadium
between the authority and the capital improvement board.
(G) The authority agrees to consult with the staff of the
capital improvement board on an as needed basis during the
design and construction of the facility, and the capital
improvement board agrees to make its staff available for this
purpose.
(H) The authority, the county, the consolidated city, the
capital improvement board and the National Football League
franchised professional football team must commit to using
their best efforts to assist and cooperate with one another to
design and construct the facility on time and on budget.
(3) The capital improvement board and the National Football
League franchised professional football team have entered into
a lease for the stadium part of the facility that has been
approved by the authority and has a term of at least thirty (30)
years.
As added by P.L.214-2005, SEC.6. Amended by P.L.1-2006, SEC.87.
IC 5-1-17-18.5
Negotiating with a single bidder for a project
Sec. 18.5. (a) This section applies to bids received with respect to
a capital improvement under this chapter:
(1) that is constructed by, for, or on behalf of the authority; and
(2) for which only one (1) bid was received from a responsible
bidder.
(b) The board may attempt to negotiate a more advantageous
proposal and contract with the bidder if the board determines that
rebidding:
(1) is not practicable or advantageous; or
(2) would adversely affect the construction schedule or budget
of the project.
(c) The board shall prepare a bid file containing the following
information:
(1) A copy of all documents that are included as part of the
invitation for bids.
(2) A list of all persons to whom copies of the invitation for
bids were given, including the following information:
(A) The name and address of each person who received an
invitation for bids.
(B) The name of each bidder who responded and the dollar
amount of the bid.
(C) A summary of the bid received.
(3) The basis on which the bid was accepted.
(4) Documentation of the board's negotiating process with the
bidder. The documentation must include the following:
(A) A log of the dates and times of each meeting with the
bidder.
(B) A description of the nature of all communications with
the bidder.
(C) A copy of all written communications, including
electronic communications, with the bidder.
(5) The entire contents of the contract file except for proprietary
information included with the bid, such as trade secrets,
manufacturing processes, and financial information that was not
required to be made available for public inspection by the terms
of the invitation for bids.
As added by P.L.120-2006, SEC.2.
IC 5-1-17-19
Bonds; complete authority
Sec. 19. This chapter contains full and complete authority for the
issuance of bonds. No law, procedure, proceedings, publications,
notices, consents, approvals, orders, or acts by the board or any other
officer, department, agency, or instrumentality of the state or of any
political subdivision is required to issue any bonds, except as
prescribed in this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-20
Bonds; legal investments
Sec. 20. Bonds issued under this chapter are legal investments for
private trust funds and the funds of banks, trust companies, insurance
companies, building and loan associations, credit unions, banks of
discount and deposit, savings banks, loan and trust and safe deposit
companies, rural loan and savings associations, guaranty loan and
savings associations, mortgage guaranty companies, small loan
companies, industrial loan and investment companies, and other
financial institutions organized under Indiana law.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-21
Bonds; security
Sec. 21. (a) The authority may secure bonds issued under this
chapter by a trust indenture between the authority and a corporate
trustee, which may be any trust company or national or state bank
within Indiana that has trust powers.
(b) The trust indenture may:
(1) pledge or assign lease rentals, receipts, and income from
leased capital improvements, but may not mortgage land or
capital improvements;
(2) contain reasonable and proper provisions for protecting and
enforcing the rights and remedies of the bondholders, including
covenants setting forth the duties of the authority and board;
(3) set forth the rights and remedies of bondholders and trustee;
and
(4) restrict the individual right of action of bondholders.
(c) Any pledge or assignment made by the authority under this
section is valid and binding from the time that the pledge or
assignment is made, against all persons whether or not they have
notice of the lien. Any trust indenture by which a pledge is created
or an assignment made need not be filed or recorded. The lien is
perfected against third parties by filing the trust indenture in the
records of the board.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-22
Bond issue for leased property purchase
Sec. 22. If a capital improvement board exercises its option to
purchase leased property, it may issue its bonds as authorized by
statute.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-23
Tax exemption
Sec. 23. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the
extent of the holder's cost of acquisition, proceeds received
upon redemption before maturity, proceeds received at maturity,
and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-24
Bonds; contesting validity
Sec. 24. Any action to contest the validity of bonds to be issued
under this chapter may not be brought after the fifteenth day
following:
(1) the receipt of bids for the bonds, if the bonds are sold at
public sale; or
(2) the publication one (1) time in a newspaper of general
circulation published in the county of notice of the execution
and delivery of the contract for the sale of bonds;
whichever occurs first.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-25
Bonds; maximum amount; conditions
Sec. 25. The authority shall not issue bonds in a principal amount
exceeding five hundred million dollars ($500,000,000) to finance any
capital improvement in a county having a consolidated first class city
unless:
(1) on or before June 30, 2005, the county fiscal body:
(A) increases the rate of the tax authorized by IC 6-6-9.7 by
the maximum amount authorized by IC 6-6-9.7-7(c);
(B) increases the rate of the tax authorized by IC 6-9-8 by
the maximum amount authorized by IC 6-9-8-3(d);
(C) increases the rate of tax authorized by IC 6-9-12 by the
maximum amount authorized by IC 6-9-12-5(b); and
(D) increases the rate of the tax authorized by IC 6-9-13 by
the maximum amount authorized by IC 6-9-13-2(b); and
(2) on or before October 1, 2005, the budget director makes a
determination under IC 36-7-31-14.1 to increase the amount of
money captured in a tax area established under IC 36-7-31 by
up to eleven million dollars ($11,000,000) per year,
commencing July 1, 2007.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-26
Leases between authority and state agency
Sec. 26. (a) Notwithstanding any other law, any capital
improvement that may be leased by the authority to a capital
improvement board under this chapter may also be leased by the
authority to any state agency to accomplish the purposes of this
chapter. Any lease between the authority and a state agency under
this chapter:
(1) must set forth the terms and conditions of the use and
occupancy under the lease;
(2) must set forth the amounts agreed to be paid at stated
intervals for the use and occupancy under the lease;
(3) must provide that the state agency is not obligated to
continue to pay for the use and occupancy under the lease but
is instead required to vacate the facility if it is shown that the
terms and conditions of the use and occupancy and the amount
to be paid for the use and occupancy are unjust and
unreasonable considering the value of the services and facilities
thereby afforded;
(4) must provide that the state agency is required to vacate the
facility if funds have not been appropriated or are not available
to pay any sum agreed to be paid for use and occupancy when
due;
(5) may provide for such costs as maintenance, operations,
taxes, and insurance to be paid by the state agency;
(6) may contain an option to renew the lease;
(7) may contain an option to purchase the facility for an amount
equal to the amount required to pay the principal and interest of
indebtedness of the authority incurred on account of the facility
and expenses of the authority attributable to the facility;
(8) may provide for payment of sums for use and occupancy of
an existing capital improvement being used by the state agency,
but may not provide for payment of sums for use and occupancy
of a new capital improvement until the construction of the
capital improvement or portion thereof has been completed and
the new capital improvement or a portion thereof is available
for use and occupancy by the state agency; and
(9) may contain any other provisions agreeable to the authority
and the state agency.
(b) Any state agency that leases a capital improvement from the
authority under this chapter may sublease the capital improvement
to a capital improvement board under the terms and conditions set
forth in section 13(a) of this chapter, section 13(b)(1) through
13(b)(4) of this chapter, section 13(b)(6) through 13(b)(8) of this
chapter, and section 13(c) of this chapter.
(c) Notwithstanding any other law, in anticipation of the
construction of any capital improvement and the lease of that capital
improvement by the authority to a state agency, the authority may
acquire an existing facility owned by the state agency and then lease
the facility to the state agency. A lease made under this subsection
shall describe the capital improvement to be constructed and may
provide for the payment of rent by the state agency for the use of the
existing facility. If such rent is to be paid pursuant to the lease, the
lease shall provide that upon completion of the construction of the
capital improvement, the capital improvement shall be substituted for
the existing facility under the lease. The rent required to be paid by
the state agency pursuant to the lease shall not constitute a debt of
the state for purposes of the Constitution of the State of Indiana. A
lease entered into under this subsection is subject to the same
requirements for a lease entered into under subsection (a) with
respect to both the existing facility and the capital improvement
anticipated to be constructed.
(d) This chapter contains full and complete authority for leases
between the authority and a state agency and subleases between a
state agency and a capital improvement board. No laws, procedures,
proceedings, publications, notices, consents, approvals, orders, or
acts by the board, the governing body of any state agency or the
capital improvement board or any other officer, department, agency,
or instrumentality of the state or any political subdivision is required
to enter into any such lease or sublease, except as prescribed in this
chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-27
Real property conveyance without bid or advertisement
Sec. 27. In order to enable the authority to lease a capital
improvement or existing facility to a state agency under section 26
of this chapter, the governor may convey, transfer, or sell, with or
without consideration, real property (including the buildings,
structures, and improvements), title to which is held in the name of
the state, to the authority, without being required to advertise or
solicit bids or proposals, in order to accomplish the governmental
purposes of this chapter.
As added by P.L.214-2005, SEC.6.
IC 5-1-17-28
Lease payments from taxes; budget director designee
Sec. 28. If the authority enters into a lease with a capital
improvement board under section 13 of this chapter or a state agency
under section 26 of this chapter, which then enters into a sublease
with a capital improvement board under section 26(b) of this chapter,
and the rental payments owed by the capital improvement board to
the authority under the lease or to the state agency under the sublease
are payable from the taxes described in section 25 of this chapter or
from the taxes authorized under IC 6-9-35, the budget director may
choose the designee of the capital improvement board, which shall
receive and deposit the revenues derived from such taxes. The
designee shall hold the revenues on behalf of the capital
improvement board pursuant to an agreement between the authority
and the capital improvement board or between a state agency and the
capital improvement board. The agreement shall provide for the
application of the revenues in a manner that does not adversely affect
the validity of the lease or the sublease, as applicable.
As added by P.L.214-2005, SEC.6.