CHAPTER 25. INDUSTRIAL DEVELOPMENT GRANT FUND
IC 5-28-25
Chapter 25. Industrial Development Grant Fund
IC 5-28-25-1
"Eligible entity"
Sec. 1. As used in this chapter, "eligible entity" means:
(1) a city;
(2) a town;
(3) a county;
(4) a special taxing district;
(5) an economic development commission established under
IC 36-7-12;
(6) a nonprofit corporation;
(7) a corporation established under IC 23-7-1.1 (before its
repeal on August 1, 1991) or IC 23-17 to distribute water for
domestic and industrial use;
(8) a regional water, sewage, or solid waste district;
(9) a conservancy district that includes in its purpose the
distribution of domestic water or the collection and treatment of
waste; or
(10) the Indiana finance authority established under IC 4-4-11.
As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005,
SEC.94.
IC 5-28-25-2
"Fund"
Sec. 2. As used in this chapter, "fund" refers to the industrial
development grant fund established by section 4 of this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-25-3
"Industrial development program"
Sec. 3. As used in this chapter, "industrial development program"
means a program designed to aid economic development in Indiana
and includes:
(1) the construction of airports, airport facilities, and tourist
attractions;
(2) the construction, extension, or completion of:
(A) sanitary sewerlines, storm sewers, and other related
drainage facilities;
(B) waterlines;
(C) roads and streets;
(D) sidewalks;
(E) rail spurs and sidings; and
(F) information and high technology infrastructure (as
defined in IC 5-28-9-4);
(3) the leasing, purchase, construction, repair, and rehabilitation
of property, both real and personal; and
(4) the preparation of surveys, plans, and specifications for the
construction of publicly owned and operated facilities, utilities,
and services.
As added by P.L.4-2005, SEC.34.
IC 5-28-25-4
Fund established; powers of corporation; administration
Sec. 4. (a) The industrial development grant fund is established
within the state treasury. Grants may be made from the fund to
eligible entities in accordance with this chapter and the rules adopted
under this chapter.
(b) The corporation may receive and accept, for purposes of the
fund, grants, gifts, and contributions from public and private sources,
including, on behalf of the state, grants from agencies and
instrumentalities of the United States.
(c) The fund consists of appropriations from the general assembly.
(d) The corporation shall administer the fund. The following may
be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
(e) Money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund.
(f) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
As added by P.L.4-2005, SEC.34.
IC 5-28-25-5
Grants; use of grants
Sec. 5. (a) The secretary of commerce, subject to the approval of
the governor and budget director, may direct the auditor of state to
make an approved grant from the fund to an eligible entity.
(b) The money granted must be used by the recipient to institute
and administer an approved industrial development program.
As added by P.L.4-2005, SEC.34.