Indiana Code 36-1-14-1.5. Surplus earnings of municipally owned utilities; donation to local economic development organizations; qualifying municipalities; existing obligations
(1) The municipality has a municipally owned utility that has donated funds of the municipally owned utility to a local economic development organization before July 1, 2012.
Terms Used In Indiana Code 36-1-14-1.5
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
(b) As used in this section, “local economic development organization” includes the following:
(1) A nonprofit corporation established under state law whose primary purpose is the promotion of industrial or business development in Indiana, the retention or expansion of Indiana businesses, or the development of entrepreneurial activities in Indiana.
(2) A nonprofit educational organization whose primary purpose is educating and developing local leadership for economic development initiatives.
(3) Any similar organization, including a partnership between private enterprise and one (1) or more units, the purposes of which include:
(A) promoting development activities in one (1) or more units;
(B) coordinating local efforts to attract jobs and new business investment;
(C) providing assistance to existing businesses to foster growth and job retention; and
(D) sustaining and improving the quality of life in the units served.
(c) A municipal legislative body, with the approval of the board (as defined in IC 8-1.5-3-2) of the municipality’s municipally owned utility, may donate funds from the municipally owned utility’s surplus earnings (as defined in IC 8-1.5-3-11) to a local economic development organization as long as the terms and conditions of any bond ordinance, resolution, indenture, contract under IC 8-1-2.2, or similar instrument binding upon the municipally owned utility are complied with before the donation is made.
As added by P.L.226-2013, SEC.1. Amended by P.L.104-2022, SEC.143.