Indiana Code 36-7-27-16. Pledge to finance economic development tax project
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Terms Used In Indiana Code 36-7-27-16
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- qualified economic development tax project: means a project that is expected to create, retain, or create and retain at least two thousand (2,000) jobs in the county. See Indiana Code 36-7-27-9
Sec. 16. Notwithstanding any other law, a county that expects to receive an economic benefit from a qualified economic development tax project under this chapter, a county contiguous to such a county, or a municipality that expects to receive an economic benefit from a qualified economic development tax project under this chapter, may pledge (as authorized in IC 5-1-14-4) any legally available money to the payment of bonds or lease rentals to finance a qualified economic development tax project. The pledge does not create a debt of the pledging county or municipality under the Constitution of the State of Indiana so long as the money is designated to make lease rental payments to finance a qualified economic development tax project.
As added by P.L.28-1993, SEC.14.