Indiana Code 36-7.5-4.5-23. Funding of development projects within a transit development district; uses
(b) The development authority or redevelopment commission may use money in its south shore improvement and development fund to provide funding and pay costs for a development project, including in the form of financing for a development project. If financing is used for a development project the obligation must be satisfied before the expiration of this chapter. Costs may be incurred for one (1) or more of the following:
Terms Used In Indiana Code 36-7.5-4.5-23
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- development project: includes only development projects that benefit the corridor. See Indiana Code 36-7.5-4.5-5
- district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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) Bond insurance, debt service reserve insurance, letters of credit, or other credit enhancement.
(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.
(c) To use money in its south shore improvement and development fund for a development project, the development authority or redevelopment commission must adopt a resolution under IC 36-7.5-3 setting forth the development authority’s or redevelopment commission’s approval of the development project.
As added by P.L.248-2017, SEC.10.