Indiana Code 8-1-13-43. Maximum borrowing and expenditures for economic development
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Sec. 43. (a) A corporation may not expend more than fifteen percent (15%) of its total utility plant for economic development.
(b) A corporation that is not an REA borrower (as defined in section 17(f) of this chapter) may not borrow any funds for an economic development project without approval of the Indiana utility regulatory commission.
As added by P.L.95-1993, SEC.2.
Terms Used In Indiana Code 8-1-13-43
- commission: refers to the Indiana utility regulatory commission. See Indiana Code 8-1-1-1
- 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.