Indiana Code 8-1-17-20. Rates and charges; revenues and receipts not needed; REA borrowers; rates sufficient to repay financial assistance
(b) As used in subsection (d), “financial assistance” means:
Terms Used In Indiana Code 8-1-17-20
- Board: means the board of directors of a cooperative corporation. See Indiana Code 8-1-17-3
- communications: means construction, engineering, financial, accounting, or educational services incidental to communications service. See Indiana Code 8-1-17-3
- Cooperative corporation: means a corporation formed under this chapter. See Indiana Code 8-1-17-3
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Local cooperative corporation: means a cooperative corporation formed to render communications services within Indiana. See Indiana Code 8-1-17-3
- Obligations: includes negotiable bonds, notes, debentures, interim certificates or receipts, and other evidences of indebtedness, either issued or the payment of which is assumed by a cooperative corporation. See Indiana Code 8-1-17-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- System: includes any plant, works, system, facilities, or properties, together with all parts of and appurtenances to the plant, works, system, facilities, or properties, used or useful in communications service. See Indiana Code 8-1-17-3
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) a lien accommodation provided to secure a loan made by another lender;
including loans made by the Rural Electrification Administration of the United States Department of Agriculture (REA) or by the Rural Telephone Bank.
(c) As used in subsections (d) and (e), “REA borrower” means a corporation created under this chapter that is the recipient of financial assistance.
(d) In determining rates under this section, an REA borrower must charge rates sufficient to enable the REA borrower to:
(1) satisfy its reasonable expenses and obligations; and
(2) repay the full amount of any financial assistance and the interest thereon.
(e) So long as there remains any unpaid portion of any financial assistance associated with the property of an REA borrower, the rates of the REA borrower shall be set at a level sufficient to repay the financial assistance, regardless of the full or partial retirement of the property or any other change in the status of the property.
Formerly: Acts 1951, c.193, s.20. As amended by P.L.74-1991, SEC.3; P.L.97-1993, SEC.9; P.L.27-2006, SEC.48; P.L.81-2020, SEC.12.