1. (a) As used in this section, "entity" means the following:

   1. (1) The Indiana development finance authority.
   2. (2) The state office building commission.
   3. (3) The Indiana transportation finance authority.
   4. (4) The recreational development commission.
2. (b) On May 15, 2005, all powers, duties, and liabilities of each entity are transferred to the authority, as the successor agency.
3. (c) On May 15, 2005, all records and property of each entity, including appropriations and other funds under the control or supervision of the entity, are transferred to the authority, as the successor agency.
4. (d) After May 14, 2005, any amounts owed to an entity before May 15, 2005, are considered to be owed to the authority, as the successor agency.
5. (e) After May 14, 2005, a reference to an entity in a statute, rule, or other document is considered a reference to the authority, as the successor agency.
6. (f) All powers, duties, and liabilities of an entity with respect to bonds issued by that entity in connection with any trust agreement or indenture securing those bonds are transferred to the authority, as the successor agency. The rights of the trustee under any trust agreement or indenture and the rights of the bondholders of an entity remain unchanged, although the powers, duties, and liabilities of the entity have been transferred to the authority, as the successor agency.

As added by P.L.220-2011, SEC.16.