(a) The authority is granted all powers necessary or appropriate to carry out and effectuate its public and corporate purposes under the affected statutes, including but not limited to the following:

1. (1) Have perpetual succession as a body politic and corporate and an independent instrumentality exercising essential public functions.
2. (2) Without complying with IC 4-22-2 , adopt, amend, and repeal bylaws, rules, guidelines, and policies not inconsistent with the affected statutes, and necessary or convenient to regulate its affairs and to carry into effect the powers, duties, and purposes of the authority and conduct its business under the affected statutes. These bylaws, rules, guidelines, and policies must be made by a resolution of the authority introduced at one (1) meeting and approved at a subsequent meeting of the authority.
3. (3) Sue and be sued in its own name.
4. (4) Have an official seal and alter it at will.
5. (5) Maintain an office or offices at a place or places within the state as it may designate.

6. (6) Make, execute, and enforce contracts and all other instruments necessary, convenient, or desirable for the purposes of the authority or pertaining to:

   1. (A) a purchase, acquisition, or sale of securities or other investments; or
   2. (B) the performance of the authority's duties and execution of any of the authority's powers under the affected statutes.
7. (7) Employ architects, engineers, attorneys, inspectors, accountants, agriculture experts, silviculture experts, aquaculture experts, and financial experts, and such other advisors, consultants, and agents as may be necessary in its judgment and to fix their compensation.
8. (8) Procure insurance against any loss in connection with its property and other assets, including loans and loan notes in amounts and from insurers as it may consider advisable.

9. (9) Borrow money, make guaranties, issue bonds, and otherwise incur indebtedness for any of the authority's purposes, and issue debentures, notes, or other evidences of indebtedness, whether secured or unsecured, to any person, as provided by the affected statutes. Notwithstanding any other law, the:

   1. (A) issuance by the authority of any indebtedness that establishes a procedure for the authority or a person acting on behalf of the authority to certify to the general assembly the amount needed to restore a debt service reserve fund or another fund to required levels; or

   2. (B) execution by the authority of any other agreement that creates a moral obligation of the state to pay all or part of any indebtedness issued by the authority;

      is subject to review by the budget committee and approval by the budget director.

10. (10) Procure insurance or guaranties from any public or private entities, including any department, agency, or instrumentality of the United States, for payment of any bonds issued by the authority, including the power to pay premiums on any insurance or reinsurance.
11. (11) Purchase, receive, take by grant, gift, devise, bequest, or otherwise, and accept, from any source, aid or contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of the affected statutes, subject to the conditions upon which the grants or contributions are made, including but not limited to gifts or grants from any department, agency, or instrumentality of the United States, and lease or otherwise acquire, own, hold, improve, employ, use, and otherwise deal in and with real or personal property or any interest in real or personal property, wherever situated, for any purpose consistent with the affected statutes.
12. (12) Enter into agreements with any department, agency, or instrumentality of the United States or this state and with lenders and enter into loan agreements, sales contracts, and leases with contracting parties, including participants (as defined in IC 13-11-2-151.1 ) for any purpose permitted under IC 13-18-13 , IC 13-18-21 , or IC 13-18-25 , borrowers, lenders, developers, or users, for the purpose of planning, regulating, and providing for the financing and refinancing of any agricultural enterprise (as defined in IC 5-28-31-1 ), rural development project (as defined in IC 5-28-31-20 ), industrial development project, purpose permitted under IC 13-18-13 , IC 13-18-21 , and IC 13-18-25 , or international exports, and distribute data and information concerning the encouragement and improvement of agricultural enterprises and agricultural employment, rural development projects, industrial development projects, international exports, and other types of employment in the state undertaken with the assistance of the authority under this chapter.
13. (13) Enter into contracts or agreements with lenders and lessors for the servicing and processing of loans and leases pursuant to the affected statutes.
14. (14) Provide technical assistance to local public bodies and to profit and nonprofit entities in the development or operation of agricultural enterprises, rural development projects, and industrial development projects.
15. (15) To the extent permitted under its contract with the holders of the bonds of the authority, consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any contract, loan, loan note, loan note commitment, contract, lease, or agreement of any kind to which the authority is a party.
16. (16) To the extent permitted under its contract with the holders of bonds of the authority, enter into contracts with any lender containing provisions enabling it to reduce the rental or carrying charges to persons unable to pay the regular schedule of charges when, by reason of other income or payment by any department, agency, or instrumentality of the United States of America or of this state, the reduction can be made without jeopardizing the economic stability of the agricultural enterprise, rural development project, or industrial development project being financed.

17. (17) Notwithstanding IC 5-13 , but subject to the requirements of any trust agreement entered into by the authority, invest:

    1. (A) the authority's money, funds, and accounts;
    2. (B) any money, funds, and accounts in the authority's custody; and

    3. (C) proceeds of bonds or notes;

       in the manner provided by an investment policy established by resolution of the authority.

18. (18) Fix and revise periodically, and charge and collect, fees and charges as the authority determines to be reasonable in connection with:

    1. (A) the authority's loans, guarantees, advances, insurance, commitments, and servicing; and
    2. (B) the use of the authority's services or facilities.
19. (19) Cooperate and exchange services, personnel, and information with any federal, state, or local government agency, or instrumentality of the United States or this state.
20. (20) Sell, at public or private sale, with or without public bidding, any loan or other obligation held by the authority.
21. (21) Enter into agreements concerning, and acquire, hold, and dispose by any lawful means, land or interests in land, building improvements, structures, personal property, franchises, patents, accounts receivable, loans, assignments, guarantees, and insurance needed for the purposes of the affected statutes.
22. (22) Take assignments of accounts receivable, loans, guarantees, insurance, notes, mortgages, security agreements securing notes, and other forms of security, attach, seize, or take title by foreclosure or conveyance to any industrial development project when a guaranteed loan thereon is clearly in default and when in the opinion of the authority such acquisition is necessary to safeguard the industrial development project guaranty fund, and sell, or on a temporary basis, lease or rent such industrial development project for any use.
23. (23) Expend money provided to the authority by the Indiana economic development corporation from the industrial development project guaranty fund created by IC 5-28-30 , subject to the terms of any agreement with the Indiana economic development corporation governing the expenditure of that money.
24. (24) Purchase, lease as lessee, construct, remodel, rebuild, enlarge, or substantially improve industrial development projects, including land, machinery, equipment, or any combination thereof.
25. (25) Lease industrial development projects to users or developers, with or without an option to purchase.
26. (26) Sell industrial development projects to users or developers, for consideration to be paid in installments or otherwise.

27. (27) Make direct loans from the proceeds of the bonds to users or developers for:

    1. (A) the cost of acquisition, construction, or installation of industrial development projects, including land, machinery, equipment, or any combination thereof; or

    2. (B) eligible expenditures for an educational facility project described in IC 4-4-10.9-6.2 (a)(2);

       with the loans to be secured by the pledge of one (1) or more bonds, notes, warrants, or other secured or unsecured debt obligations of the users or developers.

28. (28) Lend or deposit the proceeds of bonds to or with a lender for the purpose of furnishing funds to such lender to be used for making a loan to a developer or user for the financing of industrial development projects under this chapter.
29. (29) Enter into agreements with users or developers to allow the users or developers, directly or as agents for the authority, to wholly or partially construct industrial development projects to be leased from or to be acquired by the authority.
30. (30) Establish reserves from the proceeds of the sale of bonds, other funds, or both, in the amount determined to be necessary by the authority to secure the payment of the principal and interest on the bonds.
31. (31) Adopt rules and guidelines governing its activities authorized under the affected statutes.
32. (32) Use the proceeds of bonds to make guaranteed participating loans.
33. (33) Purchase, discount, sell, and negotiate, with or without guaranty, notes and other evidences of indebtedness.
34. (34) Sell and guarantee securities.
35. (35) Make guaranteed participating loans under IC 4-4-21-26 .
36. (36) Procure insurance to guarantee, insure, coinsure, and reinsure against political and commercial risk of loss, and any other insurance the authority considers necessary, including insurance to secure the payment of principal and interest on notes or other obligations of the authority.
37. (37) Provide performance bond guarantees to support eligible export loan transactions, subject to the terms of the affected statutes.
38. (38) Provide financial counseling services to Indiana exporters.
39. (39) Accept gifts, grants, or loans from, and enter into contracts or other transactions with, any federal or state agency, municipality, private organization, or other source.
40. (40) Sell, convey, lease, exchange, transfer, or otherwise dispose of property or any interest in property, wherever the property is located.
41. (41) Cooperate with other public and private organizations to promote export trade activities in Indiana.
42. (42) Cooperate with the Indiana economic development corporation in taking any actions necessary for the administration of the agricultural loan and rural development project guarantee fund established by IC 5-28-31 .
43. (43) In cooperation with the Indiana economic development corporation, take assignments of notes and mortgages and security agreements securing notes and other forms of security, and attach, seize, or take title by foreclosure or conveyance to any agricultural enterprise or rural development project when a guaranteed loan to the enterprise or rural development project is clearly in default and when in the opinion of the Indiana economic development corporation the acquisition is necessary to safeguard the agricultural loan and rural development project guarantee fund, and sell, or on a temporary basis, lease or rent the agricultural enterprise or rural development project for any use.
44. (44) Expend money provided to the authority by the Indiana economic development corporation from the agricultural loan and rural development project guarantee fund created by IC 5-28-31 , subject to the terms of any agreement with the Indiana economic development corporation governing the expenditure of that money.
45. (45) Reimburse from bond proceeds expenditures for industrial development projects under this chapter.
46. (46) Acquire, hold, use, and dispose of the authority's income, revenues, funds, and money.
47. (47) Purchase, acquire, or hold debt securities or other investments for the authority's own account at prices and in a manner the authority considers advisable, and sell or otherwise dispose of those securities or investments at prices without relation to cost and in a manner the authority considers advisable.

48. (48) Fix and establish terms and provisions with respect to:

    1. (A) a purchase of securities by the authority, including dates and maturities of the securities;
    2. (B) redemption or payment before maturity; and
    3. (C) any other matters that in connection with the purchase are necessary, desirable, or advisable in the judgment of the authority.

49. (49) To the extent permitted under the authority's contracts with the holders of bonds or notes, amend, modify, and supplement any provision or term of:

    1. (A) a bond, a note, or any other obligation of the authority; or
    2. (B) any agreement or contract of any kind to which the authority is a party.
50. (50) Subject to the authority's investment policy, do any act and enter into any agreement pertaining to a swap agreement (as defined in IC 8-9.5-9-4 ) related to the purposes of the affected statutes in accordance with IC 8-9.5-9-5 and IC 8-9.5-9-7 , whether the action is incidental to the issuance, carrying, or securing of bonds or otherwise.
51. (51) Do any act necessary or convenient to the exercise of the powers granted by the affected statutes, or reasonably implied from those statutes, including but not limited to compliance with requirements of federal law imposed from time to time for the issuance of bonds.

(d) The authority shall work with and assist the Indiana housing and community development authority established by IC 5-20-1-3 , the ports of Indiana established under IC 8-10-1-3 , and the state fair commission established by IC 15-13-2-1 in the issuance of bonds, notes, or other indebtedness. The Indiana housing and community development authority, the ports of Indiana, and the state fair commission shall work with and cooperate with the authority in connection with the issuance of bonds, notes, or other indebtedness.

As added by Acts 1982, P.L.16, SEC.1. Amended by P.L.24-1983, SEC.3; P.L.20-1985, SEC.4; P.L.2-1987, SEC.2; P.L.25-1987, SEC.5; P.L.20-1988, SEC.8; P.L.11-1990, SEC.29; P.L.24-1995, SEC.12; P.L.4-2002, SEC.3; P.L.235-2005, SEC.19; P.L.232-2005, SEC.3; P.L.1-2006, SEC.28 and P.L.181-2006, SEC.1; P.L.162-2007, SEC.6; P.L.2-2008, SEC.15; P.L.98-2008, SEC.2; P.L.233-2017, SEC.3.