1. (a) In addition to all other authority granted to the authority under this chapter, including the authority to borrow money and to issue bonds to finance directly or indirectly the acquisition or development of industrial development projects undertaken or initiated by the authority, the authority may initiate programs for financing industrial development projects for developers and users in Indiana through the issuance of bonds under this chapter. In furtherance of this objective, the authority may do any of the following:

   1. (1) Establish eligibility standards for developers and users, without complying with IC 4-22-2 . However, these standards have the force of law if the standards are adopted after a public hearing for which notice has been given by publication under IC 5-3-1 .
   2. (2) Contract with any entity securing the payment of bonds issued under this chapter and authorizing the entity to approve the developers and users that can finance or refinance industrial development projects with proceeds from the bond issue secured by that entity.

   3. (3) Lease to a developer or user industrial development projects upon terms and conditions that the authority considers proper and, with respect to the lease:

      1. (A) charge and collect rents;
      2. (B) terminate the lease upon the failure of the lessee to comply with any of its obligations under the lease or otherwise as the lease provides; and
      3. (C) include in the lease provisions that the lessee has the option to renew the term of the lease for such periods and at such rents as may be determined by the authority or to purchase any or all of the industrial development projects to which the lease applies.

   4. (4) Lend money, upon such terms and conditions as the authority considers proper, to a developer or user under an installment purchase contract or loan agreement to:

      1. (A) finance, reimburse, or refinance the cost of an industrial development project; and
      2. (B) take back a secured or unsecured promissory note evidencing such a loan or a security interest in the industrial development project financed or refinanced with the loan.
   5. (5) Sell or otherwise dispose of any unneeded or obsolete industrial development project under terms and conditions determined by the authority.
   6. (6) Maintain, repair, replace, and otherwise improve or cause to be maintained, repaired, replaced, and otherwise improved any industrial development project owned by the authority.
   7. (7) Require any type of security that the authority considers reasonable and necessary.
   8. (8) Obtain or aid in obtaining property insurance on all industrial development projects owned or financed, or accept payment if any industrial development project property is damaged or destroyed.
   9. (9) Enter into any agreement, contract, or other instrument with respect to any insurance, guarantee, letter of credit, or other form of credit enhancement, accepting payment in such manner and form as provided in the instrument if a developer or user defaults, and assign any such insurance, guarantee, letter of credit, or other form of credit enhancement as security for bonds issued by the authority.

   10. (10) Finance for eligible developers and users in connection with their industrial development projects:

       1. (A) the cost of their industrial development projects; and

       2. (B) in the case of a program funded from the proceeds of taxable bonds, working capital associated with the operation of such industrial development projects;

          in amounts determined to be appropriate by the authority.

   11. (11) Issue bonds to fund a program for financing multiple, identified or unidentified industrial development projects if the authority finds that issuance of the bonds will be of benefit to the health, safety, morals, or general welfare of the state and complies with the purposes and provisions of this chapter by promoting a substantial likelihood for:

       1. (A) creating opportunities for gainful employment;
       2. (B) creating business opportunities;
       3. (C) educational enrichment (including cultural, intellectual, scientific, or artistic opportunities);
       4. (D) the abatement, reduction, or prevention of pollution;
       5. (E) the removal or treatment of any substances in materials being processed that would otherwise cause pollution when used; or

       6. (F) promoting affordable and accessible child care.

          The authority may by resolution approve the proposed taxable bond issue. The authority may use appropriations to create a debt service reserve fund for the purpose of allowing the authority to issue pooled bonds, either tax-exempt or taxable, for the construction or renovation of licensed child care facilities (or child care facilities that are in the process of being licensed) under the authority's industrial development project section.

2. (b) As each unidentified industrial development project is identified for possible funding from a program under subsection (a)(11), the requirements of sections 17(a), 17(b), 17(c), and 17(e) of this chapter shall be complied with as a condition precedent to entering into a financing agreement for the funding of the industrial development project.
3. (c) Bonds issued to fund a program under this section are not in any respect a general obligation of the state, nor are they payable in any manner from revenues raised by taxation.

4. (d) Any resolution adopted to authorize the issuance of taxable bonds to fund a program under subsection (a)(11) may provide that the bonds are payable solely from:

   1. (1) revenues and receipts derived from the various financing agreements; or
   2. (2) the payments made under any other agreements to secure the obligations of the developers, users, related persons, or the authority.

As added by P.L.25-1987, SEC.6. Amended by P.L.11-1990, SEC.34; P.L.24-1995, SEC.14; P.L.227-1999, SEC.8; P.L.273-1999, SEC.197; P.L.14-2000, SEC.10; P.L.162-2007, SEC.8.