1. (a) Subject to subsection (h), the authority may issue bonds for the purpose of obtaining money to pay the cost of:

   1. (1) acquiring real or personal property, including existing capital improvements;
   2. (2) constructing, improving, reconstructing, or renovating one (1) or more capital improvements; or
   3. (3) funding or refunding bonds issued under IC 36-10-9.5 or prior law.
2. (b) The bonds are payable from the lease rentals from the lease of the capital improvements for which the bonds were issued, insurance proceeds, and any other funds pledged or available.
3. (c) The bonds shall be authorized by a resolution of the board.
4. (d) The terms and form of the bonds shall either be set out in the resolution or in a form of trust indenture approved by the resolution.
5. (e) The bonds shall mature within forty (40) years.
6. (f) The board shall sell the bonds at public or private sale upon the terms determined by the board.

7. (g) All money received from any bonds issued under this chapter shall be applied to the payment of the cost of the acquisition or construction, or both, of capital improvements, or the cost of refunding or refinancing outstanding bonds, for which the bonds are issued. The cost may include:

   1. (1) planning and development of the facility and all buildings, facilities, structures, and improvements related to it;
   2. (2) acquisition of a site and clearing and preparing the site for construction;
   3. (3) equipment, facilities, structures, and improvements that are necessary or desirable to make the capital improvement suitable for use and operations;
   4. (4) architectural, engineering, consultant, and attorney's fees;
   5. (5) incidental expenses in connection with the issuance and sale of bonds;
   6. (6) reserves for principal and interest;
   7. (7) interest during construction;
   8. (8) financial advisory fees;
   9. (9) insurance during construction;
   10. (10) municipal bond insurance, debt service reserve insurance, letters of credit, or other credit enhancement; and
   11. (11) in the case of refunding or refinancing, payment of the principal of, redemption premiums (if any) for, and interest on, the bonds being refunded or refinanced.

8. (h) The authority may not issue bonds under this chapter unless the authority first finds that the following conditions are met:

   1. (1) The stadium board and the authority have entered into a written agreement concerning the terms of the financing of the facility. This agreement must include the following provisions:

      1. (A) The stadium board agrees to take any legal action that the authority considers necessary to facilitate the financing of the facility, including entering into agreements during the design and construction of the facility or a sublease of a capital improvement to any state agency that is then leased by the authority to any state agency under section 25 of this chapter.
      2. (B) The stadium board is prohibited from taking any other action with respect to the financing of the facility without the prior approval of the authority. The authority is not bound by the terms of any agreement entered into by the stadium board with respect to the financing of the facility without the prior approval of the authority.
      3. (C) As the project financier, the Indiana finance authority (or its successor agency) and the public finance director will be responsible for selecting all investment bankers, bond counsel, trustees, and financial advisors.
      4. (D) The authority agrees to consult with the staff of the stadium board on an as needed basis during the design and construction of the facility, and the stadium board agrees to make its staff available for this purpose.
      5. (E) The authority, the city, the stadium board, and the National Football League franchised professional football team must commit to using their best efforts to assist and cooperate with one another to design and construct the facility on time and on budget.
   2. (2) The stadium board and the National Football League franchised professional football team have entered into a lease for the stadium part of the facility that has been approved by the authority and has a term of at least thirty-five (35) years.

As added by P.L.44-2026, SEC.1.