Bill Text: IN HB1038 | 2011 | Regular Session | Introduced

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Bill Title: Industrial development fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-05 - First reading: referred to Committee on Commerce, Small Business and Economic Development [HB1038 Detail]

Download: Indiana-2011-HB1038-Introduced.html

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Introduced Version

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HOUSE BILL No. 1038

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 5-28-9-9.

Synopsis: Industrial development fund. Provides that the industrial development fund may accept gifts, grants, and other donations.

Effective: July 1, 2011.

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Reske

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    January 5, 2011, read first time and referred to Committee on Commerce, Small Business and Economic Development.

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Introduced

First Regular Session 117th General Assembly (2011)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2010 Regular Session of the General Assembly.

HOUSE BILL No. 1038

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    A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 5-28-9-9; (11)IN1038.1.1. -->     SECTION 1. IC 5-28-9-9, AS ADDED BY P.L.4-2005, SECTION 34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 9. (a) The industrial development fund is established within the state treasury. Loans may be made to qualified entities, small business investment companies, and minority enterprise small business investment companies in accordance with this chapter and the policies and guidelines adopted under it.
    (b) The fund consists of the following:
        (1) Appropriations from the general assembly. and
         (2) Loan repayments.
         (3) Gifts, grants, or donations from any source.
    (c) The corporation and the state board of finance shall jointly administer the fund. The following may be paid from money in the fund:
        (1) Expenses of administering the fund.
        (2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.

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    (d) Earnings from loans made under this chapter shall be deposited in the fund.
    (e) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
    (f) The corporation, subject to the approval of the state board of finance, may adopt policies and guidelines for the proper administration of the fund and this chapter. The corporation may employ personnel necessary to efficiently administer this chapter.