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IN HB1108
Bill
Status
1/7/2016
Primary Sponsor
Todd Huston
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AI Summary
HB 1108 Summary
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Indiana University may issue bonds up to $20,000,000 (principal costs) to finance improvements at Michael A. Carroll Track and Soccer Stadium, subject to budget committee review and budget agency director approval.
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Bond issuance requires a lease agreement of at least 20 years between Indiana University and a professional soccer team using the stadium.
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State and local taxes collected from the professional soccer team and a specific Indianapolis hotel (Illinois Street and Market Street) are separately accounted for and deposited in the state general fund rather than distributed to Marion County.
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A 10% county admissions tax on professional sporting events at Carroll Stadium is imposed and deposited in the state general fund until bond repayment is complete (tracked by office of management and budget certification).
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Any capital improvement costs exceeding $20,000,000 plus Indianapolis city contributions must be paid by the professional soccer team or league; appropriates $1,500,000 to Indiana University for fee replacement in fiscal year 2016-2017.
Legislative Description
Financing of improvements for Carroll Stadium. Provides that Indiana University may issue and sell bonds to acquire, erect, construct, reconstruct, improve, rehabilitate, remodel, repair, complete, extend, or enlarge capital improvements at the Michael A. Carroll Track and Soccer Stadium (stadium). Specifies that the principal costs of the bonds issued (excluding amounts necessary to provide money for debt service reserves, credit enhancement, or other costs incidental to the issuance of the bonds) may not exceed $20,000,000. Provides that the bonds may not be issued unless: (1) the bond issuance has been reviewed by the budget committee; (2) the director of the
Last Action
Withdrawn
1/7/2016