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IN SB0128
Bill
AI Summary
SB 128 Summary
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Transfers administration of local infrastructure revolving loan funds from the state budget agency to the Indiana Finance Authority (IFA), effective July 1, 2017.
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Expands eligible participants in the loan funds to include political subdivisions, agencies, authorities, and regional authorities, in addition to the previous limited participants.
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Authorizes the IFA to issue bonds and provide various forms of financial assistance (loans, grants, guarantees, debt refinancing) for local infrastructure projects including water systems, airports, juvenile detention centers, military base redevelopment, and highways/public ways.
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Enables regional development authorities to apply for federal FASTLANE grants and enter into supplemental funding agreements with the Indiana Department of Transportation to contribute local matching funds for regional transportation infrastructure projects.
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Creates a regional development authority infrastructure fund administered by the IFA, allowing contributions from individuals and political subdivisions for regional transportation projects, with contributors eligible for state income tax deductions.
Legislative Description
Regional infrastructure improvement projects. Provides that the Indiana finance authority (IFA), rather than the budget agency, administers the local infrastructure revolving loan funds (loan funds). Expands the types of entities that may participate in the loan funds. Authorizes the IFA to issue its bonds to carry out the loan funds. Expands the types of infrastructure that are eligible for the loan funds to include bridges or other public ways. Provides that a regional development authority (RDA) may apply for a "FASTLANE" grant from the Federal Highway Administration (or a grant from any other federal program) for highway funding. Authorizes an
Last Action
Public Law 229
4/28/2017