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IN HB1473
Bill
Status
5/5/2019
Primary Sponsor
Gregory Steuerwald
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AI Summary
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Expands Indiana Bond Bank's authority to require qualified entities to establish separate reserve funds as additional security for bonds/notes, and allows entities to assign future revenue streams (including local income tax revenues) to the Bond Bank in exchange for financing proceeds, with statutory liens automatically attaching to secure obligations.
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Requires specific Lake County civil taxing units (including Lake County, Gary, Hammond, Merrillville, Munster, and others) to have portions of their economic development tax revenue withheld by the auditor of state and paid to the Northwest Indiana Regional Development Authority to fund rail projects, with reduction percentages ranging from 1% to 34% depending on the unit.
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Legalizes and validates all bonds, notes, leases, and related financial obligations issued before April 30, 2019, by the Indiana Finance Authority (IFA), Northwest Indiana Regional Development Authority (NWIRDA), and Northern Indiana Commuter Transportation District (NICTD).
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Requires the State Board of Education to annually report to the budget committee on charter schools that closed with unpaid advances from the Common School Fund, including outstanding principal/interest amounts and collection efforts.
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Mandates distribution of withheld economic development revenues back to contributing civil taxing units if a full funding grant agreement is not executed between the commuter transportation district and federal government for the West Lake corridor project.
Legislative Description
Indiana bond bank. Allows the Indiana bond bank to require certain entities to establish separate reserve accounts as additional security in connection with the issuance of bonds or notes. Allows and establishes terms and procedures for certain entities to assign or otherwise transfer a future stream of revenue to the Indiana bond bank or certain other entities to obtain funding. Establishes conditions under which the state board of finance may sell, transfer, or liquidate agreements that evidence the state's right to make deductions from state tuition support to pay advances from the common school fund under the school corporation and charter school safety advance program. Provides that the state board of education must report to the budget committee each year on any defaults on the repayment of advances from the common school fund by charter schools that have closed or otherwise ceased operations. Requires the department of local government finance to notify the Lake County auditor of the estimated and certified tax revenue that will be withheld from revenue allocated for economic development purposes for certain civil taxing units and distributed to the secretary-treasurer of the northwest Indiana regional development authority (authority). Requires the auditor of state to withhold local income tax revenue from the revenue allocated for economic development purposes for certain civil taxing units in Lake County and distribute it to the secretary-treasurer of the authority. Provides for distribution of certain amounts collected by the authority if a full funding grant agreement is not entered into for the West Lake corridor project.
Last Action
Public Law 259
5/5/2019