2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 36. STATE EDUCATIONAL INSTITUTIONS: DISPOSITION OF PROPERTY
CHAPTER 4. MONETIZING CAPITAL ASSETS
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IC 21-36-4
Chapter 4. Monetizing Capital Assets
IC 21-36-4-1
Applicability
Sec. 1. This chapter applies to all state educational institutions.
As added by P.L.205-2013, SEC.335.
IC 21-36-4-2
Rule of statutory construction
Sec. 2. This chapter shall be construed as supplemental to all
other statutes governing an agreement regarding a capital asset
entered into by a state educational institution.
As added by P.L.205-2013, SEC.335.
IC 21-36-4-3
"Monetize"
Sec. 3. As used in this chapter, "monetize" refers to an exchange
of part or all of the possession and control of a capital asset or
security of a state educational institution, without a transfer of
ownership, for a period of time in return for cash or future revenue
as specified in a written agreement between the state educational
institution and a third party.
As added by P.L.205-2013, SEC.335.
IC 21-36-4-4
Approval of agreement to monetize a capital asset; conditions
Sec. 4. Before the board of trustees of a state educational
institution may enter into an agreement with a third party to monetize
a capital asset, the proposed principal terms of the agreement
(including an estimated amount of the monetization proceeds) must
be approved by the governor and the budget agency, after the
recommendation of the budget committee, if the agreement will
have:
(1) an annual transactional value that exceeds one million
dollars ($1,000,000);
(2) a total transactional value that exceeds five million dollars
($5,000,000); or
(3) a term, including the initial term and any renewal terms, that
exceeds ten (10) years.
As added by P.L.205-2013, SEC.335.
IC 21-36-4-5
Property tax exemption
Sec. 5. Notwithstanding the provisions of IC 21-31-4-3 and
IC 6-1.1-10-37:
(1) tangible real property that is owned by a state educational
institution; and
(2) tangible real property that is constructed or used on real
property described in subdivision (1), to the extent that tangible
real property is described in IC 21-35-7-2;
and that is licensed, leased, or otherwise conveyed to a developer or
operator in accordance with the provisions of an agreement under
this chapter is exempt from all ad valorem property taxes and special
assessments levied against that tangible real property by the state or
any political subdivision of the state. The exemption applies to the
tangible real property and to the developer's or operator's leasehold
estate interest, franchise interest, license interest, and other interests
in the tangible real property. Property satisfying the requirements of
this section is considered to be public property devoted to an
essential public and governmental function and purpose.
As added by P.L.205-2013, SEC.335.
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