2014 Indiana Code TITLE 14. NATURAL AND CULTURAL RESOURCES ARTICLE 14. RECREATIONAL DEVELOPMENT CHAPTER 1. RECREATIONAL DEVELOPMENT COMMISSION
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IC 14-14
ARTICLE 14. RECREATIONAL DEVELOPMENT
IC 14-14-1
Chapter 1. Recreational Development Commission
IC 14-14-1-1
Purposes of chapter
Sec. 1. The general purposes of this chapter are the following:
(1) To provide for the general health and welfare of Indiana
citizens by the acquisition, construction, improvement, and
operation of public recreational facilities.
(2) To facilitate, support, and promote the development and use
of the parks of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-2
Liberal construction
Sec. 2. This chapter is necessary for the welfare of Indiana and
Indiana's inhabitants and shall be liberally construed to effect the
purposes of this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-2.5
Applicability to the Indiana finance authority
Sec. 2.5. This article:
(1) applies to the Indiana finance authority only when acting as
the commission under this article for the purposes set forth in
this article; and
(2) does not apply to the Indiana finance authority when acting
under any other statute for any other purpose.
As added by P.L.235-2005, SEC.185.
IC 14-14-1-3
"Commission" defined
Sec. 3. As used in this chapter, "commission" means the Indiana
finance authority established by IC 4-4-11-4.
As added by P.L.1-1995, SEC.7. Amended by P.L.235-2005,
SEC.186.
IC 14-14-1-4
"Cost" defined
Sec. 4. As used in this chapter, "cost" as applied to a park or park
project includes the following:
(1) The cost of construction, renovation, or improvement.
(2) The cost of acquisition of all land, rights in land,
rights-of-way, property, rights, easements, and interests,
including land under water and riparian rights acquired by the
commission for construction.
(3) The cost of demolishing or removing any buildings or
structures on land acquired, including the cost of acquiring any
land to which buildings or structures may be moved.
(4) The cost of relocating public roads, railroads, public utility
facilities, including the cost of land or easements.
(5) The cost of all machinery and equipment, financing charges,
and interest before and during construction.
(6) The cost of engineering and legal expenses, plans,
specifications, surveys, estimates of use, and revenues.
(7) Other expenses necessary or incident to determining the
feasibility or practicability of financing and constructing any
project.
(8) Administrative expense.
(9) Other expenses that are necessary or incident to the
construction of the project, the financing of construction, and
the placing of the project in operation, including an initial bond
service reserve.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-5
"Park" defined
Sec. 5. (a) As used in this chapter, "park" includes any land
suitable for public recreational facilities, including all parks,
reservoirs, land, and water under the jurisdiction of the department.
(b) The term does not include park and park facilities of political
subdivisions of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-6
"Park project" defined
Sec. 6. (a) As used in this chapter, "park project" includes
facilities, renovations, improvements, adjuncts, and appurtenances
necessary or proper to the operation of public parks, such as the
following:
(1) Means of ingress and egress and interior arterial systems.
(2) Food and lodging facilities.
(3) Camping areas.
(4) Boating facilities.
(5) Public participation sports facilities.
(6) Parking lots.
(7) Garages.
(8) Trailer sites.
(9) Automotive service facilities.
(10) Communication systems.
(11) Sewers, drains, and other sanitary facilities for the
treatment of sewage, garbage, and wastes.
(12) The furnishing of utility service necessary to serve the
property under the jurisdiction or control of the commission.
(13) Other buildings and facilities whose acquisition and use are
consistent with the purposes of this chapter.
(b) The term does not include the following:
(1) Park and park facilities of political subdivisions of the state.
(2) The acquisition of railroad rights-of-way.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-7
Commission's exercise of powers an essential governmental
function
Sec. 7. The exercise by the commission of the powers conferred
by this chapter in the acquisition, construction, improvement,
operation, and maintenance of a park project is an essential
governmental function of the state. For purposes of this chapter, the
commission is a tax supported institution within the meaning of
"agency" for the purposes of IC 34-30-9.
As added by P.L.1-1995, SEC.7. Amended by P.L.1-1998, SEC.110;
P.L.235-2005, SEC.187.
IC 14-14-1-8
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-9
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-10
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-11
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-12
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-13
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-14
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-15
Repealed
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-15.5
(Repealed by P.L.235-2005, SEC.212.)
IC 14-14-1-16
Acquisition of sites or improvements from department; agreements
for use with department
Sec. 16. (a) The commission may acquire sites or improvements
from the department.
(b) The commission may make improvements and enter into
agreements for use with the department. The agreements:
(1) do not need to be approved by the attorney general; and
(2) must be approved by the:
(A) budget agency, after consulting with the budget
committee; and
(B) governor;
before the department may execute the agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-17
Lease of property
Sec. 17. The commission may lease property to the department
and others. A lease:
(1) may provide for the operation, maintenance, improvement,
or renovation of the property;
(2) must contain standards for operation, quality of goods and
services, and price of goods and services;
(3) need not be approved by the attorney general or the
governor;
(4) may be executed by the:
(A) chairman or vice chairman of the commission; and
(B) public finance director; and
(5) is binding on the state after advertisement one (1) time a
week for two (2) weeks in two (2) newspapers published in
Indianapolis. The first publication must be at least fourteen (14)
days before a public hearing by the commission, and the
proposed lease must be on file in the department during the
period of publication.
As added by P.L.1-1995, SEC.7. Amended by P.L.162-2007, SEC.34.
IC 14-14-1-18
General powers
Sec. 18. The commission may do the following:
(1) Make and enter into all contracts, undertakings, and
agreements necessary or incidental to the performance of the
commission's duties and the execution of the commission's
powers under this chapter. If the cost of a contract for
construction or for the purchase of equipment, materials, or
supplies involves an expenditure of more than twenty thousand
dollars ($20,000), the commission shall make a written contract
with the lowest and best bidder after advertisement for not less
than two (2) consecutive weeks in a newspaper of general
circulation in Marion County, Indiana, and in other publications
if the commission determines. The notice must state the general
character of the work and the general character of the materials
to be furnished, the place where the plans and specifications
may be examined, and the time and place of receiving bids.
Each bid must contain the full name of every person or
company interested in the bid and must be accompanied by a
sufficient bond or certified check on a solvent bank that if the
bid is accepted a contract will be entered into and the
performance of the bidder's proposal secured. The commission
may reject any and all bids. A bond with good and sufficient
surety approved by the commission is required of all contractors
in an amount equal to at least fifty percent (50%) of the contract
price conditioned upon the faithful performance of the contract.
(2) Employ employees, fix their compensation, and define their
duties.
(3) Contract for the following:
(A) Services, including services of engineers, architects,
accountants, attorneys, financial advisers, project or
construction managers, consultants, and experts as well as
other contract services.
(B) Construction.
(C) Materials.
(D) Supplies.
(4) Conduct studies of the financial feasibility of proposed park
projects.
(5) Use the services of professional and other personnel
employed by a department or an agency of the state for purposes
of studying the feasibility of or designing, constructing, or
maintaining a park project.
(6) Receive and accept:
(A) from a federal agency grants for or in aid of the
acquisition, construction, improvement, or development of
a park project; and
(B) aid or contributions from any source of money, property,
labor, or other things of value;
to be held, used, and applied only for the purposes, consistent
with the purposes of this chapter, for which the grants and
contributions may be made.
(7) Provide coverage for the commission's employees under
IC 27-7-2 and IC 22-4.
(8) Do all acts and things necessary or proper to carry out the
powers expressly granted in this chapter.
(9) Hold, use, administer, and expend the money appropriated
or transferred to the commission, administer a general operating
fund, the revolving fund created by this chapter, create and
administer any other fund considered desirable, and enter into
a covenant or pledge with respect to a fund created.
(10) Accept advances or grants from a state agency or fund
authorized to make advances or grants and, for advances, enter
into agreements concerning the repayment of the advance and
repay the advances.
As added by P.L.1-1995, SEC.7. Amended by P.L.235-2005,
SEC.188.
IC 14-14-1-19
Acquisition of interests in land; park projects
Sec. 19. (a) The commission may acquire by:
(1) departmental transfer;
(2) purchase; or
(3) lease;
for nominal or substantial consideration any interest in land (except
railroad rights-of-way), including existing facilities, adjuncts, and
appurtenances, that the commission considers necessary or
convenient for the acquisition, construction, improvement, or
development of a park project.
(b) The commission may:
(1) acquire that interest in land:
(A) upon the terms; and
(B) at a price or rental;
that the commission considers to be reasonable; and
(2) take title in the name of the commission.
(c) A park project undertaken by the commission must:
(1) comply with:
(A) the master plan for that property; or
(B) the Indiana outdoor recreation plan approved by the
natural resources commission; or
(2) be specifically approved by the natural resources
commission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-20
Eminent domain powers
Sec. 20. The commission may acquire by appropriation, under
Indiana eminent domain law, any interest in land necessary or proper
for the construction or the efficient operation of a park project except
land used for parks or park facilities owned by the state or a political
subdivision of the state. Title to the property shall be taken in the
name of the state for the use of the commission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-21
Agreements for use of park improvements
Sec. 21. (a) The commission and the department may enter into
appropriate agreements setting forth the terms and conditions of use
of park improvements and the money agreed to be paid at intervals
for the use. The department is not obligated to continue the use and
make payments under the agreement but shall vacate the
improvements if it is shown that:
(1) the terms and conditions of the use and occupancy; and
(2) the amount to be paid;
are unjust and unreasonable considering the value of the
improvements.
(b) In determining just and reasonable amounts to be paid for the
use of improvements, the commission shall impose and collect money
that in the aggregate will be sufficient to pay the expenses of
operation, maintenance, and repair of the improvements to the extent
that the expenses are not otherwise provided and leave a balance of
net income of revenues from the improvements to pay the interest on
the debentures as the interest is due and accomplish retirement of the
debentures at or before maturity. If the department has made all
payments provided in the agreements, the use of improvements
covered by the agreements and the sites of the improvements revert
to the department at the end of the terms of the agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-22
Bonding authority
Sec. 22. The commission may periodically provide by resolution
for the issuance of bonds of the commission for the purpose of paying
all or any part of the cost of at least one (1) park project. The
principal of and the interest on the bonds is payable from:
(1) the park revenues; or
(2) any other revenues;
specifically pledged or committed by statute to the payment of the
principal and interest.
As added by P.L.1-1995, SEC.7. Amended by P.L.96-2008, SEC.6.
IC 14-14-1-23
Revenue bonds; requirements
Sec. 23. (a) The bonds of each issue:
(1) must:
(A) be dated;
(B) bear interest at the rate or rates; and
(C) mature at the time or times not exceeding fifty (50)
years;
as determined by the commission; and
(2) may be made redeemable before maturity, at the option of
the commission, at the price or prices and under the terms and
conditions fixed by the commission in the authorizing
resolution.
(b) The commission shall determine the following:
(1) The form of the bonds, including any interest coupons to be
attached.
(2) The denomination or denominations of the bonds.
(3) The place or places of payment of principal and interest,
which may be at any bank or trust company within or outside
Indiana.
(c) The bonds shall be signed in the name of the commission by:
(1) the chairman or vice chairman; or
(2) the facsimile signature of the chairman or vice chairman.
(d) The official seal of the commission or a facsimile of the seal
shall be:
(1) affixed to the bonds; and
(2) attested by the public finance director.
(e) Any coupons attached to the bonds must bear the facsimile
signature of the chairman of the commission.
(f) If an officer whose signature or a facsimile of whose signature
appears on a bond or coupon ceases to be the officer before the
delivery of the bonds, the signature or facsimile is still valid and
sufficient for all purposes the same as if the officer had remained in
office until delivery.
As added by P.L.1-1995, SEC.7. Amended by P.L.162-2007, SEC.35.
IC 14-14-1-24
Revenue bonds; negotiability
Sec. 24. All bonds issued under this chapter or under IC 14-3-12
(before its repeal) are negotiable instruments under the commercial
law of Indiana.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-25
Revenue bonds; form
Sec. 25. The bonds may be issued in coupon or in registered form,
or both, as the commission determines, and provision may be made
for the registration of any coupon bonds as to principal alone and also
as to both principal and interest, and for the reconversion into coupon
bonds of any bonds registered as to both principal and interest.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-26
Revenue bonds; sale
Sec. 26. The bonds may be sold at public sale in accordance with
IC 21-32-3 or by negotiated sale as the commission determines.
As added by P.L.1-1995, SEC.7. Amended by P.L.2-2007, SEC.168.
IC 14-14-1-27
Revenue bonds; not debt of state or subdivision; payable solely
from money pledged
Sec. 27. (a) Park revenue bonds issued under this chapter or under
IC 14-3-12 (before its repeal) are not:
(1) a debt of the state or of a political subdivision of the state; or
(2) a pledge of the faith and credit of the state or of any political
subdivision.
The bonds are payable solely from the money pledged for their
payment as authorized in this chapter or under IC 14-3-12 (before its
repeal) unless the bonds are refunded by refunding bonds issued
under this chapter or under IC 14-3-12 (before its repeal).
(b) Refunding bonds are payable solely from money pledged for
their payment as authorized in this chapter or under IC 14-3-12
(before its repeal).
(c) Revenue bonds must contain on the face of the bonds a
statement to the effect that the bonds, as to both principal and
interest, are not an obligation of the state or of a political subdivision
of the state, but are payable solely from revenues pledged for their
payment.
(d) This chapter does not authorize the commission to incur
indebtedness or liability on behalf of or payable by the state or a
political subdivision of the state.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-28
Revenue bonds; expenses of commission
Sec. 28. All expenses of the commission incurred in carrying out
this chapter are payable solely from money provided under the
authority of this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-29
Revenue bonds; legal investments
Sec. 29. Revenue bonds issued by the commission under this
chapter or under IC 14-3-12 (before its repeal) constitute legal
investments for the following:
(1) Private trust funds.
(2) The money of banks, trust companies, insurance companies,
building and loan associations, credit unions, banks of discount
and deposit, savings banks, loan and trust and safe deposit
companies, rural loan and savings associations, guaranty loan
and savings associations, mortgage guaranty companies, small
loan companies, industrial loan and investment companies, and
any other financial institutions organized under Indiana law.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-30
Revenue bonds; use of proceeds
Sec. 30. The proceeds of revenue bonds shall be used solely for
the payment of the cost of the park project for which the bonds have
been issued. The proceeds shall be disbursed in the manner and under
the restrictions, if any, that the commission provides in the resolution
authorizing the issuance of the bonds or in the trust agreement
securing the bonds.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-31
Revenue bonds; deficit from sale
Sec. 31. If the proceeds of the bonds of an issue, by error of
estimates or otherwise, are less than the cost, additional bonds may
in like manner be issued to provide the amount of the deficit. Unless
otherwise provided in the resolution authorizing the issuance of
bonds or in the trust agreement securing the bonds, the bonds are
considered to be of the same issue and are entitled to payment from
the same fund without preference or priority of the bonds first issued.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-32
Revenue bonds; surplus from sale
Sec. 32. If the proceeds of the bonds of an issue exceed the cost of
the park project for which the bonds have been issued, the surplus
shall be deposited to the credit of the sinking fund for the bonds.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-33
Revenue bonds; interim receipts or temporary bonds
Sec. 33. Before the preparation of definite bonds, the commission
may, under the same restrictions, issue interim receipts or temporary
bonds, with or without coupons, exchangeable for definitive bonds
when the bonds have been executed and are available for delivery.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-34
Revenue bonds; replacement
Sec. 34. The commission may provide for the replacement of any
bonds that have been mutilated, destroyed, or lost.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-35
Revenue bonds; conditions for issuance and disbursement of
proceeds
Sec. 35. Bonds may be issued and the proceeds disbursed under
this chapter without:
(1) obtaining the consent of an officer, a department, a division,
a commission, a board, a bureau, or an agency of the state; and
(2) any other proceedings or the happening of any other
conditions or things than the proceedings, conditions, or things
specifically required by this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-36
Revenue bonds; refunding bonds
Sec. 36. (a) The commission may provide by resolution for the
issuance of park revenue refunding bonds of the state payable solely
from revenues for the following:
(1) The purpose of refunding bonds then outstanding that have
been issued under this chapter or under IC 14-3-12 (before its
repeal), including the payment of redemption premium and
interest accrued or to accrue to the date of redemption of the
bonds.
(2) If considered advisable by the commission, for the additional
purpose of constructing improvements, extensions, or
enlargements of a park project in connection with which the
bonds to be refunded have been issued.
(b) The:
(1) issuance of the bonds;
(2) maturities and other details;
(3) rights of the holders; and
(4) rights, duties, and obligations of the commission concerning
the bonds;
are governed by this chapter.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-37
Revenue bonds; trust agreements
Sec. 37. (a) The commission may secure bonds issued under this
chapter or under IC 14-3-12 (before its repeal) by a trust agreement
between the commission and a corporate trustee, which may be a
trust company or bank having the powers of a trust company within
Indiana. A resolution adopted by the commission providing for the
issuance of bonds and a trust agreement under which the bonds are
issued may pledge or assign all or any part of the revenues received
or to be received by the commission except the part necessary to:
(1) pay the cost of the commission's administrative expenses and
the obligations, if any, of the commission for operation,
maintenance, and repair of a park project; and
(2) provide reserves and depreciation reserves;
as required by a bond resolution adopted or trust agreement executed
by the commission.
(b) In authorizing the issuance of bonds for a park project, the
commission may:
(1) limit the amount of the bonds that may be issued as a first
lien and charge against the revenues pledged to the payment of
the bonds; or
(2) authorize the issuance periodically of additional bonds
secured by the same lien to provide money:
(A) for the completion of the park project for which the
original bonds were issued;
(B) to pay the cost of additional park projects undertaken in
connection with the development of the park; or
(C) for both purposes.
(c) Additional bonds shall be issued on terms and conditions
provided in the bond resolution adopted by the commission and in the
trust agreement or a supplemental agreement and may be secured
equally and ratably without preference, priority, or distinction with
the original issue of bonds or may be made junior to the original
issue.
(d) A pledge or an assignment made by the commission under this
section or under IC 14-3-12-15 (before its repeal) is valid and binding
from the time that the pledge or assignment is made. Revenue so
pledged and received by the commission is immediately subject to
the lien of the pledge or assignment without physical delivery or
further act. The lien of the pledge or assignment is valid and binding
against all parties having claims of any kind in tort, contract, or
otherwise against the commission irrespective of whether the parties
have notice.
(e) The resolution and a trust agreement by which a pledge is
created or an assignment is made do not need to be filed or recorded
except in the records of the commission.
(f) A trust agreement or resolution providing for the issuance of
bonds may contain provisions for protecting and enforcing the rights
and remedies of the bondholders that are reasonable and proper and
not in violation of law, including the following:
(1) Covenants setting forth the duties of the commission relating
to the following:
(A) The acquisition of interests in property.
(B) The construction, improvement, maintenance, repair,
operation, and insurance of the park project for which the
bonds have been authorized.
(2) The rates of fees, tolls, rentals, entrance fees, or other
charges to be collected for use of any park project.
(3) The custody, safeguarding, and application of all money.
(4) Provisions for the employment of consulting engineers in
connection with the construction or operation of the project.
(g) A bank or trust company incorporated under Indiana law that
acts as depository of the proceeds of bonds or other money of the
commission may:
(1) furnish indemnifying bonds; or
(2) pledge securities;
as required by the commission.
(h) A trust agreement may:
(1) set forth the rights and remedies of the bondholders and of
the trustee;
(2) restrict the individual right of action by bondholders as is
customary in trust agreements or trust indentures securing bonds
or debentures of private corporations; and
(3) contain other provisions that the commission considers
reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out a trust agreement may be
treated as a part of the cost of the operation of the park project.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-38
Other revenue powers of commission
Sec. 38. In addition to other powers of the commission to issue
revenue bonds, the commission may also do the following:
(1) Make temporary borrowings in anticipation of the issuance
of revenue bonds or notes and issue revenue bonds or notes to
refund the temporary borrowings.
(2) Negotiate a loan and issue a note for the loan.
(3) Pledge and assign:
(A) leases or use agreements; or
(B) interests in and rentals from leases or use agreements.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-39
Money to be held in trust
Sec. 39. All money received under this chapter or under
IC 14-3-12 (before its repeal), whether:
(1) as proceeds from the sale of bonds;
(2) from revenues; or
(3) from any other source;
is considered to be trust money to be held and applied solely as
provided in this chapter. However, before the time when the money
is needed for use the money may be invested to the extent and in the
manner provided for entities subject to IC 5-13-10.5.
As added by P.L.1-1995, SEC.7. Amended by P.L.18-1996, SEC.29.
IC 14-14-1-40
Money to be kept in depositories
Sec. 40. Money shall be kept in depositories designated as
depositories for money of the state as selected by the commission, in
the manner provided by IC 5-13. The resolution authorizing the
issuance of bonds or the trust agreement securing the bonds must
provide that:
(1) an officer to whom; or
(2) a bank or trust company to which;
the money is entrusted shall act as trustee of the money and shall hold
and apply the money for the purposes of this chapter, subject to this
chapter and the authorizing resolution or trust agreement.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-41
Rights of holders
Sec. 41. A holder of bonds issued under this chapter or under
IC 14-3-12 (before its repeal) or any of the coupons, and the trustee
under a trust agreement, except to the extent the rights may be
restricted by the authorizing resolution or trust agreement, may,
either at law or in equity, by suit, action, mandamus, or other
proceedings:
(1) protect and enforce any right:
(A) under Indiana law; or
(B) granted under:
(i) this chapter or under IC 14-3-12 (before its repeal);
(ii) a trust agreement; or
(iii) the resolution authorizing the issuance of bonds; and
(2) enforce and compel the performance of all duties required
by:
(A) this chapter;
(B) a trust agreement; or
(C) the resolution;
to be performed by the commission or by any officer of the
commission, including the fixing, charging, and collecting of
fees, tolls, rentals, entrance fees, or other charges for the use of
park projects.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-42
Surcharge on fees; special fund
Sec. 42. (a) The natural resources commission may levy a
surcharge not exceeding ten percent (10%), as established by the
natural resources commission, on any of the following:
(1) Admission fees.
(2) Commission rentals.
(3) Boat registrations.
(4) Launching fees.
(5) Mooring fees.
(b) The receipts from a surcharge shall be deposited in a special
fund to be used only to pay rent to the commission and maintenance
of facilities covered by use agreements with the commission as
provided in a use agreement entered into between the department and
the commission. The special fund may be spent for that purpose
without appropriation.
(c) During the life of a use agreement, a surcharge that has been
imposed may not be rescinded or reduced so that the amount in the
special fund and the receipts for one (1) year are less than one and
two-tenths (1.2) times the anticipated rental payment and
maintenance expense of facilities covered by a use agreement.
(d) The money in the special fund does not revert to the state
general fund.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-43
Special revolving fund
Sec. 43. (a) A special revolving fund is created to be used only for
the planning of projects, including the hiring of architects, engineers,
consultants, and other experts and the doing of any work preliminary
to the actual construction of a project.
(b) The money in the special revolving fund does not revert to the
state general fund.
(c) The amount of money in the special revolving fund may not
exceed five hundred thousand dollars ($500,000).
(d) The commission may do the following:
(1) Transfer to the special revolving fund other money in the
commission's possession not otherwise committed or needed.
(2) Place a gift or grant to the commission not limited in
character in the special revolving fund.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-44
Audits
Sec. 44. (a) The:
(1) commission shall have an audit of the commission's books
and accounts to be made at least one (1) time each year by
certified public accountants; and
(2) state board of accounts shall audit annually the accounts,
books, and records of the commission.
(b) The cost of the audits may be treated as a part of the
administrative expense of the commission.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-45
Records
Sec. 45. The commission shall keep a written record of all final
actions of the commission. The record must be open to public
inspection at all reasonable times.
As added by P.L.1-1995, SEC.7.
IC 14-14-1-46
Public purpose; tax exemptions
Sec. 46. (a) The exercise of the powers granted by this chapter will
be in all respects for the benefit of the people of Indiana and for the
increase of their commerce, health, enjoyment, and prosperity. The
operation and maintenance of a park project by the commission will
constitute the performance of essential governmental functions.
(b) The commission is not required to pay taxes or assessments
upon a park project or property acquired or used by the commission
under this chapter or IC 14-3-12 (before its repeal) or upon the
income from the property. The following are exempt from taxation
in Indiana for all purposes except the financial institutions tax
imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1:
(1) Bonds issued under this chapter or under IC 14-3-12 (before
its repeal).
(2) Interest on the bonds.
(3) Proceeds:
(A) received by a holder from the sale of bonds to the extent
of the holder's cost of acquisition;
(B) received upon redemption before maturity; or
(C) received at maturity.
(4) Receipt of the interest and proceeds.
As added by P.L.1-1995, SEC.7. Amended by P.L.254-1997(ss),
SEC.21.
IC 14-14-1-47
Termination, renewal, or default of lease
Sec. 47. (a) Property leased by the commission to another entity
other than the department, at the termination of the lease or a renewal
of the lease, may be leased to the same or other persons upon the
terms the commission determines after following the procedure in
section 17 of this chapter. If the commission does not so lease the
property, the property reverts to the control of the department for the
department's use and operation. The commission may not operate the
property.
(b) If the commission is entitled to take over the operation of
property because of a default in an agreement, the commission may
operate the property through the commission's employees or contract
with others for the operation of the property. The contract for
operation may be with the department if the department is not a
defaulting party.
As added by P.L.1-1995, SEC.7.
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