2014 Indiana Code TITLE 8. UTILITIES AND TRANSPORTATION ARTICLE 21. AERONAUTICS CHAPTER 11. AIRPORT DEVELOPMENT PROGRAM
Download as PDF
IC 8-21-11
Chapter 11. Airport Development Program
IC 8-21-11-1
"Airport" defined
Sec. 1. Notwithstanding IC 8-21-1-1, as used in this chapter,
"airport" means a public use airport (as defined in 49 U.S.C. 47102).
As added by P.L.34-1990, SEC.2. Amended by P.L.1-1999, SEC.22.
IC 8-21-11-2
"Grant fund" defined
Sec. 2. As used in this chapter, "grant fund" refers to the airport
development grant fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-3
"Loan fund" defined
Sec. 3. As used in this chapter, "loan fund" refers to the airport
development revolving loan fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-4
Grant fund; revolving loan fund; administration
Sec. 4. (a) The airport development grant fund and the airport
development revolving loan fund are established for the purposes of
this chapter. The department shall administer the two (2) funds.
(b) The department shall pay the expenses of administering the
funds.
(c) The treasurer of state shall invest the money in each fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund that earns the
interest.
(d) Money in a fund at the end of a state fiscal year does not revert
to the state general fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-5
Program to foster airport development; components; rules
Sec. 5. (a) The department shall adopt rules under IC 4-22-2 to
establish a program to foster airport development in Indiana with
special emphasis on improvement of airports as an economic
development tool. The program must include the following
components:
(1) State grants to airports from the grant fund to match federal
Aviation Trust Fund grants.
(2) State grants to airports from the grant fund for airport
development projects for which federal grants are not available.
(3) Loans to airports from the loan fund for airport development
projects.
(b) The rules must establish the following for both grants and
loans:
(1) Standards of eligibility.
(2) The maximum amount of money for which any one (1)
airport or airport development project is eligible.
(3) Application procedures.
(4) The local matching funds that are required.
(5) Other provisions to administer the grant and loan programs.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-6
Eligibility for grant or loan
Sec. 6. The following may apply to the department for a grant or
a loan for an airport development project:
(1) An eligible entity that has established a board of aviation
commissioners under IC 8-22-2.
(2) An airport authority established under IC 8-22-3.
(3) A public airport established under IC 21-31-7.
(4) Any airport that is eligible for an exemption under
IC 6-1.1-10-15.
As added by P.L.34-1990, SEC.2. Amended by P.L.114-1995, SEC.1;
P.L.2-2007, SEC.138.
IC 8-21-11-7
Allocation of grant funds
Sec. 7. (a) The department shall determine the allocation of grant
funds among eligible applicants. However, the total amount of grants
under this chapter may not exceed the balance in the grant fund.
(b) The budget agency shall certify to the department, the auditor
of state, and the treasurer of state that funds are available for a
specific grant under subsection (a). Upon receipt of the certification
from the budget agency, the funds shall be transmitted to the grant
recipient.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-8
Allocation of loan funds; maximum amount
Sec. 8. (a) The department shall determine the allocation of loan
funds among eligible applicants. However, the total amount of loans
under this chapter may not exceed the balance in the loan fund.
(b) An application for a loan must comply with the following:
(1) Be accompanied by a request for the loan in the form of a
resolution adopted by the applicant's fiscal body in the case of
an eligible entity or the applicant's governing board in the case
of an airport authority.
(2) Be accompanied by a plan for repayment that is determined
by the department to be an adequate plan.
(3) Meet all requirements for a grant from the fund, but not be
the recipient of such a grant.
(4) Meet all requirements that the department establishes.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-9
Terms of loans
Sec. 9. The department shall determine the terms of each loan,
which must include the following:
(1) The duration of the loan, which may not exceed twelve (12)
years.
(2) The repayment schedule of the loan, which must provide
that no payments are due during the first two (2) years of the
loan.
(3) A variable rate of interest to be determined by the
department and adjusted annually. The interest rate must be the
greater of:
(A) five percent (5%); or
(B) two-thirds (2/3) of the interest rate for fifty-two (52)
week United States Treasury bills on the anniversary date of
the loan, but not to exceed ten percent (10%).
(4) The amount of the loan.
(5) Any other conditions specified by the department.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-10
Repayment of loans; source
Sec. 10. As set forth in IC 5-1-14, an applicant may use any source
of revenue to repay a loan under this chapter. This section constitutes
complete authority for an applicant to borrow from the loan fund.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-11
Default on loan repayments; withholding of state funds payable to
recipient
Sec. 11. If a loan recipient fails to make any repayments of a loan,
the auditor of state shall withhold the repayment amount from any
other money payable by the state to the recipient. The amount
withheld shall be transferred to the loan fund to the credit of the
recipient.
As added by P.L.34-1990, SEC.2.
IC 8-21-11-12
Deposit of repayments
Sec. 12. The department shall deposit repayments of principal and
interest on loans in the loan fund to increase the amount that is
available for new loans.
As added by P.L.34-1990, SEC.2.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
