MADAM PRESIDENT:
The Senate Committee on Rules and Legislative Procedure, to which was referred Senate Bill No. 91,
has had the same under consideration and begs leave to report the same back to the Senate with the
recommendation that said bill be AMENDED as follows:
Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning
economic development.
Delete everything after the enacting clause and insert the
following:
SECTION 1. IC 4-4-10.9-1.2, AS AMENDED BY P.L.1-2010,
SECTION 5, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 1.2. "Affected statutes" means all statutes that
grant a power to or impose a duty on the authority, including but not
limited to IC 4-4-11, IC 4-4-11.4, IC 4-4-11.6, IC 4-4-21, IC 4-13.5,
IC 5-1-16, IC 5-1-16.5, IC 5-1-17.5, IC 8-9.5, IC 8-14.5, IC 8-15,
IC 8-15.5, IC 8-16, IC 13-18-13, IC 13-18-21, IC 13-19-5, and
IC 14-14.
SOURCE: IC 4-4-11-2; (13)PD4355.2. -->
SECTION 2. IC 4-4-11-2, AS AMENDED BY P.L.235-2005,
SECTION 7, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 2. (a) The legislature makes the following
findings of fact:
(1) That there currently exists in certain areas of the state critical
conditions of unemployment, inadequate drinking water,
inadequate wastewater and storm water management, or
environmental pollution, including water pollution, air pollution,
sewage and solid waste, radioactive waste, thermal pollution,
radiation contamination, and noise pollution, and that these
conditions may well exist, from time to time, in other areas of the
state.
(2) That in some areas of the state such conditions are chronic
and of long standing and that without remedial measures they
may become so in other areas of the state.
(3) That economic insecurity due to unemployment, inadequate
drinking water, inadequate wastewater and storm water
management, or environmental pollution is a menace to the
health, safety, morals, and general welfare of not only the people
of the affected areas but of the people of the entire state.
(4) That involuntary unemployment and its resulting burden of
indigency falls with crushing force upon the unemployed worker
and ultimately upon the state in the form of public assistance and
unemployment compensation.
(5) That security against unemployment and the resulting spread
of indigency and economic stagnation in the areas affected can
best be provided by:
(A) the promotion, attraction, stimulation, rehabilitation,
and revitalization of industrial development projects, rural
development projects, mining operations, and agricultural
operations that involve the processing of agricultural
products;
(B) the promotion and stimulation of international exports;
and
(C) the education, both formal and informal, of people of all
ages throughout the state by the promotion, attraction,
construction, renovation, rehabilitation, and revitalization
of and assistance to educational facility projects.
(6) That the present and prospective health, safety, morals, right
to gainful employment, and general welfare of the people of the
state require as a public purpose the provision of safe drinking
water, the provision of wastewater and storm water management,
the abatement or control of pollution, the promotion of increased
educational enrichment (including cultural, intellectual,
scientific, or artistic opportunities) for people of all ages through
new, expanded, or revitalized educational facility projects or
through assisting educational facility projects, and the promotion
of employment creation or retention through development of
new and expanded industrial development projects, rural
development projects, mining operations, and agricultural
operations that involve the processing of agricultural products.
(7) That there is a need to stimulate a larger flow of private
investment funds from commercial banks, investment bankers,
insurance companies, other financial institutions, and individuals
into such industrial development projects, rural development
projects, mining operations, international exports, and
agricultural operations that involve the processing of agricultural
products in the state.
(8) That the authority can encourage the making of loans or
leases for creation or expansion of industrial development
projects, rural development projects, mining operations,
international exports, and agricultural operations that involve the
processing of agricultural products, thus putting a larger portion
of the private capital available in Indiana for investment to use
in the general economic development of the state.
(9) That the issuance of bonds of the authority to create a
financing pool for industrial development projects and carrying
out the purposes of IC 13-18-13 and IC 13-18-21 promoting a
substantial likelihood of opportunities for:
(A) gainful employment;
(B) business opportunities;
(C) educational enrichment (including cultural, intellectual,
scientific, or artistic opportunities);
(D) the abatement, reduction, or prevention of pollution;
(E) the provision of safe drinking water;
(F) the provision of wastewater and storm water
management;
(G) the removal or treatment of any substances in materials
being processed that otherwise would cause pollution when
used; or
(H) increased options for and availability of child care;
will improve the health, safety, morals, and general welfare of
the people of the state and constitutes a public purpose for which
the authority shall exist and operate.
(10) That the issuance of bonds of the authority to create a
funding source for the making of guaranteed participating loans
will promote and encourage an expanding international exports
market and international exports sales and will promote the
general welfare of all of the people of Indiana by assisting
Indiana businesses through stimulation of the expansion of
international exports sales for Indiana products and services,
especially those of small and medium-sized businesses, by
providing financial assistance through the authority.
(b) The Indiana finance authority shall exist and operate for the
public purposes of:
(1) promoting opportunities for gainful employment and
business opportunities by the promotion and development of
industrial development projects, rural development projects,
mining operations, international exports, and agricultural
operations that involve the processing of agricultural products,
in any areas of the state;
(2) promoting the educational enrichment (including cultural,
intellectual, scientific, or artistic opportunities) of all the people
of the state by the promotion, development, and assistance of
educational facility projects;
(3) promoting affordable farm credit and agricultural loan
financing at interest rates that are consistent with the needs of
borrowers for farming and agricultural enterprises;
(4) preventing and remediating environmental pollution,
including water pollution, air pollution, sewage and solid waste
disposal, radioactive waste, thermal pollution, radiation
contamination, and noise pollution affecting the health and
well-being of the people of the state by:
covered taxes earned in the motorsports investment district. The
allocation provision must apply to the entire motorsports
investment district. The resolution must state an expiration date
for the motorsports investment district, which must be not later
than thirty (30) years after the date of the adoption of the
resolution.
(b) The department may adopt rules and guidelines to govern
the allocation of covered taxes to the motorsports investment
district.
Sec. 11. (a) Upon adoption by the authority of a resolution
establishing a motorsports investment district under this chapter,
the authority shall submit the resolution to the budget committee
for review and recommendation to the budget agency.
(b) The budget committee shall meet not later than sixty (60)
days after receipt of a resolution under subsection (a) and shall
make a recommendation on the resolution to the budget agency.
Sec. 12. (a) The budget agency must approve the resolution
establishing the motorsports investment district before covered
taxes may be allocated under this chapter.
(b) To approve a resolution to establish a motorsports
investment district, the budget committee and the budget agency
must make the following findings:
(1) The capital improvements to be made within the qualified
motorsports facility are economically sound and will benefit
the people of Indiana by protecting or increasing state and
local tax bases and tax revenues for at least the duration of
the motorsports investment district.
(2) The political subdivisions affected by the capital
improvements to be made within the qualified motorsports
facility have committed significant resources toward
completion of the improvement.
(c) The maximum amount of covered taxes that may be
captured from the motorsports investment district and allocated to
the professional motorsports development area fund (established
under section 14 of this chapter) in a state fiscal year may not
exceed five million dollars ($5,000,000).
(d) Covered taxes may be captured from the motorsports
investment district and allocated to the professional motorsports
development area fund (established under section 14 of this
chapter) only for twenty (20) years from the date on which covered
taxes are first allocated to the professional motorsports
development area fund.
Sec. 13. (a) If the authority adopts a resolution establishing a
motorsports investment district, the authority shall notify the
department by certified mail of the adoption of the resolution and
shall include with the notification a complete list of the following:
(1) Employers in the motorsports investment district.
(2) Street names and the range of street numbers of each
street in the motorsports investment district.
(b) The authority shall update the list prepared under
subsection (a) before July 1 of each year.
Sec. 14. (a) If a motorsports investment district is established
under this chapter, a state fund known as the professional
motorsports development area fund is established for the
motorsports investment district. The fund shall be administered by
the department. Money in the fund does not revert to the state
general fund at the end of a state fiscal year.
(b) Covered taxes attributable to a motorsports investment
district shall be deposited in the professional motorsports
development area fund as provided in this chapter.
(c) On or before the twentieth day of each month, all amounts
held in the professional motorsports development area fund shall
be distributed to the authority.
(d) The department shall notify the fiscal officer of the
authority of the amount of covered taxes to be distributed to the
authority under this section.
(e) All distributions from the professional motorsports
development area fund to the authority shall be made by warrants
issued by the auditor of state to the treasurer of state ordering
those payments to the authority.
(f) Distributions from the professional motorsports
development area fund to the authority may be used for the
following:
(1) Structures or other capital improvements that are located
in the motorsports investment district.
(2) Financing or refinancing structures or other capital
improvements described in subdivision (1) or the payment of
bonds or leases for structures or other capital improvements
described in subdivision (1).
Sec. 15. (a) The authority may do any of the following:
(1) Finance, improve, construct, reconstruct, renovate,
purchase, lease, acquire, and equip structures and capital
improvements within a qualified motorsports facility.
(2) Lease or sell structures or capital improvements to a
qualified motorsports facility.
(3) Exercise the authority's powers under IC 4-4-11 within a
qualified motorsports facility.
(b) The authority is subject to the provisions of 25 IAC 5
concerning equal opportunities for minority business enterprises
and women's business enterprises to participate in procurement
and contracting processes. In addition, the authority shall set a
goal for participation by minority business enterprises of fifteen
percent (15%) and women's business enterprises of five percent
(5%), consistent with the goals of delivering the project on time
and within the budgeted amount and, insofar as possible, using
Indiana businesses for employees, goods, and services. In fulfilling
the goal, the authority shall take into account historical precedents
in the same market.
Sec. 16. (a) Subject to subsection (g), the authority may issue
bonds for the purpose of obtaining money to pay the cost of
improving, constructing, reconstructing, renovating, acquiring, or
equipping structures and capital improvements within a qualified
motorsports facility.
(b) The bonds shall be authorized by a resolution of the
authority.
(c) The terms and form of the bonds must be set out either in
the resolution or in a form of trust indenture approved by the
resolution.
(d) The bonds must mature within twenty (20) years.
(e) The authority shall sell the bonds at public or private sale
upon the terms determined by the authority.
(f) All money received from any bonds issued under this
chapter shall be applied to the payment of the cost of improving,
constructing, reconstructing, renovating, acquiring, or equipping
structures and capital improvements within a qualified
motorsports facility, or payment of the cost of refunding or
refinancing outstanding bonds for which the bonds are issued. The
cost may include:
(1) planning and development of the capital improvement
and all buildings, facilities, structures, and improvements
related to it;
(2) acquisition of a site and clearing and preparing the site
for construction;
(3) equipment, facilities, structures, and improvements that
are necessary or desirable to make the capital improvement
suitable for use and operations;
(4) architectural, engineering, consultant, and attorney's
fees;
(5) incidental expenses in connection with the issuance and
sale of bonds;
(6) reserves for principal and interest;
(7) interest during construction;
(8) financial advisory fees;
(9) insurance during construction;
(10) bond insurance, debt service reserve insurance, letters
of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums (if any) for, and interest
on the bonds being refunded or refinanced.
(g) The authority may not issue bonds under this chapter
unless the authority first finds that the following conditions are
met:
(1) Each contract or subcontract for the construction of a
capital improvement to be financed in whole or in part
through the issuance of the bonds:
(A) requires payment of the common construction wage
required by IC 5-16-7; and
(B) requires the contractor or subcontractor to enter
into a project labor agreement as a condition of being
awarded and performing work on the contract.
and when so amended that said bill be reassigned to the Senate Committee on Appropriations.