(A) There is hereby created the County Economic Development Revolving Fund, pursuant to I.C. 5-1-14-14(b).
(B) The county may lend the money in the revolving fund to any borrower if the County Council finds that the loan will be used by the borrower for one or more of the following economic development purposes:
(1) Promoting significant opportunities for the gainful employment of the county’s residents;
(2) Attracting a major new business enterprise to the county; and/or
(3) Retaining or expanding a significant business enterprise in the county.
(C) Activities that may be undertaken by the borrower in carrying out an economic development purpose includes expenditures for any of the following:
(1) Acquisition of land;
(2) Acquisition of property interests;
(3) Site improvements;
(4) Infrastructure improvements;
(5) Buildings;
(6) Structures;
(7) Rehabilitation, renovation, or enlargement of buildings or structures;
(8) Machinery;
(9) Equipment; and
(10) Furnishings.
(D) A resolution of the County Council approving a loan from the Revolving Fund must contain the following:
(1) Term of the loan;
(2) Interest rate;
(3) Form of the note or notes;
(4) Medium of payment;
(5) Place and manner of payment;
(6) Manner of execution of the note or notes;
(7) Terms of redemption; and
(8) Any other provisions not inconsistent with this section.
(E) The county may issue bonds pursuant to I.C. 36-9-32-7(b) through 36-9-32-7(j) for the economic development purposes listed in division (C) above, and may repay the indebtedness solely from revenues derived from the repayment of loans made from the Economic Development Revolving Fund.
(F) Money in the Revolving Fund may, at any time, be transferred in whole, or in part, to the county’s Economic Development Income Tax Fund.
(Council Ord. 2015-30, passed 9-10-2015)