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Senate Bill 0578

Senate Bill 0578

ARCHIVE (2005)

Latest Information

DIGEST OF SB 578 (Updated April 29, 2005 12:38 pm - DI 44)

State bonding entities. Changes the membership of the Indiana development finance authority, and renames it as the Indiana finance authority (IFA). Transfers the powers and duties of the state office building commission, the transportation finance authority, and the recreational development authority to the IFA. Establishes the office of public finance director. Requires the IFA to establish a state debt management plan. Authorizes the IFA to issue bonds for the wastewater and drinking water revolving loan programs. Requires the IFA to administer the wastewater and drinking water revolving loan programs, the supplemental drinking water and wastewater assistance programs, and the environmental remediation revolving loan program. Transfers to the IFA powers and duties of the budget agency and department of environmental management with respect to the programs. Repeals provisions concerning certain duties relating to the administration of the programs. Combines the health facility financing authority and the educational facilities authority into a new health and educational facility financing authority. Renames the housing finance authority as the housing and community development authority. Requires the IFA, the health and educational facility financing authority, and the housing and community development authority to adopt investment policies, and permits them to enter into swap agreements subject to those policies. Provides that certain actions taken by the IFA and the Indiana bond bank that might establish a moral obligation are subject to review by the budget committee and approval by the budget director. Replaces the director of the department of financial institutions with the public finance director on the board of directors of the Indiana bond bank. Changes the membership of the housing and community development authority. Transfers to the Indiana housing and community development authority responsibility for: (1) the administration of the individual development account program; (2) the administration of the homeowner education account program; and (3) the approval of contributions and programs for purposes of determining eligibility for the neighborhood assistance tax credit. Makes the issuance of bonds by the housing and community development authority, the port commission, or the state fair commission subject to the approval of the governor. Reduces the maximum term of bonds issued by the port commission from 50 years to 35 years. Establishes the Indiana broadband development program to be administered by the IFA to encourage the development of affordable broadband services and networks in underserved areas in Indiana. Prohibits the White River state park development commission and the Indiana political subdivision risk management commission from issuing bonds after June 30, 2005. Provides that the budget agency may request and consider the recommendation of the staff of the IFA with respect to the approval of certain bond issues by state universities. Makes provisions concerning surety bonds and annual reporting requirements consistent in various statutes governing bonding entities. Repeals provisions concerning the organization and administration of entities that are replaced by the IFA. Repeals criminal penalties for conflicts of interest under the state office building commission statute. Legalizes bonds, notes, contracts, and obligations previously issued or entered into by certain bonding entities. Makes other conforming changes.
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