DIGEST OF SB63 (Updated January 18, 2012 3:50 pm - DI yl)
Ports of Indiana. Provides that certain leasehold interests in real property, including improvements, are exempt from property taxation if the real property is part of a port or project of the ports of Indiana (ports). Provides that unpaid property taxes on leasehold interests that are not exempt remain the liability of the lessee. Specifies that the ports may issue bonds at public or private sale. Reduces from three to one the number of appraisers required to appraise property before the ports may sell the property. Provides that leases of self-liquidating and nonrecourse projects are not subject to approval by the governor. Authorizes the ports to determine the time and manner of sales of property interests financed by bond proceeds. Increases the maturity date of bonds issued by the ports from 35 to 40 years. Removes a requirement that the state board of accounts conduct an annual audit of the ports. Decreases from six months to 60 days the period during which the ports may enter into contracts without advertising for bids. Excludes the ports from the common construction wage for purposes of self-liquidating or nonrecourse projects that are not located at a port. Provides that the common construction wage that applies to certain contracts let by the ports is the wage rate in effect on the earliest date that the ports publishes notice of the contract.