DIGEST OF INTRODUCED BILL
Indiana economic development corporation. Provides that the Indiana economic development corporation (IEDC) may enter into a contract only if the contract is reviewed and approved by the attorney general in the same manner provided by law for the attorney general's review and approval of contracts to which a state agency is a party. Specifies that in carrying out its duties (including making or approving any grants, loans, loan guarantees, or tax credits), the IEDC board shall act with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims. Provides that in addition to any other requirements, the IEDC board may not approve an application for a grant or loan from the twenty-first century research and technology fund unless the applicant matches the grant or loan at a rate that is not less than $4 of private capital for each $1 granted or loaned from the fund to the applicant. Requires the IEDC board to review applications for a grant or loan from the twenty-first century research and technology fund to determine that the resources the applicant and other entities have committed to the financing of the project are likely to be available for use in financing the project. Provides that the IEDC board may require an applicant to post a bond or deposit an amount with a depository or trustee or in an escrow account to ensure that the resources committed to the financing of the project will be available.