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Indiana Code Title 5. State and Local Administration § 5-1.2-2-21

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 21. (a) “Educational facility project” includes the following:

(1) As applied to an educational facility project under IC 5-1.2-8, the following:

(A) The acquisition, construction, enlarging, remodeling, renovation, improvement, furnishing, or equipping of an educational facility by the authority for a nonprofit college or university.

(B) The funding of any liability, other loss, or insurance reserves or the funding and contribution of these insurance reserves or other capital to a risk retention group to provide insurance coverage against liability claims or other losses.

(2) As applied to an educational facility project under IC 5-1.2-9, the following:

(A) The acquisition of land, site improvements, infrastructure improvements, buildings, or structures, the rehabilitation, renovation, and enlargement of buildings and structures, machinery, equipment, furnishings, or facilities (or any combination of these):

(i) comprising or being functionally related and subordinate to any aquaria, botanical societies, historical societies, libraries, museums, performing arts associations or societies, scientific societies, zoological societies, and independent elementary, secondary, or postsecondary educational institutions (or any combination of these) that engage in the cultural, intellectual, scientific, educational, or artistic enrichment of the people of the state, the development or expansion of which serves the purposes set forth in IC 5-1.2-9;  and

(ii) not used or not to be used primarily for sectarian instruction or study or as a place for devotional activities.

(B) Funding (including reimbursement or refinancing) by a nonprofit organization described in subsection (b) of:

(i) real property and improvements;

(ii) personal property;  or

(iii) noncapital costs to fund a judgment, a settlement, or other cost or liability, other than an ordinary and recurring operating cost or expenditure.

(b) For purposes of subsection (a)(2)(B), a nonprofit organization must:

(1) be qualified as tax exempt under Section 501(c)(3) of the Internal Revenue Code;  and

(2) have headquarters or a primary educational or exhibit facility located on property owned by or titled in the name of the state or an agency, a commission, or an instrumentality of the state that serves the purposes set forth in IC 5-1.2-9.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-1.2-2-21 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-1-2-2-21/

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