IC 5-28-10-15: "Operating expenditures"; amount and use of grants

Sec. 15. (a) For purposes of this section, "operating expenditures" includes the following:

(1) Business plans.

(2) Marketing studies.

(3) Mentor identification.

(4) Securitization of capital.

(5) Legal services.

(6) Other necessary services.

(b) The total of all grants provided under this chapter for a technology park may not exceed the following:

(1) Two million dollars ($2,000,000) for the leasing, construction, or purchase of capital assets.

(2) Two million dollars ($2,000,000) for operating expenditures, and, subject to subsection (d), with not more than five hundred thousand dollars ($500,000) being distributed in any one (1) fiscal year.

(c) This subsection applies to a grant provided under subsection (b)(1) for the leasing of a capital asset. The grant may be applied only to lease payments made during:

(1) the fiscal year; or

(2) each of the three (3) fiscal years immediately following the fiscal year;

in which the grant is provided.

(d) The annual distribution of a grant under subsection (b)(2) may not exceed the following:

(1) Eighty percent (80%) of total operating expenditures in the fiscal year in which the grant is provided.

(2) Sixty percent (60%) of total operating expenditures in the fiscal year after the fiscal year in which the grant is provided.

(3) Forty percent (40%) of total operating expenditures in the second fiscal year after the fiscal year in which the grant is provided.

(4) Twenty percent (20%) of total operating expenditures in the third fiscal year after the fiscal year in which the grant is provided.