Sec. 1.5. (a) This section applies to a municipality that meets both of the following:
(1) The municipality has a municipally owned utility that has donated funds of the municipally owned utility to a local economic development organization before July 1, 2012.
(2) The municipality is a city having a population of more than eleven thousand (11,000) but less than eleven thousand four hundred fifty (11,450).
(b) As used in this section, "local economic development organization" includes the following:
(1) A nonprofit corporation established under state law whose primary purpose is the promotion of industrial or business development in Indiana, the retention or expansion of Indiana businesses, or the development of entrepreneurial activities in Indiana.
(2) A nonprofit educational organization whose primary purpose is educating and developing local leadership for economic development initiatives.
(3) Any similar organization, including a partnership between private enterprise and one (1) or more units, the purposes of which include:
(A) promoting development activities in one (1) or more units;
(B) coordinating local efforts to attract jobs and new business investment;
(C) providing assistance to existing businesses to foster growth and job retention; and
(D) sustaining and improving the quality of life in the units served.
(c) A municipal legislative body, with the approval of the board (as defined in IC 8-1.5-3-2) of the municipality's municipally owned utility, may donate funds from the municipally owned utility's surplus earnings (as defined in IC 8-1.5-3-11) to a local economic development organization as long as the terms and conditions of any bond ordinance, resolution, indenture, contract under IC 8-1-2.2, or similar instrument binding upon the municipally owned utility are complied with before the donation is made.
As added by P.L.226-2013, SEC.1.