Sec. 9. (a) This section applies only to a regional development authority created or established after June 30, 2017.

(b) The Indiana finance authority shall create the regional development authority infrastructure fund for the purpose of allowing a regional development authority to finance or contribute to the financing of regional transportation infrastructure projects.

(c) The fund is administered by the Indiana finance authority. The Indiana finance authority shall create an account within the fund for each regional development authority established under IC 36-7.5 or IC 36-7.6.

(d) A person, including a political subdivision, may make a contribution or gift to the fund. Any expenditure from the account must be approved by the regional development authority that holds the account within the fund and must be expended for regional transportation infrastructure projects in cooperation with the Indiana department of transportation.

(e) An expenditure from the fund may be used to supplement financing from the Indiana department of transportation for regional transportation infrastructure projects.

(f) The Indiana finance authority shall invest money from the fund in one (1) or more fiduciary accounts with a trustee that is a financial institution. A trustee may make an investment under this subsection in accordance with a trust agreement or indenture and may permit disbursements by the trustee to:

(1) the Indiana finance authority;

(2) the Indiana department of transportation;

(3) the state budget agency; or

(4) any other person provided for in the trust agreement or indenture.

(g) Interest or other income earned on money in the fund becomes part of the fund.

(h) Expenses incurred in the administration of the fund are to be paid from the fund.

(i) A person who makes a contribution or gift to the fund is entitled to a deduction from the taxpayer's adjusted gross income for the taxable year under IC 6-3-2-26.

As added by P.L.229-2017, SEC.43.