Sec. 1. (a) As used in this chapter, "self-liquidating or nonrecourse project" means:
(1) a project for which a lease or leases have been executed providing for payment in an amount the ports of Indiana determines to be sufficient to pay:
(A) the interest and principal of the bonds to be issued to finance the cost of the project; and
(B) all costs of maintenance, repair, and insurance of the project; or
(2) a project that is structured in such a manner that the ports of Indiana determines there is no recourse against the state or the ports of Indiana.
(b) Other words and terms used in this chapter shall have the same meaning as in IC 8-10-1-2 and the other provisions of this article, unless otherwise specifically provided.
Formerly: Acts 1969, c.292, s.1. As amended by P.L.66-1984, SEC.18; P.L.224-2003, SEC.226 and P.L.271-2003, SEC.26; P.L.232-2005, SEC.8; P.L.98-2008, SEC.45.
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