Sec. 13. (a) Any recipient of an economic development payment must deposit the economic development payment into a separate and segregated bank account not later than five (5) days after its receipt. (b) The bank account referenced in subsection (a): (1) must allow expenditures only in accordance with the terms of the development agreement; (2) must be used to account for and report the proceeds of economic development payments; and (3) must be maintained at an FDIC insured bank that is located in and has a corporate presence in the State of Indiana.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.