Sec. 5. (a) This section does not apply to any indebtedness issued by the authority if: (1) the proceeds will be used for a project that has been specifically authorized by the general assembly; or (2) the indebtedness is authorized under the referenced statutes. (b) Notwithstanding any other law in effect before: (1) the authority issues indebtedness that establishes a procedure for the authority or a person acting on behalf of the authority to certify to the general assembly the amount needed to restore a debt service reserve fund or another fund to a required level; or (2) execution by the authority of any other agreement that creates a moral obligation of the state to pay all or any part of any indebtedness issued by the authority; the authority is subject to, and shall comply with, to the extent practicable, the requirements set forth in IC 5-1.5-5-4 (c) through IC 5-1.5-5-4 (h) as if the authority were specifically named in IC 5-1.5-5-4 (c) through IC 5-1.5-5-4 (h). (c) In addition: (1) indebtedness described in IC 5-1.5-5-4 (c) through IC 5-1.5-5-4 (h) is considered a reference to an indebtedness or agreement referred to in this section; and (2) a qualified entity referred to in IC 5-1.5-5-4 (c) through IC 5-1.5-5-4 (h) is considered a reference to a borrower of any indebtedness and to any other parties referred to in this section.
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