Sec. 1. As used in this chapter:

"Adjusted personal income" for a particular reporting period means the adjusted state personal income for that reporting period as determined under section 3(b) of this chapter.

"Annual growth rate" for a particular reporting period means the percentage change in adjusted personal income for the particular reporting period as determined under section 3(c) of this chapter.

"Budget director" refers to the director of the budget agency established under IC 4-12-1.

"Bureau" means the Bureau of Economic Analysis of the United States Department of Commerce or its successor agency.

"Costs" means the cost of construction, equipment, land, property rights (including leasehold interests), easements, franchises, leases, financing charges, interest costs during and for a reasonable period after construction, architectural, engineering, legal, and other consulting or advisory services, plans, specifications, surveys, cost estimates, and other costs or expenses necessary or incident to the acquisition, development, construction, financing, and operating of an economic growth initiative.

"Current calendar year" means a calendar year during which a transfer to or from the fund is initially determined under sections 4 and 5 of this chapter.

"Current reporting period" means the most recent reporting period for which the following information is published by the bureau:

(1) The implicit price deflator for the gross domestic product.

(2) State personal income.

"Economic growth initiative" means:

(1) the construction, extension, or completion of sewerlines, waterlines, streets, sidewalks, bridges, roads, highways, public ways, and any other infrastructure improvements;

(2) the leasing or purchase of land and any site improvements to land;

(3) the construction, leasing, or purchase of buildings or other structures;

(4) the rehabilitation, renovation, or enlargement of buildings or other structures;

(5) the leasing or purchase of machinery, equipment, or furnishings; or

(6) the training or retraining of employees whose jobs will be created or retained as a result of the initiative.

"Fund" means the counter-cyclical revenue and economic stabilization fund established under this chapter.

"General fund revenue" means all general purpose tax revenue and other unrestricted general purpose revenue of the state, including federal revenue sharing monies, credited to the state general fund and from which appropriations may be made.

"Implicit price deflator for the gross domestic product" means the implicit price deflator for the gross domestic product, or its closest equivalent, which is available from the bureau.

"Political subdivision" has the meaning set forth in IC 36-1-2-13.

"Qualified economic growth initiative" means an economic growth initiative that is:

(1) proposed by or on behalf of a political subdivision to promote economic growth, including the creation or retention of jobs or the infrastructure necessary to create or retain jobs;

(2) supported by a financing plan by or on behalf of the political subdivision in an amount at least equal to the proposed amount of the grant under section 15 of this chapter; and

(3) estimated to cost not less than twelve million five hundred thousand dollars ($12,500,000).

"Reporting period" refers to a period of twelve (12) consecutive months.

"State personal income" means state personal income as that term is defined by the bureau.

"Total state general fund revenue" for a particular state fiscal year means the amount of that revenue for the particular state fiscal year as finally determined by the auditor of state.

"Transfer payments" means current personal transfer receipts as that term is defined by the bureau.

As added by Acts 1982, P.L.22, SEC.1. Amended by P.L.28-1993, SEC.1; P.L.146-2008, SEC.8; P.L.205-2013, SEC.56.