Lake County convention and event center authorizations

Sec. 11.5. (a) Notwithstanding any other law: (1) the northwest Indiana regional development authority is authorized to issue and sell bonds to the Indiana finance authority under chapter 4 of this article for the purpose of financing the Lake County convention and event center, to pay such bonds from lease rental payments received from the City of Gary, and to construct the Lake County convention and event center for lease to the City of Gary and the Lake County convention center authority; (2) the City of Gary is authorized to lease the Lake County convention and event center from the northwest Indiana regional development authority for construction of the Lake County convention and event center and pledge amounts for payment of lease rentals; (3) the Indiana finance authority is authorized to purchase bonds of the northwest Indiana regional development authority for the Lake County convention and event center; and (4) the northwest Indiana regional development authority, the City of Gary, and the Indiana finance authority are authorized to enter into a governance agreement for the Lake County convention and event center. (b) No action may be brought challenging any: (1) lease; (2) resolution; (3) ordinance; (4) contract; (5) issuance of bonds; (6) issuance of notes; (7) issuance of obligations; (8) decision; or (9) other action taken under this article; more than fifteen (15) days after the adoption of a resolution or ordinance approving an item described under this subsection. (c) Upon the expiration of the fifteen (15) day period described in subsection (b), any item described in subsection (b) shall be conclusively presumed to be fully authorized under the laws of the state and any person shall be estopped from challenging the authorization, validity, execution of, delivery of, or issuance of any of the items described in subsection (b).