"Because the state Transportation Finance Authority is forbidden by statute from making loans to businesses, the assistance to ATA is being arranged as an asset sale and leaseback."
"The state authority will borrow up to $15.5 million from Bank One to buy spare airline parts, tools and other equipment. Then, it will lease those assets to the Indianapolis International Airport, which in turn would lease them back to ATA."
Wow.. that doesn't sound shady or a clear circumvention of the TFA statute at all.
Good luck with that one ATA. Must've been some horrific loan rates that were offered if a lease of a lease from a 3rd party makes better fiscal sense.