§ 14-31-2-11 — Transfer of money to stewardship trusts

(a) To ensure the proper management of
natural areas acquired in the campaign, concurrent with the acquisition
of each campaign site:
(1) an amount equal to twenty percent (20%) of the appraised
value of the acquisition shall be transferred from the fund to an
account designated the Indiana natural heritage stewardship trust
I; and
(2) an amount equal to five percent (5%) of the appraised value
of the acquisition shall be transferred from the fund to an account
designated the Indiana natural heritage stewardship trust II.
(b) The amounts to be transferred from the fund to trust I and trust
II must be fully and exclusively derived from the following:
(1) Private contributions to the fund.
(2) Interest earned on private contributions to the fund.
(c) Trust I and trust II shall be maintained in a financial institution
having a uniform interagency trust composite rating of one (1) or two
(2). The financial institution is the trustee of trust I and trust II.
[Pre-1995 Recodification Citation: 14-4-5.1-4.]

Legislative History

As added by P.L.1-1995, SEC.24.