§ 14-37-10-4 — Amount of money in fund; investments; transfer to state general fund

Indiana § 14-37-10-4

• Jurisdiction: Indiana
• Art. 37: OIL AND GAS
• Ch. 10: Oil and Gas Environmental Fund

Text

(a) Except as provided in subsection (d),
money in the fund does not revert to the state general fund at the end
of a state fiscal year.
(b) The total amount of money in the fund may not exceed one
million five hundred thousand dollars ($1,500,000). Any amount of
money in the fund exceeding one million five hundred thousand dollars
($1,500,000) on November 1 of a year reverts to the oil and gas fund
established by IC 6-8-1-27. The fund must maintain a balance of at
least five hundred thousand dollars ($500,000) as a surety fund for
operators who are not required to execute a bond under IC 14-37-6-1.
Expenditures that would reduce the fund below five hundred thousand
dollars ($500,000) must be approved by the budget agency.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public money may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(d) If the fund is abolished, all money in the fund is transferred to
the state general fund.
(e) The expenses of administering the fund shall be paid from
money in the fund. However, the department may not expend more
than five percent (5%) of the money in the fund for administering the
fund each state fiscal year.
[Pre-1995 Recodification Citation: 13-8-12-3.]

Legislative History

As added by P.L.1-1995, SEC.30. Amended by P.L.48-2002, SEC.6.