§ 15-15-12-29 — Payment of expenses; investments; market development

Indiana § 15-15-12-29

• Jurisdiction: Indiana
• Art. 15: HORTICULTURE PRODUCTS
• Ch. 12: Indiana Corn Market Development

Text

(a) The council shall pay all expenses
incurred under this chapter with money from the assessments remitted
to the council under this chapter.
(b) The council may invest all money the council receives under this
chapter, including gifts or grants that are given for the express purpose
of implementing this chapter, in the same way allowed by law for
public funds.
(c) The council may expend money from assessments and from
investment income not needed for expenses for market development,
promotion, and research.
(d) The council may not use money received, collected, or accrued
under this chapter for any purpose other than the purposes authorized
by this chapter. The amount of money expended on administering this
chapter in the council's fiscal year may not exceed ten percent (10%)
of the average amount of assessments, grants, and gifts received by the
council as calculated under subsection (e).
(e) The council shall determine the amount that it may expend to
administer this chapter, using the following formula:
STEP ONE: Determine the amount of assessments, grants, and
gifts received by the council in each of the preceding five (5)
fiscal years beginning with the immediately preceding fiscal year.
STEP TWO: Determine the average annual amount of
assessments, grants, and gifts received by the council in each
fiscal year using three (3) of the five (5) fiscal years described in
STEP ONE after excluding the two (2) years in which the amount
of assessments, grants, and gifts received by the council were the
highest and lowest totals.
STEP THREE: Divide the amount in STEP TWO by ten (10).
The amount in STEP THREE is the maximum amount that the council
may expend on administering this chapter for the current fiscal year.
(f) The cost of processing refunds and applying for grants is not an
administrative expense under this section.
[Pre-2008 Recodification Citation: 15-4-10-24.]

Legislative History

As added by P.L.2-2008, SEC.6. Amended by P.L.148-2009, SEC.4; P.L.98-2012, SEC.8.