Indiana § 16-22-3-20 Investment of hospital funds

Indiana Statutes

§ 16-22-3-20 — Investment of hospital funds

Indiana·Title 16 HEALTH·Art. 22 COUNTY HOSPITALS·Ch. 3 Powers of Hospital Governing Boards

(a)As used in this section, "financial institution" has the meaning set forth in IC 5-13-4-10.

(b)The board may invest money in the hospital funds within the county or the state as the board determines. The money may be invested in the following:

(1)Any account paying interest and subject to withdrawal by negotiable orders of withdrawal, unlimited as to amount or number (NOW accounts).

(2)Passbook savings accounts.

(3)Certificates of deposit.

(4)Money market deposit accounts.

(5)Any interest bearing account that is authorized to be set up and offered by a financial institution or brokerage firm registered and authorized to do business in Indiana.

(6)Repurchase or resale agreements involving the purchase and guaranteed resale of any interest bearing obligations issued or fully insur

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(a) As used in this section, "financial
institution" has the meaning set forth in IC 5-13-4-10.
(b) The board may invest money in the hospital funds within the
county or the state as the board determines. The money may be
invested in the following:
(1) Any account paying interest and subject to withdrawal by
negotiable orders of withdrawal, unlimited as to amount or
number (NOW accounts).
(2) Passbook savings accounts.
(3) Certificates of deposit.
(4) Money market deposit accounts.
(5) Any interest bearing account that is authorized to be set up
and offered by a financial institution or brokerage firm registered
and authorized to do business in Indiana.
(6) Repurchase or resale agreements involving the purchase and
guaranteed resale of any interest bearing obligations issued or
fully insured or guaranteed by the United States or any United
States government agency in which type of agreement the amount
of money must be fully collateralized by interest bearing
obligations as determined by the current market value computed
on the day the agreement is effective.
(7) Mutual funds offered by a financial institution or brokerage
firm registered and authorized to do business in Indiana.
(8) Securities backed by the full faith and credit of the United
States Treasury or fully insured or guaranteed by the United
States or any United States government agency.
(9) Pooled fund investments for participating hospitals offered,
managed, and administered by a financial institution or brokerage
firm registered or authorized to do business in Indiana.
This subsection does not prevent the board from using money in the
hospital funds to capitalize projects undertaken under section 1(b) and
1(c) of this chapter.
(c) Any interest derived from an investment under subsection (b)
becomes a part of the hospital funds invested. Interest derived from the
investment of money raised by bonded or other indebtedness in excess
of funds needed for hospital buildings may be applied by the governing
board to the appropriate bond redemption, interest, or sinking fund.
[Pre-1993 Recodification Citation: 16-12.1-3-16.]