Indiana § 20-26-10-9 Joint investment fund; administration; designated depositories

Indiana Statutes

§ 20-26-10-9 — Joint investment fund; administration; designated depositories

Indiana·Title 20 EDUCATION·Art. 26 SCHOOL CORPORATIONS: GENERAL·Ch. 10 Joint Programs and Personnel

(a)The governing bodies of participating school corporations may pay into a joint fund, to be known as the joint investment fund, all or part of the money the governing bodies may otherwise invest under IC 5-13-9. The fund shall be administered by the governing body of the school corporation designated in the written agreement under section 3 of this chapter. The designated governing body shall receive, invest, maintain an account for, and disburse the fund in the same manner as prescribed for other funds for the governing body representing money available for investment and in accordance with the written agreement.

(b)With respect to an investment described in IC 5-13-9, quotes may be solicited and received orally, and the investment shall be made with the designated depository that sub

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(a) The governing bodies of participating
school corporations may pay into a joint fund, to be known as the joint
investment fund, all or part of the money the governing bodies may
otherwise invest under IC 5-13-9. The fund shall be administered by
the governing body of the school corporation designated in the written
agreement under section 3 of this chapter. The designated governing
body shall receive, invest, maintain an account for, and disburse the
fund in the same manner as prescribed for other funds for the
governing body representing money available for investment and in
accordance with the written agreement.
(b) With respect to an investment described in IC 5-13-9, quotes
may be solicited and received orally, and the investment shall be made
with the designated depository that submitted the highest quote. If two
(2) or more designated depositories submit the highest quote, the
investment shall be made either:
(1) by dividing the investment among the depositories so as not
to lose the benefits of the quotes received; or
(2) if division is not practicable, by lot.
(c) The designated depository holding the investment shall remit to
the governing body administering the joint program any money due
under the investment on the date the investment matures and in the
manner directed by the governing body. A designated depository
participating in an agreement for joint investment of money under IC 5-13 shall provide a detailed accounting of the transactions as required
for audit purposes by the state board of accounts.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-5-11-5.]

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