§ 20-42-1-14 — Investments

Indiana § 20-42-1-14

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 42: FIDUCIARY FUNDS AND ACCOUNTS
• Ch. 1: Administration of Common School Fund by County

Text

(a) If the funds remain in the county treasury
of the county for four (4) months without having been loaned under this
chapter, upon the request of the county auditor, the board of county
commissioners may, by an order entered of record, direct the county
treasurer to invest the funds in:
(1) bonds, notes, certificates, and other valid obligations of the
United States; and
(2) bonds, notes, debentures, and other securities issued by any
federal instrumentality that are fully guaranteed by the United
States.
(b) If it becomes necessary to obtain the funds invested in the
government bonds under subsection (a) to be able to make a loan to any
borrower, whose application has been approved and granted, the
treasurer shall sell, at the earliest opportunity, a sufficient amount of
the government bonds to make the loan.
[Pre-2006 Recodification Citation: 21-1-7-6.]

Legislative History

As added by P.L.2-2006, SEC.165.