§ 20-47-1-3 — Political subdivisions; donations of gaming revenues to public school endowment corporations

Indiana § 20-47-1-3

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 47: RELATED ENTITIES; HOLDING COMPANIES
• Ch. 1: Public Foundations

Text

(a) As used in this section, "gaming revenue"
has the meaning set forth in IC 36-1-14-1(b).
(b) A political subdivision may donate gaming revenue to a public
school endowment corporation under the following conditions:
(1) The public school endowment corporation retains all rights to
the donation, including investment powers.
(2) The public school endowment corporation agrees to return the
donation to the political subdivision if the corporation:
(A) loses the corporation's status as a public charitable
organization;
(B) is liquidated; or
(C) violates any condition of the endowment set by the fiscal
body of the political subdivision.
[Pre-2006 Recodification Citation: 20-26-5-21(d).]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.29.