§ 20-49-3-12 — Management of funds; state board of finance

Indiana § 20-49-3-12

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 49: STATE MANAGEMENT OF COMMON SCHOOL
• Ch. 3: State Administration of Common School Fund

Text

(a) The state board of finance shall direct all
disbursement from the fund. The state comptroller shall draw the state
comptroller's warrant on the treasurer of state, on a properly itemized
voucher officially approved by:
(1) the president of the state board of finance; or
(2) in the absence of the president, any member of the state board
of finance.
(b) Except as otherwise provided by this chapter, all securities
purchased for the fund shall be deposited with and remain in the
custody of the state board of finance. The state board of finance shall
collect all interest or other income accruing on the securities, when
due, together with the principal of the securities when the principal
matures and is due. Except as provided by subsection (c), all money
collected under this subsection shall be:
(1) credited to the proper fund account on the records of the state
comptroller;
(2) deposited with the treasurer of state; and
(3) reported to the state board of finance.
(c) All money collected under an agreement that is sold, transferred,
or liquidated under IC 20-49-4-23 shall be immediately transferred to
the purchaser, transferee, or assignee of the agreement.
[Pre-2006 Recodification Citation: 21-1-3-9.]

Legislative History

As added by P.L.2-2006, SEC.172. Amended by P.L.9-2024, SEC.406.