Indiana § 21-32-3.5-3 Sinking funds not property of state; investment

Indiana Statutes

§ 21-32-3.5-3 — Sinking funds not property of state; investment

Indiana § 21-32-3.5-3

Title 21HIGHER EDUCATION

Art. 32STATE EDUCATIONAL INSTITUTIONS: BONDS

Ch. 3.5Retirement Liability Bonds

This text of Indiana § 21-32-3.5-3 (Sinking funds not property of state; investment) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 21-32-3.5-3 (2026).

Text

(a)Sinking funds that are created with respect to bonds issued under this chapter to fund retirement liabilities shall be held as private funds held in trust by the board of trustees, and shall not be deemed to be property of the state.

(b)Sinking funds and debt service reserves may be invested in accordance with the provisions of IC 21-29. The principal of, accretions to, or earnings derived from sinking funds and debt service reserve funds may be used:

(1)to pay principal of and interest on bonds issued under this chapter to fund retirement liabilities; and

(2)to pay costs of administration of such sinking funds and debt service reserve funds.

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(a) Sinking funds that are created with
respect to bonds issued under this chapter to fund retirement liabilities
shall be held as private funds held in trust by the board of trustees, and
shall not be deemed to be property of the state.
(b) Sinking funds and debt service reserves may be invested in
accordance with the provisions of IC 21-29. The principal of,
accretions to, or earnings derived from sinking funds and debt service
reserve funds may be used:
(1) to pay principal of and interest on bonds issued under this
chapter to fund retirement liabilities; and
(2) to pay costs of administration of such sinking funds and debt
service reserve funds.