§ 27-1-29-10 — Political subdivision risk management fund; purpose; administration; expenses; depositories; investment; reserve account

(a) The political subdivision risk
management fund is established for the purpose of:
(1) paying the liabilities of political subdivisions to the extent
specified in this chapter;
(2) receiving assessments paid by political subdivisions to
replenish the fund and to pay the principal of and interest on
bonds or notes issued by the commission under section 17(b)(2)
of this chapter; and
(3) receiving money from any other source.
(b) The fund shall be administered by the commission.
(c) The expenses of administering the fund shall be paid from
money in the fund.
(d) All money received by the commission under this chapter,
whether as assessments, proceeds from the sale of bonds, or revenues,
are trust funds, to be held and applied solely as provided in this
chapter. Current operating funds shall be kept in depositories selected
by the commission. The commission shall deposit with the treasurer of
state the money in the fund not currently needed to meet the obligations
of the fund, and the treasurer of state shall invest such money for the
commission in accordance with the provisions of any resolution or trust
agreement that the commission adopts or enters into under this chapter.
Interest that accrues from these investments shall be credited to the
commission and to the fund.
(e) Money in the fund at the end of a particular fiscal year does not
revert to the state general fund.
(f) The commission shall create a reserve account in the fund and
shall capitalize the reserve account through the surcharges levied under
section 7(b)(10) of this chapter.

Legislative History

As added by P.L.162-1986, SEC.1. Amended by P.L.272-1987, SEC.4.