Indiana § 36-1-8-12 Special fund for state grant money and local matching money;
reversion of unused money

Indiana Statutes

§ 36-1-8-12 — Special fund for state grant money and local matching money; reversion of unused money

Indiana·Title 36 LOCAL GOVERNMENT·Art. 1 GENERAL PROVISIONS·Ch. 8 Miscellaneous Fiscal and Administrative Provisions

(a)If a political subdivision other than a school corporation receives state grant money requiring local matching money, the political subdivision shall create a special fund and deposit the grant money and matching money into the special fund. The money in the fund may be used only for the purposes of the grant.

(b)If a political subdivision completes the project for which the state grant money was provided and money remains in the fund:

(1)the political subdivision shall transfer the state's share of the remaining money to the treasurer of state for deposit in the fund from which the grant was made; and

(2)the political subdivision's pro rata share of the remaining money reverts to the political subdivision's general fund.

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(a) If a political subdivision other than a
school corporation receives state grant money requiring local matching
money, the political subdivision shall create a special fund and deposit
the grant money and matching money into the special fund. The money
in the fund may be used only for the purposes of the grant.
(b) If a political subdivision completes the project for which the
state grant money was provided and money remains in the fund:
(1) the political subdivision shall transfer the state's share of the
remaining money to the treasurer of state for deposit in the fund
from which the grant was made; and
(2) the political subdivision's pro rata share of the remaining
money reverts to the political subdivision's general fund.

Indiana § 36-1-8-12 (Special fund for state grant money and local matching money; reversion of unused money) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.