§ 36-12-3-11 — Certain funds; establishment

Indiana § 36-12-3-11

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 12: LIBRARIES
• Ch. 3: Powers and Duties of Class 1 Public Libraries

Text

(a) A library board shall establish funds to
keep money and securities of the public library as follows:
(1) All money collected from tax levies, interest on investments,
fees, fines, rentals, and other revenues:
(A) shall be deposited into the library operating fund, except as
otherwise provided in this section; and
(B) must be budgeted and expended in the manner required by
law.
(2) All money received from the sale of bonds or other evidences
of indebtedness for the purpose of construction, reconstruction, or
alteration of library buildings, except the premium and accrued
interest on the bonds, shall be deposited into the construction
fund. The money shall be appropriated and expended solely for
the purpose for which the indebtedness is created.
(3) All money derived from the taxes levied for the purpose of
retiring bonds or other evidence of indebtedness, and any
premium or accrued interest that may be received, shall be
deposited into the bond and interest redemption fund. The fund
shall be used for no other purpose than the repayment of
indebtedness.
(4) Money or securities may be accumulated in any library
improvement reserve fund to anticipate necessary future capital
expenditures, such as:
(A) the purchase of land;
(B) the purchase and construction of buildings or structures;
(C) the construction of additions or improvements to existing
structures;
(D) the purchase of equipment; and
(E) all repairs or replacement of buildings or equipment.
(5) Money or securities accepted and received by the library
board as a grant, a gift, a donation, an endowment, a bequest, or
a trust may be:
(A) set aside in a separate fund or funds and shall be expended,
without appropriation, in accordance with the conditions and
purposes specified by the donor; or
(B) set aside in an account with a nonprofit corporation
established for the sole purpose of building permanent
endowments within a community (referred to as a "community
foundation"). The earnings on the funds in the account, either:
(i) deposited by the library; or
(ii) accepted by the community foundation on behalf of the
library;
may be distributed back to the library for expenditure, without
appropriation, in accordance with the conditions and purposes
specified by the donor. A community foundation that distributes
earnings under this clause is not required to make more than
one (1) distribution of earnings in a calendar year.
(6) All money received in payment for library services or for
library purchases made or to be made under the terms of a
contract between two (2) or more public libraries under section 7
of this chapter shall be deposited into the contractual service fund.
This money shall be:
(A) expended solely for the purposes specified in the contract;
and
(B) disbursed without further appropriation.
(b) The library board may invest excess funds in accordance with IC 5-13-9.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-3-9.]

Legislative History

As added by P.L.1-2005, SEC.49.