§ 36-8-7-10 — Investment of funds

Indiana § 36-8-7-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 7: 1937 Firefighters' Pension Fund

Text

(a) The local board shall determine how much
of the 1937 fund may be safely invested and how much should be
retained for the needs of the fund. Investments are restricted to the
following:
(1) Interest bearing direct obligations of the United States or of
the state or bonds lawfully issued by an Indiana political
subdivision. The securities shall be deposited with and must
remain in the custody of the treasurer of the local board, who shall
collect the interest on them as it becomes due and payable.
(2) Savings deposits or certificates of deposit of a chartered
national, state, or mutual bank whose deposits are insured by a
federal agency. However, deposits may not be made in excess of
the amount of insurance protection afforded a member or investor
of the bank.
(3) Shares of a federal savings association organized under 12
U.S.C. 1461, as amended, and having its principal office in
Indiana, or of a savings association organized and operating under
Indiana statutes whose accounts are insured by a federal agency.
However, shares may not be purchased in excess of the amount of
insurance protection afforded a member or investor of the
association.
(4) An investment made under IC 5-13-9.
(b) All securities must be kept on deposit with the unit's fiscal
officer, who shall collect all interest due and credit it to the 1937 fund.
(c) The fiscal officer shall keep a separate account of the 1937 fund
and shall fully and accurately set forth a statement of all money
received and paid out by the fiscal officer. The fiscal officer shall, on
the first Monday of January and June of each year, make a report to the
local board of all money received and distributed by the fiscal officer.
The president of the local board shall execute the officer's bond in the
sum that the local board considers adequate, conditioned that the fiscal
officer will faithfully discharge the duties of the fiscal officer's office
and faithfully account for and pay over to the persons authorized to
receive it all money that comes into the fiscal officer's hands by virtue
of the fiscal officer's office. The bond and sureties must be approved by
the local board and filed with the executive of the unit. The local board
shall make a full and accurate report of the condition of the 1937 fund
to the unit's fiscal officer on the first Monday of February in each year.
(d) All securities that were owned by and held in the name of the
local board on January 1, 1938, shall be held and kept for the local
board by the unit's fiscal officer until they mature and are retired.
However, if an issue of the securities is refunded, the local board shall
accept refunding securities in exchange for and in an amount equal to
the securities refunded. All money received by the local board for the
surrender of matured and retired securities shall be paid into and
constitutes a part of the 1937 fund of the unit, as provided in section 8
of this chapter.
(e) Investments under this section are subject to section 2.5 of this
chapter.
[Pre-Local Government Recodification Citation: 19-1-37-12
part.]
As added by Acts 1981, P.L.309, SEC.57. Amended by
P.L.55-1989, SEC.53; P.L.79-1998, SEC.109; P.L.35-1999, SEC.9;
P.L.173-2003, SEC.34; P.L.127-2017, SEC.251.