Indiana § 36-8-7.5-11 Investments of local board

Indiana Statutes

§ 36-8-7.5-11 — Investments of local board

Indiana § 36-8-7.5-11

Title 36LOCAL GOVERNMENT

Art. 8PUBLIC SAFETY

Ch. 7.51953 Police Pension Fund (Indianapolis)

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Bluebook

Ind. Code § 36-8-7.5-11 (2026).

Text

(a)The local board shall determine how much of the 1953 fund may be safely invested and how much should be retained for the needs of the fund. The investment shall be made in interest bearing direct obligations of the United States, obligations or issues guaranteed by the United States, bonds of the state of Indiana or any political subdivision, or street, sewer, or other improvement bonds of the state of Indiana or any political subdivision. However, the local board may not invest in obligations issued by the consolidated city, the county, or any political subdivision in the county. Any securities shall be deposited with and remain in the custody of the treasurer of the local board, who shall collect the interest due on them as it becomes due and payable. The local board may sell any of

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(a) The local board shall determine how
much of the 1953 fund may be safely invested and how much should
be retained for the needs of the fund. The investment shall be made in
interest bearing direct obligations of the United States, obligations or
issues guaranteed by the United States, bonds of the state of Indiana or
any political subdivision, or street, sewer, or other improvement bonds
of the state of Indiana or any political subdivision. However, the local
board may not invest in obligations issued by the consolidated city, the
county, or any political subdivision in the county. Any securities shall
be deposited with and remain in the custody of the treasurer of the local
board, who shall collect the interest due on them as it becomes due and
payable. The local board may sell any of the securities belonging to the
1953 fund and borrow money upon the securities as collateral
whenever in the judgment of the local board this action is necessary to
meet the cash requirements of the 1953 fund.
(b) The revenues derived from the tax levy authorized by section
10(c) of this chapter may not be invested but shall be used for the
exclusive purpose of paying the pensions and benefits that the local
board is obligated to pay. These revenues are in addition to all money
derived from the income on the investments of the board.
(c) Investments under this section are subject to section 1.5 of this
chapter.
As added by Acts 1982, P.L.77, SEC.9. Amended by
P.L.55-1989, SEC.58.