§ 4-10-18-14 — Investment of proceeds; reversion

Indiana § 4-10-18-14

• Jurisdiction: Indiana
• Art. 10: STATE FUNDS GENERALLY
• Ch. 18: The Counter-Cyclical Revenue and Economic

Text

(a) The treasurer of state shall invest the
money in the economic growth initiatives account not currently needed
to further the purposes of the account in the same manner as other
public funds may be invested. Income from these investments shall be
deposited in the fund, but not the account, and any losses from the
investments shall be charged against the fund, but not the account.
(b) Expenses of managing the economic growth initiatives account
shall be paid from money in the account.
(c) Money in the economic growth initiatives account does not
revert to the fund or the state general fund at the end of a state fiscal
year. However, if the account is abolished, money in the account shall
be deposited in the fund.
(d) If no grant agreement for a qualified economic growth initiative
for a government building that is to be occupied by an agency of the
federal government has been executed and delivered under section 16
of this chapter before March 1, 1994:
(1) the money in the account reverts to the fund on March 1,
1994; and
(2) the auditor of state shall abolish the account on March 1,
1994.

Legislative History

As added by P.L.28-1993, SEC.3.