§ 5-1.2-4-19 — Money; deposit; security; trust funds

Indiana § 5-1.2-4-19

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 4: General Powers and Duties

Text

All money received by the authority, except
as provided in the referenced statutes, shall be deposited as soon as
practical in a separate account or accounts in banks or trust companies
organized under the laws of this state or in national banking
associations. The money in these accounts shall be paid out on checks
signed by the chair or other officers or employees of the authority that
the authority authorizes or by wire transfer or other electronic means
authorized by the authority. All deposits of money shall, if required by
the authority, be secured in a manner that the authority determines to
be prudent, and all banks or trust companies are authorized to give
security for the deposits. Notwithstanding any other law to the contrary,
all money received pursuant to the referenced statutes is a trust fund to
be held and applied solely as provided in the referenced statutes. The
resolution authorizing any obligations, or trust agreement or indenture
securing the same, may provide that any of the money may be
temporarily invested pending the disbursement of the money, and shall
provide that any officer with whom or any bank or trust company with
which the money is deposited shall act as trustee of the money and
shall hold and apply the money for the authorized purposes of the
authority, subject to the referenced statutes, the authority's investment
policy, and the resolution or trust agreement or indenture.

Legislative History

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.14.