§ 5-1.5-6-1 — General fund; establishment; use; creation of subaccounts or special accounts

Indiana § 5-1.5-6-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 6: Other Funds and Accounts

Text

(a) The bank shall establish and maintain a fund
called the general fund into which there shall be deposited all money
received by the bank and any money that the bank shall transfer to the
fund from any reserve fund under IC 5-1.5-5-1(c). Money in the
general fund shall be used for operating expenses of the bank and,
subject to any contract between the bank and its holders, may be:
(1) used to pay principal of or interest on bonds or notes of the
bank to prevent a default;
(2) transferred to any reserve fund to prevent a default or to make
up any deficiency in that reserve fund;
(3) used to purchase securities; and
(4) used to purchase or redeem the bank's bonds or notes.
(b) No amount shall be paid or expended out of the general fund, or
from any account established by the bank in the general fund for the
purpose of paying operating expenses, for the payment of operating
expenses of the bank in any year in excess of the amount provided for
operating expenses in the annual budget then in effect for that year or
any amendment of the annual budget in effect at the time of the
payment or expenditure.
(c) The bank is authorized and empowered to create and establish
in the general fund accounts, subaccounts, or special accounts that in
the opinion of the board are necessary, desirable, or convenient for the
purposes of the bank under this chapter.

Legislative History

As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.23; P.L.136-2018, SEC.26.