§ 5-13-12-1 — Creation; purpose; public deposit insurance fund; tax exemption

(a) There is created an independent body
politic and corporate, constituting an instrumentality of the state for the
public purposes set out in this chapter, to be known as the board for
depositories. The board is separate from the state in its corporate and
sovereign capacity. The purpose of the board is to insure the
safekeeping and prompt payment of all public funds deposited in any
depository, to the extent they are not covered by insurance of any
federal deposit insurance agency, by maintaining and operating in its
own name the public deposit insurance fund under this chapter.
(b) Every depository that has public funds shall pay into the public
deposit insurance fund the assessments provided in this chapter and
comply with all lawful requirements of the board for depositories. The
public deposit insurance fund shall be maintained by the assessments
payable by the depositories and by the collection of all claims created
under IC 5-13-13 and by the receipt of all interest and other earnings
of the insurance fund from any source.
(c) All property in the public deposit insurance fund, the interest or
income derived from it or through its use, and all property otherwise
held by the board for depositories under this chapter is exempt from all
taxes imposed by the state or any political subdivision.

Legislative History

As added by P.L.19-1987, SEC.14.