Indiana § 5-13-13-4 Anticipatory warrants; issuance; obligation of board; amounts, form,
and rate of interest

Indiana Statutes

§ 5-13-13-4 — Anticipatory warrants; issuance; obligation of board; amounts, form, and rate of interest

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 13 INVESTMENT OF PUBLIC FUNDS·Ch. 13 Payments From the Public Deposit Insurance Fund

(a)Whenever the assets in the insurance fund are not sufficient to pay the claims of any kind that have been finally determined and have become payable, the board for depositories shall issue anticipatory warrants for the purpose of raising money for the immediate payment of the claims. The warrants outstanding and unpaid must not at any time exceed the sum of three hundred million dollars ($300,000,000). Interest may be paid upon the warrants from the date the rate was established by the board for depositories. Interest is payable at the end of each year or for a shorter period as the warrants remain unpaid.

(b)The warrants are the obligation of the board for depositories payable out of the public deposit insurance fund only and do not constitute a debt, liability, or obligation of the

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(a) Whenever the assets in the insurance fund
are not sufficient to pay the claims of any kind that have been finally
determined and have become payable, the board for depositories shall
issue anticipatory warrants for the purpose of raising money for the
immediate payment of the claims. The warrants outstanding and unpaid
must not at any time exceed the sum of three hundred million dollars
($300,000,000). Interest may be paid upon the warrants from the date
the rate was established by the board for depositories. Interest is
payable at the end of each year or for a shorter period as the warrants
remain unpaid.
(b) The warrants are the obligation of the board for depositories
payable out of the public deposit insurance fund only and do not
constitute a debt, liability, or obligation of the state or a pledge of the
faith and credit of the state. Each warrant must have printed on its face
the words, "This warrant is an obligation of the board for depositories
payable solely out of the public deposits insurance fund, and neither the
faith and credit nor the taxing power of the state is pledged to the
payment of the principal, the interest, or any other amount owed on the
warrants.".
(c) Subject to the limitations in subsections (a) through (b), the
warrants shall be issued in the individual and gross amounts and in the
form and at the rate of interest approved by the board for depositories.

Indiana § 5-13-13-4 (Anticipatory warrants; issuance; obligation of board; amounts, form, and rate of interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.