§ 5-13-13-5 — Anticipatory warrants; sale; proceeds; application for allotment of definite amount; record

Indiana § 5-13-13-5

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

Text

(a) The secretary-investment manager on
behalf of the board for depositories has the powers and duties set out
in this section and section 6 of this chapter and shall sell all
anticipatory warrants issued under this chapter at a price not less than
par plus accrued interest. The proceeds of the sale of the warrants shall
be paid into the insurance fund and shall be applied exclusively to the
payment of the claims on account of which the warrants were issued.
(b) Any person may file an application with the
secretary-investment manager for an allotment of a definite amount of
the warrants. The secretary-investment manager shall then apportion
to the several applicants an amount of warrants as the
secretary-investment manager sees fit, but no allotments shall be made
in an amount less than two thousand dollars ($2,000).
(c) The secretary-investment manager shall make and retain in the
secretary-investment manager's office a complete record of all warrants
sold to each purchaser and of the post office address of the purchaser.
Purchasers of warrants may notify the secretary-investment manager of
their post office addresses, or of any change in their addresses, and of
the warrants owned or held by them, and the secretary-investment
manager shall change the secretary-investment manager's sale record
accordingly.

Legislative History

As added by P.L.19-1987, SEC.15.