§ 5-13-13-6 — Anticipatory warrants; payment; unpaid warrants

Indiana § 5-13-13-6

• 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) All anticipatory warrants and all interest or
the warrants shall be payable by the secretary-investment manager
solely from the money paid into the insurance fund and the money is,
except for the payment of expenses incident to the operation of the
insurance fund, exclusively and irrevocably pledged to the payment of
all warrants in the consecutive order in which they were issued. The
warrants, as to interest as well as principal, shall be paid out of the
money in the insurance fund before the payment of any claims that may
arise and be finally determined subsequent to the issue and sale of any
warrants or series of warrants.
(b) When any warrant or series of warrants is outstanding and
unpaid, the secretary-investment manager shall, when the
secretary-investment manager has money in the insurance fund
sufficient to pay a reasonable amount of the outstanding and unpaid
warrants, notify the persons who, according to the secretary-investment
manager's record, hold the warrants or warrants then payable. The
secretary-investment manager shall mail each notice to the post office
address of the person as shown by the records of sale. The notice must
state that the warrant or warrants will be paid on presentation, and that
interest will cease after the expiration of ten (10) days from the mailing
of the notice. At the expiration of the ten (10) day period, interest
ceases on the warrant or warrants.

Legislative History

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