§ 5-13-9-6 — Interest received from investment; deposit; receipt; reinvestment; disposition

Indiana § 5-13-9-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 9: Deposit and Investment Powers

Text

(a) All interest derived from an investment by
a political subdivision or by any other local public officer under the
authority granted by section 3 of this chapter shall be deposited, except
as otherwise provided by law, in the general fund of the investment
authority or in any other fund its governing body designates specifically
or by rule, subject to the modifications and limitations in this section.
(b) Interest from the following investments shall be receipted as
follows:
(1) Interest from investments of funds of a political subdivision
that are traceable to United States government funds must be
receipted to the fund of which they are a part, if required by
federal law or regulation.
(2) Interest from investments of funds controlled by court orders
must be receipted to that fund unless otherwise designated by the
court order.
(c) Each county treasurer, if authorized by the board of county
commissioners, may invest tax collections under this chapter pending
distribution of the collections to political subdivisions. These
investments may not:
(1) exceed the amount available after giving consideration to
taxes which may need to be advanced to any political subdivision;
or
(2) be made in deposit accounts or repurchase agreements, the
maturity dates of which are later than the time when the tax
collections are required by law to be distributed to political
subdivisions.
(d) The interest received on the investments made under subsection
(c) shall be receipted to the county general fund or any other fund from
which expenses incurred in the maintenance of county highways may
be paid. The county fiscal body (as defined in IC 36-1-2-6) shall
determine the allocation of this interest among the general fund and the
various highway funds into which the interest may be deposited.
(e) Any political subdivision may apply the interest derived from the
investment of the proceeds from bonded indebtedness or local tax
levies to the appropriate redemption bond interest or sinking fund for
the bonded indebtedness.
(f) If meter deposits of a municipally owned utility are invested, the
interest earned on the investment may be applied to and used in the
operation or depreciation fund of the municipally owned utility as
determined by its governing body.
(g) Interest from the investment of the public funds of a political
subdivision may not be paid personally or for the benefit of any public
officer.

Legislative History

As added by P.L.19-1987, SEC.11. Amended by P.L.68-1989, SEC.1; P.L.18-1996, SEC.19.