§ 5-13-9.3-3 — Investment of proceeds from certain capital assets; ordinance or resolution

Indiana § 5-13-9.3-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 9.3: Investment of Proceeds Received From the Sale of

Text

(a) Subject to the requirements of this chapter,
the fiscal body of a political subdivision may adopt an ordinance (in the
case of a county or municipality) or a resolution (in the case of any
other political subdivision) to authorize the investment of proceeds
from the sale of a capital asset owned by the political subdivision. A
fiscal body may adopt an ordinance under this subsection before, after,
or at the time of the sale of the capital asset.
(b) Proceeds from the sale of a capital asset owned by a political
subdivision may be invested as provided in this chapter only if:
(1) either:
(A) the total amount received (either before July 1, 2015, or
after June 30, 2015) or that will be received from the sale of the
capital asset exceeds fifty million dollars ($50,000,000); or
(B) in the case of a town, the total amount received from the
sale of the capital asset after December 15, 2021, and before
January 1, 2023, exceeds twenty-four million dollars
($24,000,000) but does not exceed twenty-six million dollars
($26,000,000); and
(2) the fiscal body of the political subdivision has adopted an
ordinance or a resolution, as described in subsection (a), that
applies to the investment of proceeds from the sale of that
particular capital asset.

Legislative History

As added by P.L.139-2015, SEC.2. Amended by P.L.157-2022, SEC.1.