§ 5-28-18-7 — Fund established; administration; investment; reversion; audit

Indiana § 5-28-18-7

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 18: Small Business Development Fund

Text

(a) The small business development fund is
established within the state treasury. The fund is a revolving fund to:
(1) provide loans approved by the corporation under this chapter
and IC 5-28-17; and
(2) provide loans or loan guarantees under the small and minority
business financial assistance program established by IC 5-28-20-9.
(b) The fund consists of appropriations from the general assembly
and loan repayments.
(c) The corporation shall administer the fund. The following may be
paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the
purposes of this chapter and IC 5-28-20.
(d) Earnings from loans made under this chapter shall be deposited
in the fund.
(e) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(f) Money in the fund at the end of a state fiscal year does not revert
to the state general fund.
(g) The fund is subject to audit by the state board of accounts. The
fund shall bear the full costs of the audit.
(h) With respect to loans or loan guarantees made from the fund
before July 1, 2011, references in law or loan documents made to the
microenterprise partnership program fund before July 1, 2011, shall be
construed after June 30, 2011, as references to the small business
development fund.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.87-2011, SEC.6; P.L.181-2015, SEC.25.