§ 5-28-5-12 — Promotion fund

Indiana § 5-28-5-12

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 5: General Powers

Text

(a) The Indiana promotion fund is established
within the state treasury.
(b) Except as provided in section 13 of this chapter, the corporation
shall deposit the following in the fund:
(1) All funding received from the private sector under IC 5-28-6-1(6).
(2) All other gifts, donations, bequests, devises, and contributions
received by the corporation.
(c) The corporation shall administer the fund. 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 public money may be
invested. Interest that accrues from these investments shall be
deposited in the fund.
(d) Money in the fund at the end of a state fiscal year does not revert
to the state general fund.
(e) Except as provided in the terms of a gift, a donation, a
contribution, a bequest, a devise, or other private sector funding,
money in the fund may be used at the discretion of the board to carry
out in any manner the corporation's purposes under this article.
(f) Money in the fund may be transferred to any fund administered
by the corporation.
(g) Money in the fund is continuously appropriated to the
corporation for the purposes of this article.

Legislative History

As added by P.L.4-2005, SEC.34.