Indiana § 8-14-1-9 Mandatory transfer of funds

Indiana Statutes

§ 8-14-1-9 — Mandatory transfer of funds

Indiana·Art. 14 HIGHWAY FINANCES·Ch. 1 Motor Vehicle Highway Account Act

(a)A written agreement between the department and a city, town, or county under IC 8-23-2-5, or a similar government cooperative statute, may provide for a mandatory transfer of funds by the state comptroller under this section if one (1) of the parties becomes more than sixty (60) days late in making a payment required by the agreement.

(b)To obtain a mandatory transfer of funds, the party to whom the funds were to be paid under terms of the written agreement must certify in writing to the state comptroller:

(1)that a written agreement between the parties authorizes the mandatory transfer of funds as provided in subsection (a);

(2)that the owing party was notified in writing of the amount owed;

(3)that the payment is more than sixty (60) days past due;

(4)the names of the parties; a

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A written agreement between the department
and a city, town, or county under IC 8-23-2-5, or a similar government
cooperative statute, may provide for a mandatory transfer of funds by
the state comptroller under this section if one (1) of the parties
becomes more than sixty (60) days late in making a payment required
by the agreement.
(b) To obtain a mandatory transfer of funds, the party to whom the
funds were to be paid under terms of the written agreement must certify
in writing to the state comptroller:
(1) that a written agreement between the parties authorizes the
mandatory transfer of funds as provided in subsection (a);
(2) that the owing party was notified in writing of the amount
owed;
(3) that the payment is more than sixty (60) days past due;
(4) the names of the parties; and
(5) the amount of the payment due.
(c) Upon receipt of a certificate as specified in subsection (b), the
state comptroller shall:
(1) immediately notify the delinquent party of the claim; and
(2) if proof of payment is not furnished to the state comptroller
within thirty (30) days after the delinquent party has been
notified, transfer the unpaid amount from the delinquent party's
allocations from the motor vehicle highway account to the other
party. Transfers shall be made until the unpaid amount has been
paid in full under the terms of the agreement.