§ 8-5-15-13 — Money received under this chapter; disposition; depositories; trustee; guaranteed investment contract

Indiana § 8-5-15-13

• Jurisdiction: Indiana
• Art. 5: COMMUTER RAILWAYS
• Ch. 15: Commuter Transportation Districts

Text

(a) All money received under this chapter,
whether as proceeds from the sale of bonds, from revenues, or
otherwise:
(1) shall be considered to be trust funds to be held and applied
solely as provided in this chapter; and
(2) except as provided in subsection (d), may be invested before
the time when needed to the extent and in the manner provided by
IC 5-13-9, insofar as applicable.
(b) The funds shall be kept in depositories as selected by the board
in the manner provided by law.
(c) The resolution authorizing the issuance of bonds or the trust
agreement securing the bonds must provide that any officer to whom,
or any bank or trust company to which, the money is entrusted shall act
as trustee of the money and shall hold and apply the money for the
purposes of this section, subject to this chapter and the authorizing
resolution or trust agreement.
(d) Proceeds received by the district from the sale of equipment in
a sale and leaseback transaction may be invested in or used to purchase
a guaranteed investment contract with an insurance company whose
long term indebtedness is rated in one (1) of the two (2) highest
categories by at least two (2) national rating services. The guaranteed
investment contract may not exceed the term of the lease and may be
assigned to secure performance of the lease.

Legislative History

As added by P.L.64-1984, SEC.9. Amended by P.L.19-1987, SEC.23; P.L.8-1996, SEC.11.