2006 Indiana Code - CHAPTER 4. INDIANA UNIVERSITY: COLLECTION OF ENDOWMENT FUND LOANS

IC 21-7-4
     Chapter 4. Indiana University: Collection of Endowment Fund Loans

IC 21-7-4-1
Collection of outstanding loans; apportionment among counties
     Sec. 1. The treasurer of state shall proceed at once to collect all outstanding loans belonging to the permanent endowment fund of Indiana University which may be due, and shall collect all other loans belonging to said fund as fast as they become due, which money, together with all other money that come into the hands of the treasurer of state, belonging to said fund shall be immediately apportioned by the auditor of state pro rata among the several counties in this state, according to population. The treasurer of state, immediately thereafter, pay the same to the several county treasurers, according to said apportionment made by the said auditor of state, and take their receipts therefor. Semiannually, on May 1 and November 1 of each year, the said auditor of state shall apportion the amount collected during the preceding six (6) months, and the treasurer of state shall pay the same to the respective county treasurers.
(Formerly: Acts 1897, c.74, s.1.) As amended by P.L.2-1990, SEC.12.

IC 21-7-4-2
Loans by counties
     Sec. 2. The said moneys so distributed and paid to said counties, as provided by section 1 of this chapter, shall be loaned by the auditors of the respective counties in the same manner and on the same terms and conditions and under the same restrictions, subject to the same limitations, and said loans shall be again collected from the borrower, as the common school funds are loaned and collected. And the said several counties shall be liable in the same manner and to the same extent, for the principal and interest of said fund, and for the payment of the same, as they are liable for the payment of the interest and principal of the common school funds.
(Formerly: Acts 1897, c.74, s.2.) As amended by P.L.2-1988, SEC.713.

IC 21-7-4-3
State auditor prohibited from making loans
     Sec. 3. The auditor of state is hereby prohibited from making any further loans from said fund, and all money in his hands belonging thereto shall be by the auditor of state apportioned, and by the treasurer of state paid to the several counties, where apportionment is made as provided in section 1 of this chapter.
(Formerly: Acts 1897, c.74, s.3.) As amended by P.L.2-1988, SEC.714.

IC 21-7-4-4
Payment of interest by counties to state      Sec. 4. The several counties of this state shall pay the interest on said fund to the treasurer of state at the same time and in the same manner as interest is now paid on the school fund, and said treasurer of state shall at once pay the same to the trustees of the Indiana University, and take proper receipts therefor.
(Formerly: Acts 1897, c.74, s.4.)