2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 9. EDUCATION SAVINGS PROGRAMS
CHAPTER 3. INDIANA EDUCATION SAVINGS AUTHORITY
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IC 21-9-3
Chapter 3. Indiana Education Savings Authority
IC 21-9-3-1
Creation of authority
Sec. 1. The Indiana education savings authority is created.
As added by P.L.165-1996, SEC.1.
IC 21-9-3-2
Authority as body corporate and politic; not agency of state
Sec. 2. (a) The authority is a body corporate and politic.
(b) The authority:
(1) is not an agency of the state; and
(2) is an instrumentality of the state performing essential
governmental functions.
As added by P.L.165-1996, SEC.1.
IC 21-9-3-3
Establishment of education savings programs
Sec. 3. The authority may establish any number of education
savings programs.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.3;
P.L.135-2002, SEC.17.
IC 21-9-3-4
Exemptions from state taxation
Sec. 4. Because the management and operation of the education
savings programs and all funds and accounts established under this
article constitute the performance of an essential public function, the
following are exempt from taxation by the state and by any political
subdivision of the state:
(1) The authority's management and operations.
(2) The authority's property and assets.
(3) All property and assets held by or for the authority except
individual accounts.
(4) The investment income and earnings (whether interest,
gains, or dividends) on:
(A) the authority's property and assets; and
(B) all property and assets held by or for the authority;
including all funds and accounts established under this article
except individual accounts.
As added by P.L.165-1996, SEC.1.
IC 21-9-3-5
Power to contract
Sec. 5. The authority may contract with public or private entities
or persons for the provision of all or any portion of the services the
board considers necessary for the management and operations of the
authority, including the education savings programs and all funds and
accounts of the authority.
As added by P.L.165-1996, SEC.1.
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