2013 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 1.5. INDIANA BOND BANK
CHAPTER 6. OTHER FUNDS AND ACCOUNTS
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IC 5-1.5-6
Chapter 6. Other Funds and Accounts
IC 5-1.5-6-1
General fund; establishment; use; creation of subaccounts or
special accounts
Sec. 1. (a) The bank shall establish and maintain a fund called the
general fund into which there shall be deposited all money received
by the bank and any money that the bank shall transfer to the fund
from any reserve fund under IC 5-1.5-5-1(c). Money in the general
fund shall be used for operating expenses of the bank and, subject to
any contract between the bank and its holders, may be:
(1) used to pay principal of or interest on bonds or notes of the
bank to prevent a default;
(2) transferred to any reserve fund to prevent a default or to
make up any deficiency in that reserve fund;
(3) used to purchase securities; and
(4) used to purchase or redeem the bank's bonds or notes.
(b) No amount shall be paid or expended out of the general fund,
or from any account therein established by the bank for the purpose
of paying operating expenses, for the payment of operating expenses
of the bank in any year in excess of the amount provided for
operating expenses in the annual budget then in effect for that year
or any amendment thereof in effect at the time of the payment or
expenditure.
(c) The bank is authorized and empowered to create and establish
in the general fund accounts, subaccounts, or special accounts that in
the opinion of the board are necessary, desirable, or convenient for
the purposes of the bank under this chapter.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.23.
IC 5-1.5-6-2
Additional reserves; other funds or accounts
Sec. 2. The board may establish additional reserves or other funds
or accounts as may be in its discretion necessary, desirable, or
convenient to further the accomplishment of its purposes or to
comply with the provisions of any of its agreements or resolutions.
As added by P.L.25-1984, SEC.1.
IC 5-1.5-6-3
Money or investments in fund or account established for specific
purpose; application
Sec. 3. Unless the resolution or trust agreement authorizing the
bonds or notes provides otherwise, money or investments in a fund
or account of the bank established or held for the payment of bonds
or notes shall be applied to the payment or retirement of the bonds or
notes, and to no other purpose.
As added by P.L.25-1984, SEC.1.
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