Indiana § 36-7-12-20 - Use of funds; procedures for letting contracts; employees' bonds
Full text of Indiana Indiana Code § 36-7-12-20 — Use of funds; procedures for letting contracts; employees' bonds, with citation guidance and answers to common questions.
§ 36-7-12-20. Use of funds; procedures for letting contracts; employees' bonds
Sec. 20. (a) All tax revenues coming into possession of the economic development commission shall be deposited, held, and secured in accordance with the statutes relating to the handling and investing of public funds. The handling and expenditure of this money is subject to audit and supervision by the state board of accounts.
(b) Contracts for construction and equipment of economic development or pollution control facilities need not be let in accordance with IC 5-16, IC 5-17, or any other statute relating to public contracts.
(c) Any employee of the economic development commission authorized to receive, disburse, or in any other way handle money or negotiable securities of the commission shall execute a bond payable to the state, with surety to consist of a surety or guaranty corporation qualified to do business in the state. The bond must be in an amount determined by the commission, and must be conditioned upon the employee's faithful performance of the employee's duties and the accounting for all monies and property that may come into the employee's hands or under the employee's control. The cost of these bonds shall be paid by the commission.
[Pre-Local Government Recodification Citation: 18-6-4.5-13 part.]
As added by Acts 1981, P.L.309, SEC.31. Amended by P.L.35-1990, SEC.48; P.L.252-2015, SEC.46.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-7-12-20
What does Indiana Code § 36-7-12-20 cover?
Section 36-7-12-20 ("Use of funds; procedures for letting contracts; employees' bonds") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 36-7-12-20?
A common citation format is "Indiana Code § 36-7-12-20" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 36-7-12-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.