Indiana § 36-9-4-57 - Improvement reserve fund
Full text of Indiana Indiana Code § 36-9-4-57 — Improvement reserve fund, with citation guidance and answers to common questions.
§ 36-9-4-57. Improvement reserve fund
Sec. 57. (a) The board of directors of a public transportation corporation may, by resolution, establish an improvement reserve fund for the purpose of accumulating money over two (2) or more fiscal years for the following:
(1) The purchase of specified real property.
(2) The purchase of specified major equipment, including buses.
(3) The making of improvements to real property owned by the public transportation corporation.
(b) Transfers that are placed in an improvement reserve fund established under this section must be included in the annual budget of the public transportation corporation.
(c) The board of directors of a public transportation corporation may make an expenditure of money from an improvement reserve fund only after:
(1) holding a public meeting in accordance with section 22 of this chapter;
(2) the adoption by the board of a resolution under subsection (d); and
(3) approval by the department of local government finance.
(d) A resolution for expenditure from an improvement reserve fund established under this section must include the following:
(1) The specific amount of the expenditure.
(2) The specific use of the expenditure.
(3) A finding by the board of directors that the proposed use of funds complies with the restrictions under subsection (a).
(e) The money in the improvement reserve fund may not be considered in determining the corporation's property tax levy under this chapter or IC 6-1.1.
(f) The money in the improvement reserve fund at the end of the fiscal year does not revert to the general fund.
As added by P.L.317-1989, SEC.1. Amended by P.L.90-2002, SEC.508.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-9-4-57
What does Indiana Code § 36-9-4-57 cover?
Section 36-9-4-57 ("Improvement reserve fund") 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 § 36-9-4-57?
A common citation format is "Indiana Code § 36-9-4-57" (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 § 36-9-4-57 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.