Indiana § 4-10-22-3 - Transfer of excess reserves

§ 4-10-22-3. Transfer of excess reserves

Sec. 3. (a) This subsection does not apply in calendar year 2016 or calendar year 2025. If, after completing the presentation to the state budget committee described in section 2 of this chapter, the amount of the excess reserves is fifty million dollars ($50,000,000) or more, the governor shall do the following:

(1) If the year is calendar year 2013, transfer one hundred percent (100%) of the excess reserves to the pension stabilization fund established by IC 5-10.4-2-5 for the purposes of the pension stabilization fund. If the year is calendar year 2014 or the calendar year is 2017 or an odd-numbered year thereafter other than calendar year 2023 or 2025, transfer fifty percent (50%) of any excess reserves to the pension stabilization fund established by IC 5-10.4-2-5 for the purposes of the pension stabilization fund. If the year is calendar year 2023, transfer the first one billion dollars ($1,000,000,000) of any excess reserves to the pension stabilization fund established by IC 5-10.4-2-5 for the purposes of the pension stabilization fund.

(2) If the year is calendar year 2014 or the calendar year is 2017 or an odd-numbered year thereafter other than calendar year 2023 or 2025, use fifty percent (50%) of any excess reserves for the purposes of providing an automatic taxpayer refund under section 4 of this chapter. If the year is calendar year 2023, after transferring the first one billion dollars ($1,000,000,000) to the pension stabilization fund under subdivision (1), use the remaining excess reserves, if any, for the purposes of providing an automatic taxpayer refund under section 4 of this chapter.

(b) This subsection applies only in calendar year 2016. If excess reserves exist, and after completing the calculation required in section 1 of this chapter and the presentation to the state budget committee described in section 2 of this chapter, the governor shall transfer one hundred percent (100%) of the excess reserves as follows:

(1) Fifty-five percent (55%) of the excess reserves transferred shall be transferred to the state highway fund.

(2) Forty-five percent (45%) of the excess reserves transferred shall be transferred to the local road and bridge matching grant fund established by IC 8-23-30.

This transfer shall be made from the state general fund. Money transferred to the state highway fund under this subsection is appropriated from the state highway fund to the Indiana department of transportation for the Indiana department of transportation's use for preserving and reconstructing existing state highways and bridges for which the Indiana department of transportation is responsible. Money transferred to the state highway fund under this subsection does not revert to the state general fund at the end of a state fiscal year.

As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.4; P.L.205-2013, SEC.61; P.L.91-2014, SEC.1; P.L.146-2016, SEC.3; P.L.180-2022(ss), SEC.1; P.L.201-2023, SEC.66.