Indiana § 8-14-14-8 - Allocation of distributions for certain projects

§ 8-14-14-8. Allocation of distributions for certain projects

Sec. 8. (a) The total amount of distributions from the fund for projects or purposes that benefit a county traversed by the Indiana Toll Road may not be less than thirty-four percent (34%) of:

(1) the money that is transferred to the fund from the toll road fund under IC 8-15.5-11; plus

(2) the amount initially set aside in the administration account of the toll road fund to establish an escrow account to implement a written agreement entered into under IC 8-15.5-7-6 to fund reductions in, or refunds of, user fees imposed on Class 2 vehicles.

(b) The budget agency shall determine the amount of distributions required by this section. In making the determination, the budget agency shall include the following amounts:

(1) Amounts distributed to counties traversed by the Indiana Toll Road under section 6(a)(1) of this chapter.

(2) Money distributed to the northwest Indiana regional development authority under this chapter.

(3) Money distributed under section 6(a)(3) of this chapter.

(4) Projects carried out by the department in counties traversed by the Indiana Toll Road and funded with money distributed under section 6(a)(4) of this chapter.

(5) The amount initially set aside in the administration account of the toll road fund to establish an escrow account to implement a written agreement entered into under IC 8-15.5-7-6 to fund reductions in, or refunds of, user fees imposed on Class 2 vehicles.

(6) Money transferred to the administration account of the toll road fund under section 6(a)(5) of this chapter.

(7) Payments to the Indiana public retirement system required by section 6(a)(6) of this chapter.

As added by P.L.47-2006, SEC.5. Amended by P.L.35-2012, SEC.96.

IC 8-14-14.1Chapter 14.1. Major Moves 2020 Trust Fund

8-14-14.1-1"Department" 8-14-14.1-2"Fund" 8-14-14.1-3Establishment of the fund; transfers from the state general fund 8-14-14.1-4Transfers to the major moves construction fund 8-14-14.1-5Transfer to major moves construction fund and state highway fund

IC 8-14-14.1-1"Department" Sec. 1. As used in this chapter, "department" refers to the Indiana department of transportation.

As added by P.L.205-2013, SEC.135.

IC 8-14-14.1-2"Fund" Sec. 2. As used in this chapter, "fund" refers to the major moves 2020 trust fund established by section 3 of this chapter.

As added by P.L.205-2013, SEC.135.

IC 8-14-14.1-3Establishment of the fund; transfers from the state general fund Sec. 3. (a) The major moves 2020 trust fund is established, to be used exclusively for major highway expansion projects that enhance the ability of goods to be transported in and through Indiana.

(b) The fund shall be administered by the department.

(c) Notwithstanding IC 5-13, the treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as money is invested by the Indiana public retirement system under IC 5-10.3-5. However, the treasurer of state may not invest the money in the fund in equity securities. The treasurer of state may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the fund and may pay the state expenses incurred under those contracts from the fund. Interest that accrues from these investments shall be deposited in the fund.

(d) The fund consists of:

(1) money transferred to the fund under subsection (h); and

(2) any interest or other earnings on money in the fund.

(e) The fund is considered a trust fund for purposes of IC 4-9.1-1-7. Money may not be transferred, assigned, or otherwise removed from the fund by the state board of finance, the budget agency, or any other state agency. IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to the fund.

(f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

(g) Money in the fund must be appropriated by the general assembly to be available for expenditure.

(h) The budget agency may before July 1, 2015, direct the auditor of state to transfer not more than two hundred million dollars ($200,000,000) to the fund from the state general fund. If the budget agency directs the auditor of state to make such a transfer, the auditor of state shall transfer to the fund the amount determined by the budget agency. There is annually appropriated from the state general fund an amount sufficient to make the transfer under this subsection. A transfer under this subsection is in addition to any transfer from the state general fund to the fund before January 1, 2014.

As added by P.L.205-2013, SEC.135. Amended by P.L.201-2014, SEC.2.

IC 8-14-14.1-4Transfers to the major moves construction fund Sec. 4. (a) Notwithstanding section 3(e) of this chapter, the budget agency may, before July 1, 2014, transfer not more than two hundred million dollars ($200,000,000) from the fund to the major moves construction fund established by IC 8-14-14-5. Money transferred under this section may be used for any purpose of the major moves construction fund.

(b) Notwithstanding section 3(e) of this chapter, if one (1) or more transfers under section 3(h) of this chapter are made to the fund after December 31, 2013, the budget agency may transfer from the fund to the major moves construction fund established by IC 8-14-14-5 an amount equal to the lesser of:

(1) two hundred million dollars ($200,000,000); or

(2) the total amount of any transfers under section 3(h) of this chapter that are made to the fund after December 31, 2013.

(c) The following apply to a transfer described in subsection (b):

(1) The transfer is subject to review by the budget committee and may be made as late as the date on which the budget committee submits the budget report and budget bill for the biennium beginning July 1, 2015, and ending June 30, 2017, to the governor under IC 4-12-1-9(a).

(2) The transfer is in addition to any transfer made under subsection (a).

(3) Money that is transferred may be used for any purpose of the major moves construction fund.

As added by P.L.201-2014, SEC.3.

IC 8-14-14.1-5Transfer to major moves construction fund and state highway fund Sec. 5. (a) After review by the budget committee, the budget agency may, after June 30, 2015, and before July 1, 2016, direct the auditor of state to transfer not more than one hundred million dollars ($100,000,000) to the fund from the state general fund. If the budget agency directs the auditor of state to make such a transfer, the auditor of state shall transfer to the fund the amount determined by the budget agency. There is appropriated from the state general fund an amount sufficient to make the transfer under this subsection.

(b) After June 30, 2016, and before July 1, 2017, the auditor of state shall transfer one hundred million dollars ($100,000,000) to the state highway fund created by IC 8-23-9-54 from the state general fund. There is appropriated from the state general fund an amount sufficient to make the transfer under this subsection.

(c) Notwithstanding section 3(e) of this chapter, if one (1) or more transfers under subsection (a) are made to the fund, the budget agency may after review by the budget committee transfer from the fund to the major moves construction fund established by IC 8-14-14-5 an amount equal to the lesser of:

(1) one hundred million dollars ($100,000,000); or

(2) the total amount of any transfers under subsection (a) that are made to the fund.

(d) Money that is transferred as described in subsection (c) may be used for any purpose of the major moves construction fund.

(e) Notwithstanding section 3(e) of this chapter, the transfer under subsection (b) to the state highway fund must be used only for preserving or reconstructing existing state highways and bridges for which the department is responsible.

As added by P.L.213-2015, SEC.102. Amended by P.L.146-2016, SEC.15.

IC 8-14-14.2Chapter 14.2. Toll Road Lease Amendment Proceeds Fund

8-14-14.2-1Establishment of fund; uses

IC 8-14-14.2-1Establishment of fund; uses Sec. 1. (a) The toll road lease amendment proceeds fund is established.

(b) The fund consists of the following:

(1) Distributions to the fund from the major moves construction fund under IC 8-14-14-7(c).

(2) Appropriations to the fund.

(3) Gifts, grants, loans, bond proceeds, and other money received for deposit in the fund.

(4) Interest, premiums, or other earnings on the fund.

(c) Money in the fund may be used only for the construction, reconstruction, improvement, maintenance, and repair, including design and right-of-way acquisition, of state highways that have a direct or indirect nexus with the Indiana toll road in the following counties:

(1) Elkhart.

(2) LaGrange.

(3) Lake.

(4) LaPorte.

(5) Porter.

(6) Steuben.

(7) St. Joseph.

(d) The department of transportation shall administer the fund.

(e) Notwithstanding IC 5-13, the treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as money may be invested by the Indiana public retirement system under IC 5-10.3-5. However, the treasurer of state may not invest the money in the fund in equity securities. The treasurer of state may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the fund and may pay the state expenses incurred under those contracts from the fund. Interest that accrues from these investments shall be deposited in the fund.

(f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.108-2019, SEC.154.

IC 8-14-14.3Chapter 14.3. ExpiredAs added by P.L.108-2019, SEC.155. Expired 6-30-2024 by P.L.108-2019, SEC.155.

IC 8-14-15Chapter 15. RepealedRepealed by P.L.189-2018, SEC.75.

IC 8-14-15.1Chapter 15.1. Next Level Indiana Trust Fund

8-14-15.1-1"Authority" 8-14-15.1-2"Board" 8-14-15.1-3"Trust" 8-14-15.1-4"Trustee" 8-14-15.1-5Trust established by the Indiana finance authority; charitable trust; proceeds transferred from the next generation trust fund 8-14-15.1-5.5Transfer of title to proceeds in excess of $250,000,000; immunity from civil liability in connection with transfer 8-14-15.1-6Trust agreement between the Indiana finance authority and the next level Indiana fund investment board 8-14-15.1-7Next level Indiana fund investment board established; members; investment policy; meetings; quorum; voting; reporting requirement 8-14-15.1-8Investment policy requirements 8-14-15.1-9Next level Indiana fund investment board is trustee of the trust 8-14-15.1-10Trust amendments prohibited 8-14-15.1-11Treasurer of state to administer and manage trust 8-14-15.1-12Uniform management of institutional funds act and trust code do not apply 8-14-15.1-13Trust distributions of principal prohibited; income from trust investments distributed to the major moves construction fund at discretion of the trustee 8-14-15.1-14Examination by state board of accounts 8-14-15.1-15Violations; attorney general petitions 8-14-15.1-16Report to budget committee

IC 8-14-15.1-1"Authority" Sec. 1. As used in this chapter, "authority" refers to the Indiana finance authority.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-2"Board" Sec. 2. As used in this chapter, "board" refers to the next level Indiana fund investment board established by section 7 of this chapter.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-3"Trust" Sec. 3. As used in this chapter, "trust" refers to the next level Indiana trust fund established under section 5 this chapter.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-4"Trustee" Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under sections 7 and 9 of this chapter.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-5Trust established by the Indiana finance authority; charitable trust; proceeds transferred from the next generation trust fund Sec. 5. (a) The authority has established the next level Indiana trust fund to hold title to proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), to be used exclusively for the provision of highways, roads, and bridges for the benefit of the people of Indiana and the users of those facilities.

(b) The trust as established is a charitable trust, separate from the state, but for the benevolent public purpose provided in this section.

(c) The trust consists of the proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), and any income that accrues from the investment of these proceeds.

As added by P.L.217-2017, SEC.69. Amended by P.L.189-2018, SEC.76.

IC 8-14-15.1-5.5Transfer of title to proceeds in excess of $250,000,000; immunity from civil liability in connection with transfer Sec. 5.5. (a) Notwithstanding any law to the contrary, the treasurer of state shall transfer title to any proceeds in excess of two hundred fifty million dollars ($250,000,000) held in the trust fund to the next generation trust fund established under IC 8-14-15.2.

(b) The officers, directors, and employees of the authority and the treasurer of state (whether arising from the capacities of the position or from having entered in any trust agreement under this chapter) are immune from civil liability in connection with any transfer to the next generation trust fund under this section.

As added by P.L.189-2018, SEC.77.

IC 8-14-15.1-6Trust agreement between the Indiana finance authority and the next level Indiana fund investment board Sec. 6. The chairman of the authority may enter into a trust agreement on behalf of the authority with the board in furtherance of the purposes of this chapter. Any trust agreement must conform with this chapter. Any provision of the trust agreement entered into under this section that is inconsistent with the provisions or intent of this chapter is void and of no further force or effect.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-7Next level Indiana fund investment board established; members; investment policy; meetings; quorum; voting; reporting requirement Sec. 7. (a) The next level Indiana fund investment board is established. The board consists of the following members:

(1) The secretary of commerce or the secretary's designee, who shall serve as the chairperson of the board.

(2) The director of the office of management and budget or the director's designee.

(3) Two (2) individuals appointed by the governor who have experience and knowledge in investments.

(4) The treasurer of state or the treasurer's designee.

(5) One (1) individual appointed by the speaker of the house of representatives who has experience and knowledge in venture capital investments.

(6) One (1) individual appointed by the president pro tempore of the senate who has experience and knowledge in venture capital investments.

(b) The board shall serve as trustee of the trust and direct the investment of the trust.

(c) The board shall adopt an investment policy in conformance with section 8 of this chapter.

(d) The board shall hold regular meetings at least quarterly. The board may hold special meetings at the call of the treasurer of state or with a written request signed by at least two (2) members of the board.

(e) The board may hold its meetings at offices in Indiana that the chairperson or the requesting members designate. All meetings must be open to the public in accordance with IC 5-14-1.5. The board shall keep a record of its proceedings.

(f) Five (5) members of the board constitute a quorum for the transaction of business of the board. Each member of the board is entitled to one (1) vote. A vote of at least five (5) members of the board present is required for the board to adopt a resolution or take other action at a regular or special meeting.

(g) On or before July 1, 2027, and July 1 biennially thereafter, the board shall submit a report to the executive director of the legislative services agency, in an electronic format under IC 5-14-6, for review by the interim committee on government in accordance with IC 1-1-15.5-4 and IC 2-5-1.3-13(g). The report shall describe:

(1) official action taken; and

(2) actionable items considered;

by the board during the preceding two (2) years.

As added by P.L.217-2017, SEC.69. Amended by P.L.135-2022, SEC.20; P.L.161-2025, SEC.15.

IC 8-14-15.1-8Investment policy requirements Sec. 8. (a) The board shall adopt an investment policy that includes all the following:

(1) Money in the trust may be invested in investments that:

(A) maximize risk appropriate returns, which may include the purchase of equity or debt securities;

(B) make significant investments in Indiana funds and companies; and

(C) have such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter.

(2) Money in the trust shall be invested in investments that, consistent with the other terms and objectives in the investment policy, give preference to Indiana companies or Indiana venture capital firms.

(3) Not more than twenty-five million dollars ($25,000,000) may be invested in any one (1) particular investment fund or investment firm.

(4) Such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter.

(b) The investment policy adopted by the board must give adequate time to change current investments in a prudent manner.

(c) The board may contract with investment management professionals, investment advisers, and legal counsel to assist in the investment of the fund and may pay the expenses incurred under those contracts from the fund.

(d) The board has the powers, duties, restrictions, limitations, and penalties in connection with the board's and the treasurer of state's investment and management of the assets of trust as if the following provisions pertaining to the public pension and retirement funds made reference to the trust and the board:

(1) IC 5-10.2-2-2.5.

(2) IC 5-10.2-2-13.

(3) IC 5-10.3-5-3.

(4) IC 5-10.3-5-4.

(5) IC 5-10.3-5-5.

(6) IC 5-10.3-5-6.

(7) IC 5-10.4-3-10.

(8) IC 5-10.4-3-12.

(9) IC 5-10.4-3-13.

(10) IC 5-10.4-3-14.

(11) IC 5-10.4-3-15.

(12) IC 5-10.4-3-16.

(e) Compliance with the established investment policy is definitive evidence of compliance with the applicable investment standards in subsection (d).

As added by P.L.217-2017, SEC.69. Amended by P.L.189-2018, SEC.78; P.L.201-2023, SEC.113.

IC 8-14-15.1-9Next level Indiana fund investment board is trustee of the trust Sec. 9. The board established by section 7 of this chapter shall act as trustee of the trust.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-10Trust amendments prohibited Sec. 10. A trust established under this chapter may not be revoked or terminated by the authority, the board, the treasurer of state, or any other person, nor may it be amended or altered by the authority, the board, the treasurer of state, or any other person. However, the terms of the trust provide that the trust terminates when no funds remain in the trust.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-11Treasurer of state to administer and manage trust Sec. 11. (a) The treasurer of state shall:

(1) administer and manage the trust;

(2) invest the money in the trust at the direction of the trustee consistent with the investment policies adopted by the board; and

(3) deposit in the trust:

(A) any accrued interest from the investment of money in the trust;

(B) proceeds from the sale of trust assets; and

(C) other income or returns from the investment of money in the trust.

(b) Notwithstanding IC 5-13, the treasurer of state shall invest the money in the trust not currently needed to meet the obligations of the trust under the investment policies adopted by the board. The treasurer of state on behalf of the board may contract with investment management professionals, investment advisers, and legal counsel to assist in the investment of the trust and may pay the expenses incurred under those contracts from the trust.

(c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trust established under this chapter.

(d) Money and investments in the trust at the end of the state fiscal year do not revert to the state general fund.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-12Uniform management of institutional funds act and trust code do not apply Sec. 12. IC 30-2-12 and IC 30-4 do not apply to a trust established under this chapter.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-13Trust distributions of principal prohibited; income from trust investments distributed to the major moves construction fund at discretion of the trustee Sec. 13. (a) The principal of the trust may not be distributed during the term of the trust.

(b) The income that accrues from the investment of the trust shall be deposited in the trust.

(c) On March 15 in years set forth in the investment policy adopted by the board, the treasurer of state shall transfer all income accruing to the trust to the major moves construction fund.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-14Examination by state board of accounts Sec. 14. Any records, files, or documents relating to the trust may be examined by the state board of accounts at a time selected by the state board of accounts. The trustee shall upon request of the state board of accounts:

(1) produce and submit any records, files, or documents related to the trust; and

(2) assist in every way the state board of accounts in its work in making an examination.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-15Violations; attorney general petitions Sec. 15. (a) This section applies to the authority, the board, the treasurer of state, and any other person that does any of the following with respect to the trust established under this chapter:

(1) Commits a breach of the trust.

(2) Violates the mandate of the trust or the trust agreement.

(3) Violates a duty imposed by this chapter or the trust agreement.

(b) The attorney general may petition a court to impose one (1) or more of the following remedies for a breach or violation enumerated in subsection (a):

(1) Injunctive relief.

(2) Appointment of temporary receivers.

(3) Permanent removal of any person serving on the board.

(4) Appointment of a permanent replacement for any person serving on the board pending approval of a replacement by the governor.

Any remedy under this subsection is in addition to any other remedy available at law or in equity.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.1-16Report to budget committee Sec. 16. The trustee shall report to the budget committee every six (6) months concerning the investment of trust assets, the returns on those investments, and other actions taken by the trustee and the board.

As added by P.L.217-2017, SEC.69.

IC 8-14-15.2Chapter 15.2. Next Generation Trust Fund

8-14-15.2-1"Authority" 8-14-15.2-2"Principal of the trust" 8-14-15.2-3"Trust" 8-14-15.2-4"Trustee" 8-14-15.2-5Establishment of next generation trust; uses of the trust 8-14-15.2-6Trust agreement 8-14-15.2-7Trust established as an irrevocable trust; termination of trust 8-14-15.2-8Treasurer of state as trustee of the trust 8-14-15.2-9Duties of the trustee; investment of money in the trust 8-14-15.2-10Use of principal to make and secure certain lease rental payments; transfer of money if insufficient grant proceeds are received from the federal government; report by the state budget director 8-14-15.2-11Trust code applicable to the trust 8-14-15.2-12Diminishment of trust principal; deposit of trust income; transfer of trust income to major moves construction fund 8-14-15.2-13Trust report is a public record; attorney general may petition for accounting 8-14-15.2-14Petition by attorney general for remedies if breach of trust, violation of trust mandate, or violation of duty 8-14-15.2-15Examination of records, files, and documents by the state board of accounts

IC 8-14-15.2-1"Authority" Sec. 1. As used in this chapter, "authority" refers to the Indiana finance authority.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-2"Principal of the trust" Sec. 2. As used in this chapter, "principal of the trust" means an amount equal to two hundred fifty million dollars ($250,000,000).

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-3"Trust" Sec. 3. As used in this chapter, "trust" refers to the next generation trust fund established under this chapter.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-4"Trustee" Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under section 8 of this chapter.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-5Establishment of next generation trust; uses of the trust Sec. 5. (a) The authority shall establish a next generation trust fund to hold title to proceeds transferred to the trust fund under IC 8-14-15.1-5.5 or section 10 of this chapter, to be used exclusively for the provision of highways, roads, and bridges for the benefit of the people of Indiana and the users of those facilities or for the purpose set forth in section 10 of this chapter.

(b) The trust shall be established as a charitable trust, separate from the state, but for the benevolent public purposes provided in this section.

(c) The trust consists of the proceeds transferred to the trust under IC 8-14-15.1-5.5 or section 10 of this chapter, and any income that accrues from the investment of these proceeds.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-6Trust agreement Sec. 6. The chairperson of the authority shall enter into a trust agreement on behalf of the authority with the treasurer of state in conformity with IC 30-4-2-1. Any provision of the trust agreement entered into under this section that is inconsistent with the provisions or intent of this chapter is void and of no further force or effect.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-7Trust established as an irrevocable trust; termination of trust Sec. 7. A trust established under this chapter must be an irrevocable trust and may not be revoked or terminated by the authority or any other person, nor may it be amended or altered by the authority or any other person. However, the terms of the trust must provide that the trust terminates when no funds remain in the trust.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-8Treasurer of state as trustee of the trust Sec. 8. The treasurer of state shall act as the trustee of the trust.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-9Duties of the trustee; investment of money in the trust Sec. 9. (a) The trustee shall:

(1) administer and manage the trust;

(2) invest the money in the trust; and

(3) deposit in the trust any interest that accrues from the investment of these funds.

(b) Notwithstanding IC 5-13, the trustee shall invest the money in the trust not currently needed to meet the obligations of the trust in the same manner as money is invested by the Indiana public retirement system under IC 5-10.3-5. However, the trustee may not invest the money in the trust in equity securities. The trustee shall also comply with the prudent investor rule set forth in IC 30-4-3.5. The trustee may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the trust and may pay the state expenses incurred under those contracts from the trust.

(c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trust established under this chapter.

(d) Money in the trust fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-10Use of principal to make and secure certain lease rental payments; transfer of money if insufficient grant proceeds are received from the federal government; report by the state budget director Sec. 10. (a) The principal of the trust may be used to make and secure lease rental payments that:

(1) are payable from grant proceeds from the federal government; and

(2) will be used to pay bonds or notes issued by the authority pursuant to IC 5-1.3.

(b) If grant proceeds received from the federal government are not in an amount sufficient to pay a lease rental payment described in subsection (a), the authority shall notify the trustee when the lease rental payment is due and the amount of the shortfall. Upon receiving notice from the authority, the trustee shall promptly transfer moneys in the trust in the amount of the shortfall to or at the direction of the authority for the purpose of making the lease rental payment.

(c) If a transfer is made under subsection (b), the state budget director shall transfer funds from the state general fund to the trust, in an amount equal to the transfer made under subsection (b). The state budget director shall submit a report to the budget committee within thirty (30) days after the transfer to the trust.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-11Trust code applicable to the trust Sec. 11. IC 30-4 (trust code) applies to a trust established under this chapter.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-12Diminishment of trust principal; deposit of trust income; transfer of trust income to major moves construction fund Sec. 12. (a) Except as otherwise required by section 10 of this chapter, the principal of the trust may not be diminished during the term of the trust.

(b) The income that accrues from investment of the trust shall be deposited in the trust.

(c) On March 15, 2021, and March 15 every five (5) years thereafter, the treasurer of state shall transfer all interest accruing to the trust to the major moves construction fund.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-13Trust report is a public record; attorney general may petition for accounting Sec. 13. The report required under IC 30-4-5-12 is a public record. The attorney general may petition for an accounting as permitted by IC 30-4-5-12.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-14Petition by attorney general for remedies if breach of trust, violation of trust mandate, or violation of duty Sec. 14. (a) This section applies if a person does any of the following with respect to a trust created under this chapter:

(1) Commits a breach of the trust.

(2) Violates the mandate of the trust or trust agreement.

(3) Violates a duty imposed by this chapter, the trust agreement, or IC 30-4.

(b) The attorney general may petition a court to impose one (1) or more of the remedies described in IC 30-4-5.5-1.

As added by P.L.189-2018, SEC.79.

IC 8-14-15.2-15Examination of records, files, and documents by the state board of accounts Sec. 15. Any records, files, or documents relating to the trust may be examined by the state board of accounts at a time selected by the state board of accounts. The trustee shall upon request of the state board of accounts:

(1) produce and submit any records, files, or documents related to the trust; and

(2) assist in every way the state board of accounts in its work in making an examination.

As added by P.L.189-2018, SEC.79.

IC 8-14-16Chapter 16. Local Major Moves Construction Funds

8-14-16-1Application 8-14-16-2"Fund" 8-14-16-3Distributions by county auditor 8-14-16-4Establishment of funds 8-14-16-5Uses of money in fund