Indiana Code 15-13-10-6. Investment and use of funds
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Sec. 6. (a) All money received under this chapter must be held and applied solely as provided in this chapter. Until the time the money is needed for use, the money may be invested or kept in depositories designated by the commission in the manner provided by IC 5-13.
(1) act as trustee of the money; and
(b) The resolution authorizing the issuance of bonds or the trust agreement securing the bonds must provide that any officer or any bank or trust company entrusted with money under this chapter shall:
Terms Used In Indiana Code 15-13-10-6
- Trustee: A person or institution holding and administering property in trust.
(2) hold and apply the money for the purposes of this chapter, under this chapter and the authorizing resolution or trust agreement.
[Pre-2008 Recodification Citation: 15-1.5-9-5.]
As added by P.L.2-2008, SEC.4.