Sec. 8. (a) The fund shall be deposited in a commercial bank or other institution authorized by law to receive public money.

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Terms Used In Indiana Code 20-42-3-8

  • account: refers to the seminary lands school account established under section 8 of this chapter. See Indiana Code 20-42-3-2
  • fund: refers to a seminary township school fund established under section 5 of this chapter. See Indiana Code 20-42-3-3
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The account into which the fund is deposited must be an interest paying account. The trustee shall annually take the interest from the fund and deposit the interest into a separate bank account known as the seminary lands school account maintained by the trustee for purposes of this chapter.

     (c) The trustee shall also deposit in the account:

(1) forty percent (40%); or

(2) two thousand five hundred dollars ($2,500);

whichever is greater, each year of the annual rental received from seminary lands.

[Pre-2006 Recodification Citation: 21-2-1-2 part.]

As added by P.L.2-2006, SEC.165.

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