Sec. 9. (a) The financial institutions fund is established.

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Terms Used In Indiana Code 28-11-2-9

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
     (b) 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 other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.

     (c) All revenue accruing to the department shall be paid into the fund.

     (d) All expenses incurred and all compensation paid by the department shall be paid out of the fund in the same manner as other state expenses and compensation are paid.

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

     (f) All civil penalties assessed by the department shall be paid into the fund.

     (g) If the department is required to defend the constitutionality of any of the statutes or rules the department administers, the costs and expenses incurred in connection with the defense may not:

(1) be paid from the fund; or

(2) be assessed in any way to the department’s budget.

As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.69.

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