Indiana Code 36-8-7-8. Derivation of money in fund
(1) From all money and other property that is given to the local board or 1937 fund for the uses and purposes for which the fund is created. The local board may take by gift, grant, devise, or bequest any money, personal property, real estate, or an interest in it. The gift, grant, devise, or bequest may be absolute or in fee simple or upon the condition that only the rents, income, or profits arising from it may be applied to the purposes for which the fund is established.
Terms Used In Indiana Code 36-8-7-8
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) All money accruing as interest on the securities or investments that are owned by and held in the name of the local board.
(4) All money received by the local board from the sale or by the maturity of securities or investments owned by the local board.
(5) An assessment made during the period of a member’s employment or for thirty-two (32) years, whichever is shorter, on the salary of each member equal to six percent (6%) of the salary of a fully paid first class firefighter. However, the employer may pay all or a part of the assessment for the member. The secretary of the fire department, or the person whose duty it is to make out the payrolls, shall place on the payroll opposite the name of every member the amount of assessment on the member’s salary. The unit’s fiscal officer shall deduct monthly from the salary of every member the sum listed opposite the member’s name, other than any amount paid on behalf of the member, and shall credit that amount to the 1937 fund. Except to the extent the assessment is paid on behalf of the member, every person who becomes a member of the fire department is liable for the assessment and is conclusively considered to agree to pay it by having it deducted from the member’s salary as required in this section.
(6) Appropriations that are made for the fund by the unit’s fiscal body.
[Pre-Local Government Recodification Citation: 19-1-37-11 part.]
As added by Acts 1981, P.L.309, SEC.57. Amended by Acts 1981, P.L.182, SEC.6; P.L.312-1989, SEC.2; P.L.127-2017, SEC.250.