Indiana Code 4-35-8.3-5. Distributions to political subdivisions
(1) must be paid to the fiscal officer of the political subdivision and may be deposited in the political subdivision’s general fund (in the case of a school corporation, the school corporation may deposit the money into either the education fund (IC 20-40-2) or the operations fund (IC 20-40-18)) or riverboat fund established under IC 36-1-8-9, or both;
Terms Used In Indiana Code 4-35-8.3-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) except as provided in section 4(2) of this chapter, may be used for any legal or corporate purpose of the political subdivision, including the pledge of money to bonds, leases, or other obligations under IC 5-1-14-4; and
(4) is considered miscellaneous revenue.
(b) Money distributed under section 4(2) of this chapter must be used for the purposes specified in section 4(2) of this chapter.
As added by P.L.255-2015, SEC.45. Amended by P.L.149-2016, SEC.14; P.L.238-2019, SEC.3.