Indiana Code 5-1.5-6-1. General fund; establishment; use; creation of subaccounts or special accounts
(1) used to pay principal of or interest on bonds or notes of the bank to prevent a default;
Terms Used In Indiana Code 5-1.5-6-1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) used to purchase securities; and
(4) used to purchase or redeem the bank’s bonds or notes.
(b) No amount shall be paid or expended out of the general fund, or from any account established by the bank in the general fund for the purpose of paying operating expenses, for the payment of operating expenses of the bank in any year in excess of the amount provided for operating expenses in the annual budget then in effect for that year or any amendment of the annual budget in effect at the time of the payment or expenditure.
(c) The bank is authorized and empowered to create and establish in the general fund accounts, subaccounts, or special accounts that in the opinion of the board are necessary, desirable, or convenient for the purposes of the bank under this chapter.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.23; P.L.136-2018, SEC.26.