Sec. 3. (a) The major moves 2020 trust fund is established, to be used exclusively for major highway expansion projects that enhance the ability of goods to be transported in and through Indiana.

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Terms Used In Indiana Code 8-14-14.1-3

  • Contract: A legal written agreement that becomes binding when signed.
  • department: refers to the Indiana department of transportation. See Indiana Code 8-14-14.1-1
  • 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.
  • fund: refers to the major moves 2020 trust fund established by section 3 of this chapter. See Indiana Code 8-14-14.1-2
  • Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
     (b) The fund shall be administered by the department.

     (c) Notwithstanding IC 5-13, 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 money is invested by the Indiana public retirement system under IC 5-10.3-5. However, the treasurer of state may not invest the money in the fund in equity securities. The treasurer of state may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the fund and may pay the state expenses incurred under those contracts from the fund. Interest that accrues from these investments shall be deposited in the fund.

     (d) The fund consists of:

(1) money transferred to the fund under subsection (h); and

(2) any interest or other earnings on money in the fund.

     (e) The fund is considered a trust fund for purposes of IC 4-9.1-1-7. Money may not be transferred, assigned, or otherwise removed from the fund by the state board of finance, the budget agency, or any other state agency. IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to the fund.

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

     (g) Money in the fund must be appropriated by the general assembly to be available for expenditure.

     (h) The budget agency may before July 1, 2015, direct the auditor of state to transfer not more than two hundred million dollars ($200,000,000) to the fund from the state general fund. If the budget agency directs the auditor of state to make such a transfer, the auditor of state shall transfer to the fund the amount determined by the budget agency. There is annually appropriated from the state general fund an amount sufficient to make the transfer under this subsection. A transfer under this subsection is in addition to any transfer from the state general fund to the fund before January 1, 2014.

As added by P.L.205-2013, SEC.135. Amended by P.L.201-2014, SEC.2.

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