Sec. 1. (a) The toll road lease amendment proceeds fund is established.

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Terms Used In Indiana Code 8-14-14.2-1

  • 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.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
     (b) The fund consists of the following:

(1) Distributions to the fund from the major moves construction fund under IC 8-14-14-7(c).

(2) Appropriations to the fund.

(3) Gifts, grants, loans, bond proceeds, and other money received for deposit in the fund.

(4) Interest, premiums, or other earnings on the fund.

     (c) Money in the fund may be used only for the construction, reconstruction, improvement, maintenance, and repair, including design and right-of-way acquisition, of state highways that have a direct or indirect nexus with the Indiana toll road in the following counties:

(1) Elkhart.

(2) LaGrange.

(3) Lake.

(4) LaPorte.

(5) Porter.

(6) Steuben.

(7) St. Joseph.

     (d) The department of transportation shall administer the fund.

     (e) 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 may be 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.

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

As added by P.L.108-2019, SEC.154.

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