Indiana Code 8-14-15.2-10. Use of principal to make and secure certain lease rental payments; transfer of money if insufficient grant proceeds are received from the federal government; report by the state budget director
(1) are payable from grant proceeds from the federal government; and
Terms Used In Indiana Code 8-14-15.2-10
- authority: refers to the Indiana finance authority. See Indiana Code 8-14-15.2-1
- 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
- principal of the trust: means an amount equal to two hundred fifty million dollars ($250,000,000). See Indiana Code 8-14-15.2-2
- trust: refers to the next generation trust fund established under this chapter. See Indiana Code 8-14-15.2-3
- Trustee: A person or institution holding and administering property in trust.
- trustee: refers to the trustee of the trust designated under section 8 of this chapter. See Indiana Code 8-14-15.2-4
(b) If grant proceeds received from the federal government are not in an amount sufficient to pay a lease rental payment described in subsection (a), the authority shall notify the trustee when the lease rental payment is due and the amount of the shortfall. Upon receiving notice from the authority, the trustee shall promptly transfer moneys in the trust in the amount of the shortfall to or at the direction of the authority for the purpose of making the lease rental payment.
(c) If a transfer is made under subsection (b), the state budget director shall transfer funds from the state general fund to the trust, in an amount equal to the transfer made under subsection (b). The state budget director shall submit a report to the budget committee within thirty (30) days after the transfer to the trust.
As added by P.L.189-2018, SEC.79.