Sec. 20. Any agreement between the district and the system, the principal purpose of which is to provide passenger rail service, must include the following provisions:

(1) That the replacement of capital assets employed in the provision of passenger service will be provided for prudently.

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Terms Used In Indiana Code 8-5-15-20

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • District: means a commuter transportation district established under this chapter. See Indiana Code 8-5-15-1
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Passenger: means a frequent user of the commuter transportation system who can demonstrate an interest and familiarity with the commuter transportation system. See Indiana Code 8-5-15-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) That the methods of conducting and accounting for financial transactions between parties to agreements will be compatible with the fiduciary responsibilities of the district and the purposes of this chapter and follows generally accepted accounting principles.

(3) That the system shall maintain complete and accurate books and records, permit reasonable access by the district and its duly authorized representatives to the books and records of the system, and permit the district or its representatives, at reasonable times and subject to reasonable confidentiality restrictions, to inspect the properties and operations of the system.

(4) That the system shall also provide:

(A) system performance information, which will permit an assessment of passenger service in general and service levels in particular;

(B) information concerning the operation and administration of the passenger rail service;

(C) a projection of significant operational and administrative changes scheduled to take place in the enusing fiscal year;

(D) a projection of capital expenditures scheduled to be undertaken by the system in the ensuing fiscal year; and

(E) a list of capital improvements that the system requests that the district undertake in the ensuing five (5) years.

(5) That a marketing study shall be undertaken no less frequently than every three (3) years. The study may be undertaken jointly by the system and the district. The study must measure and evaluate passenger attitudes and requirements concerning service levels, service quality, fares, and opportunities to improve service or to increase ridership.

(6) That the passenger service deficit will not exceed an agreed amount (with an allowance agreed to by the parties for variable expenses) during the term of the agreement.

As added by P.L.385-1987(ss), SEC.12.

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