§ 8-14-15.2-1 “Authority”
§ 8-14-15.2-2 “Principal of the trust”
§ 8-14-15.2-3 “Trust”
§ 8-14-15.2-4 “Trustee”
§ 8-14-15.2-5 Establishment of next generation trust; uses of the trust
§ 8-14-15.2-6 Trust agreement
§ 8-14-15.2-7 Trust established as an irrevocable trust; termination of trust
§ 8-14-15.2-8 Treasurer of state as trustee of the trust
§ 8-14-15.2-9 Duties of the trustee; investment of money in the trust
§ 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
§ 8-14-15.2-11 Trust code applicable to the trust
§ 8-14-15.2-12 Diminishment of trust principal; deposit of trust income; transfer of trust income to major moves construction fund
§ 8-14-15.2-13 Trust report is a public record; attorney general may petition for accounting
§ 8-14-15.2-14 Petition by attorney general for remedies if breach of trust, violation of trust mandate, or violation of duty
§ 8-14-15.2-15 Examination of records, files, and documents by the state board of accounts
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Terms Used In Indiana Code > Title 8 > Article 14 > Chapter 15.2 - Next Generation Trust Fund

  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • authority: refers to the Indiana finance authority. See Indiana Code 8-14-15.2-1
  • 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.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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