Indiana Code 8-14-15.1-5. Trust established by the Indiana finance authority; charitable trust; proceeds transferred from the next generation trust fund
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Sec. 5. (a) The authority has established the next level Indiana trust fund to hold title to proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), to be used exclusively for the provision of highways, roads, and bridges for the benefit of the people of Indiana and the users of those facilities.
(c) The trust consists of the proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), and any income that accrues from the investment of these proceeds.
(b) The trust as established is a charitable trust, separate from the state, but for the benevolent public purpose provided in this section.
Terms Used In Indiana Code 8-14-15.1-5
- authority: refers to the Indiana finance authority. See Indiana Code 8-14-15.1-1
- trust: refers to the next level Indiana trust fund established under section 5 this chapter. See Indiana Code 8-14-15.1-3
As added by P.L.217-2017, SEC.69. Amended by P.L.189-2018, SEC.76.