Indiana Code 4-12-16.5-2. Establishment of fund; uses
(b) The budget agency shall administer the fund.
Terms Used In Indiana Code 4-12-16.5-2
- 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.
- fund: refers to the special transportation flexibility fund established by section 2 of this chapter. See Indiana Code 4-12-16.5-1
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
(d) 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 other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
(e) Money in the fund at the end of a state fiscal year does not revert to the state general fund.
(f) Except as provided in subsection (g), the budget agency shall, once every six (6) months, transfer the money in the fund to the state highway fund (IC 8-23-9-54).
(g) If the governor determines that a transfer of money to the state highway fund should not occur, the governor must notify the budget committee of this determination at least thirty (30) days before that transfer is to be made. If the governor notifies the budget committee of a determination as provided in this subsection, the budget committee must review the governor’s determination not later than sixty (60) days after receiving the notification. If the governor provides such a notification, the governor may after review by the budget committee reallocate the money in the fund to be used instead for kindergarten through grade 12 education, health care, or child services, if the governor determines that federal or state revenues are insufficient to support those programs. However, if the budget committee does not meet to review the governor’s determination within sixty (60) days after receiving notification of the determination, the scheduled transfer of money to the state highway fund shall be made.
As added by P.L.218-2017, SEC.1.