Indiana Code 14-31-2-11. Transfer of money to stewardship trusts
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Sec. 11. (a) To ensure the proper management of natural areas acquired in the campaign, concurrent with the acquisition of each campaign site:
(2) an amount equal to five percent (5%) of the appraised value of the acquisition shall be transferred from the fund to an account designated the Indiana natural heritage stewardship trust II.
(1) an amount equal to twenty percent (20%) of the appraised value of the acquisition shall be transferred from the fund to an account designated the Indiana natural heritage stewardship trust I; and
Terms Used In Indiana Code 14-31-2-11
- appraised value: means the value of property without consideration of the effect, if any, of dedication or other preservation related restrictions. See Indiana Code 14-31-2-2
- campaign: refers to the Indiana natural heritage protection campaign established by this chapter. See Indiana Code 14-31-2-3
- fund: refers to the Indiana natural heritage protection fund established by this chapter. See Indiana Code 14-31-2-5
- trust I: refers to the Indiana natural heritage stewardship trust I authorized by this chapter. See Indiana Code 14-31-2-7
- trust II: refers to the Indiana natural heritage stewardship trust II authorized by this chapter. See Indiana Code 14-31-2-8
- Trustee: A person or institution holding and administering property in trust.
(b) The amounts to be transferred from the fund to trust I and trust II must be fully and exclusively derived from the following:
(1) Private contributions to the fund.
(2) Interest earned on private contributions to the fund.
(c) Trust I and trust II shall be maintained in a financial institution having a uniform interagency trust composite rating of one (1) or two (2). The financial institution is the trustee of trust I and trust II.
[Pre-1995 Recodification Citation: 14-4-5.1-4.]
As added by P.L.1-1995, SEC.24.