Indiana Code 13-23-7-1.2. Aviation fuel account
(b) The account consists of the following:
Terms Used In Indiana Code 13-23-7-1.2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) All earnings on investments of funds in the account.
(3) Gifts and donations intended for deposit in the account.
(4) Any other money authorized to be deposited in or appropriated to the account.
(c) Money in the account is continuously appropriated for purposes of this section.
(d) The treasurer of state shall invest the money in the account not currently needed to meet the obligations of the account in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the account.
(e) Money in the account may be used only for the following purposes:
(1) Assisting owners and operators of tanks used for the storage of avgas or jet fuel in establishing evidence of financial responsibility, if necessary under IC 13-23-4.
(2) Providing a source of money to satisfy liabilities for corrective action involving avgas or jet fuel.
(3) Providing a source of money for the indemnification of third parties under IC 13-23-9-3 in claims involving avgas or jet fuel.
(4) Providing a source of money to pay the expenses incurred by the department:
(A) for job activities and expenses that consist exclusively of administering the aviation fuel account;
(B) in inspecting aviation fuel storage tanks; and
(C) in providing training through the program established under IC 13-23-7-1(a)(4)(C) to operators of underground and aboveground tanks used to store avgas or jet fuel.
(5) Beginning December 31, 2023, annually providing to the airport development grant fund established by IC 8-21-11-4 an amount equal to the difference between:
(A) the entire balance in the aviation fuel account; and
(B) a reserve amount that, in combination with an estimate of the fees that will be deposited in the aviation fuel account under subsection (b)(1) during the following calendar year, is reasonably anticipated by the commissioner or the commissioner’s designee as administrator of the aviation fuel account to be sufficient to meet the purposes set forth in subdivisions (1) through (4) in the following year.
(f) The expenses of administering the account shall be paid from money in the account.
(g) Money that is in the account at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.176-2023, SEC.40.