Sec. 2. (a) The governors’ portraits fund is established as a dedicated fund to be administered by the Indiana state museum and historic sites corporation (IC 4-37-2-1). Money in the fund may be expended by the chief executive officer of the Indiana state museum and historic sites corporation exclusively for the preservation and exhibition of the state owned portraits of former governors of Indiana.

     (b) The proceeds from the sale of items as directed by law or by the chief executive officer of the Indiana state museum and historic sites corporation, from gifts of money or the proceeds from the sale of gifts donated to the fund, and from investment earnings from any portion of the fund, shall be deposited in the governors’ portraits fund.

Terms Used In Indiana Code 14-20-16-2

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
     (c) 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 money may be invested.

     (d) All money accruing to the governors’ portraits fund is continuously allotted and appropriated for the purposes specified in this section.

     (e) Money in the fund at the end of the fiscal year does not revert to the state general fund.

As added by P.L.69-2009, SEC.6. Amended by P.L.167-2011, SEC.28.

  Previous section
Next section  
 Chapter 16 Contents