Indiana Code 14-37-10-4. Amount of money in fund; investments; transfer to state general fund
(b) The total amount of money in the fund may not exceed one million five hundred thousand dollars ($1,500,000). Any amount of money in the fund exceeding one million five hundred thousand dollars ($1,500,000) on November 1 of a year reverts to the oil and gas fund established by IC 6-8-1-27. The fund must maintain a balance of at least five hundred thousand dollars ($500,000) as a surety fund for operators who are not required to execute a bond under IC 14-37-6-1. Expenditures that would reduce the fund below five hundred thousand dollars ($500,000) must be approved by the budget agency.
Terms Used In Indiana Code 14-37-10-4
- 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 oil and gas environmental fund established by this chapter. See Indiana Code 14-37-10-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(d) If the fund is abolished, all money in the fund is transferred to the state general fund.
(e) The expenses of administering the fund shall be paid from money in the fund. However, the department may not expend more than five percent (5%) of the money in the fund for administering the fund each state fiscal year.
[Pre-1995 Recodification Citation: 13-8-12-3.]
As added by P.L.1-1995, SEC.30. Amended by P.L.48-2002, SEC.6.