Sec. 29. (a) The council shall pay all expenses incurred under this chapter with money from the assessments remitted to the council under this chapter.

     (b) The council may invest all money the council receives under this chapter, including gifts or grants that are given for the express purpose of implementing this chapter, in the same way allowed by law for public funds.

Terms Used In Indiana Code 15-15-12-29

  • council: refers to the Indiana corn marketing council established by section 17 of this chapter. See Indiana Code 15-15-12-4
  • 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.
  • market development: means to:

    Indiana Code 15-15-12-10

  • promotion: means :

    Indiana Code 15-15-12-14

  • research: means a study to advance the:

    Indiana Code 15-15-12-15

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) The council may expend money from assessments and from investment income not needed for expenses for market development, promotion, and research.

     (d) The council may not use money received, collected, or accrued under this chapter for any purpose other than the purposes authorized by this chapter. The amount of money expended on administering this chapter in the council’s fiscal year may not exceed ten percent (10%) of the average amount of assessments, grants, and gifts received by the council as calculated under subsection (e).

     (e) The council shall determine the amount that it may expend to administer this chapter, using the following formula:

STEP ONE: Determine the amount of assessments, grants, and gifts received by the council in each of the preceding five (5) fiscal years beginning with the immediately preceding fiscal year.

STEP TWO: Determine the average annual amount of assessments, grants, and gifts received by the council in each fiscal year using three (3) of the five (5) fiscal years described in STEP ONE after excluding the two (2) years in which the amount of assessments, grants, and gifts received by the council were the highest and lowest totals.

STEP THREE: Divide the amount in STEP TWO by ten (10).

The amount in STEP THREE is the maximum amount that the council may expend on administering this chapter for the current fiscal year.

     (f) The cost of processing refunds and applying for grants is not an administrative expense under this section.

[Pre-2008 Recodification Citation: 15-4-10-24.]

As added by P.L.2-2008, SEC.6. Amended by P.L.148-2009, SEC.4; P.L.98-2012, SEC.8.

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