Sec. 3. (a) Sinking funds that are created with respect to bonds issued under this chapter to fund retirement liabilities shall be held as private funds held in trust by the board of trustees, and shall not be deemed to be property of the state.

     (b) Sinking funds and debt service reserves may be invested in accordance with the provisions of IC 21-29. The principal of, accretions to, or earnings derived from sinking funds and debt service reserve funds may be used:

Terms Used In Indiana Code 21-32-3.5-3

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • retirement liabilities: means the payments to be made to a fund or funds administered by the board of trustees of the Indiana public retirement system for liabilities of a state educational institution resulting from a withdrawal from such a fund or a freezing of participation under such fund under Indiana Code 21-32-3.5-1
(1) to pay principal of and interest on bonds issued under this chapter to fund retirement liabilities; and

(2) to pay costs of administration of such sinking funds and debt service reserve funds.

As added by P.L.213-2015, SEC.241.

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