Sec. 10. (a) The political subdivision risk management fund is established for the purpose of:

(1) paying the liabilities of political subdivisions to the extent specified in this chapter;

Terms Used In Indiana Code 27-1-29-10

  • commission: refers to the Indiana political subdivision risk management commission established by this chapter. See Indiana Code 27-1-29-1
  • 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 political subdivision risk management fund established by this chapter. See Indiana Code 27-1-29-2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • political subdivision: has the meaning set forth in IC 34-6-2-110. See Indiana Code 27-1-29-4
(2) receiving assessments paid by political subdivisions to replenish the fund and to pay the principal of and interest on bonds or notes issued by the commission under section 17(b)(2) of this chapter; and

(3) receiving money from any other source.

     (b) The fund shall be administered by the commission.

     (c) The expenses of administering the fund shall be paid from money in the fund.

     (d) All money received by the commission under this chapter, whether as assessments, proceeds from the sale of bonds, or revenues, are trust funds, to be held and applied solely as provided in this chapter. Current operating funds shall be kept in depositories selected by the commission. The commission shall deposit with the treasurer of state the money in the fund not currently needed to meet the obligations of the fund, and the treasurer of state shall invest such money for the commission in accordance with the provisions of any resolution or trust agreement that the commission adopts or enters into under this chapter. Interest that accrues from these investments shall be credited to the commission and to the fund.

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

     (f) The commission shall create a reserve account in the fund and shall capitalize the reserve account through the surcharges levied under section 7(b)(10) of this chapter.

As added by P.L.162-1986, SEC.1. Amended by P.L.272-1987, SEC.4.

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