Indiana Code 36-1-8-12. Special fund for state grant money and local matching money; reversion of unused money
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Sec. 12. (a) If a political subdivision other than a school corporation receives state grant money requiring local matching money, the political subdivision shall create a special fund and deposit the grant money and matching money into the special fund. The money in the fund may be used only for the purposes of the grant.
(1) the political subdivision shall transfer the state’s share of the remaining money to the treasurer of state for deposit in the fund from which the grant was made; and
(b) If a political subdivision completes the project for which the state grant money was provided and money remains in the fund:
Terms Used In Indiana Code 36-1-8-12
- 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.
(2) the political subdivision’s pro rata share of the remaining money reverts to the political subdivision’s general fund.
As added by P.L.10-1997, SEC.25. Amended by P.L.68-2001, SEC.9.