Sec. 1. (a) This section applies to a public-private agreement to which the authority is a party under IC 8-15.5 and that was originally entered into before January 1, 2013.

     (b) If an extension or an amendment to a public-private agreement, which is proposed to be entered into after May 1, 2019, would require the approval of the authority at a meeting of the authority before taking effect, the authority shall submit the proposed extension or amendment to the public-private agreement to the budget committee established by IC 4-12-1-3 for its review. The budget committee may request that the authority or the department of transportation, or both, appear at a public meeting of the budget committee concerning the proposed extension or amendment to the public-private agreement. The authority may not enter into any extension or amendment to the public-private agreement until after the budget committee has reviewed the proposed extension or amendment.

Terms Used In Indiana Code 5-1.2-4.5-1

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) If the authority or the state receives a lump sum payment or a series of payments totaling more than one million dollars ($1,000,000) as a result of entering into any extension or amendment to the public-private agreement in accordance with subsection (b), any amount of that payment that is not obligated to cover any obligation incurred or amounts owed by the authority or the state before the date of the extension or amendment shall be deposited in a special payment reserve fund to be administered by the authority.

     (d) The money in the special payment reserve fund at the end of any state fiscal year does not revert to any other fund.

     (e) The authority shall invest or cause to be invested all the money in the special payment reserve fund in one (1) or more fiduciary accounts with a trustee that is a financial institution in accordance with the authority’s investment policy.

     (f) The special payment reserve fund may not be used for any purpose before May 1 of the year following the year in which the payment was received. Thereafter, unless the use of the fund is otherwise specified by law, the money in the fund shall be allocated and distributed to the fund into which the payment would have otherwise been deposited under IC 8-15.5.

As added by P.L.108-2019, SEC.82.

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