Indiana Code 5-13-9.3-4. Establishment of separate fund; investment powers; agreement with investment advisor; expenditure or transfer of money in the fund
(b) Notwithstanding this article or any other law, the investing officer of the political subdivision may invest money in the fund in the same manner as money in the next generation trust fund may be invested under IC 8-14-15.2-9(b). A political subdivision shall enter into an agreement with a registered investment advisor to provide advice regarding investment of money in the fund. The political subdivision shall, with the advice of the registered investment advisor, enter into agreements with investment managers for the investment of the funds. These agreements:
Terms Used In Indiana Code 5-13-9.3-4
- capital asset: means a building, a fixture, a structure, an improvement, or land. See Indiana Code 5-13-9.3-1
- Contract: A legal written agreement that becomes binding when signed.
- fund: means a fund established under section 4 of this chapter. See Indiana Code 5-13-9.3-2
(2) may not provide that the compensation of the investment management professionals or investment advisors is determined in whole or in part by the amount or percentage of the investment income earned on money in the fund.
(c) Money in the fund may not be expended or transferred from the fund, except as provided in this chapter.
(d) This subsection applies only to a town that receives proceeds from the sale of a capital asset under section 3(b)(1)(B) of this chapter. The fiscal body of a town that receives proceeds from the sale of a capital asset described in section 3(b)(1)(B) of this chapter shall contract with a financial institution eligible to receive public funds of a political subdivision under IC 5-13-8-1 to assist the fiscal body in its investment program.
As added by P.L.139-2015, SEC.2. Amended by P.L.189-2018, SEC.33; P.L.157-2022, SEC.2; P.L.11-2023, SEC.21.