Indiana Code 5-28-11.5-9. Local economic development organization recruitment fund established; uses; revenue sources; administration; investments; nonreverting fund
(b) The fund consists of:
Terms Used In Indiana Code 5-28-11.5-9
- 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.
- 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.
(2) interest deposited into the fund under subsection (d); and
(3) any money available for the purposes of this chapter from Indiana’s apportionment of general state assistance grants provided to the states under the federal American Recovery and Reinvestment Act of 2009 or another federal economic stimulus law enacted in 2009.
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Grants made under this chapter.
(2) Expenses of administering the fund.
(3) The corporation’s nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
(e) Money remaining in the fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.35-2009, SEC.1.