Indiana Code 5-28-18-7. Fund established; administration; investment; reversion; audit
(1) provide loans approved by the corporation under this chapter and IC 5-28-17; and
Terms Used In Indiana Code 5-28-18-7
- 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.
- fund: refers to the small business development fund established by section 7 of this chapter. See Indiana Code 5-28-18-2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) The fund consists of appropriations from the general assembly and loan repayments.
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter and IC 5-28-20.
(d) Earnings from loans made under this chapter shall be deposited in the fund.
(e) 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 state general fund.
(f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.
(g) The fund is subject to audit by the state board of accounts. The fund shall bear the full costs of the audit.
(h) With respect to loans or loan guarantees made from the fund before July 1, 2011, references in law or loan documents made to the microenterprise partnership program fund before July 1, 2011, shall be construed after June 30, 2011, as references to the small business development fund.
As added by P.L.4-2005, SEC.34. Amended by P.L.87-2011, SEC.6; P.L.181-2015, SEC.25.