Sec. 8. (a) The statewide sports and tourism bid
fund is established for the purpose of distributing funds in the form of a grant to the Indiana Sports
Corporation to be used by the Indiana Sports Corporation:
(1) to organize and hold events; and
Terms Used In Indiana Code 5-33-6.5-8
- 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 statewide sports and tourism bid fund established by section 8 of this chapter. See Indiana Code 5-33-6.5-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
in Indiana.
(b) The fund consists of:
(1) appropriations from the general assembly; and
(2) grants, gifts, and donations intended for deposit in the fund.
(c) The corporation shall administer the fund.
(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 state general fund.
(e) Not later July 15 of the first year of the biennium, the corporation shall distribute to the Indiana Sports Corporation a grant amount equal to the amount appropriated by the general assembly to the fund for the state fiscal year.
As added by P.L.58-2022, SEC.1.
