Sec. 7. (a) The financial responsibility compliance verification fund is established to defray expenses incurred by the bureau in verifying compliance with financial responsibility requirements under this chapter.

     (b) The expenses of administering the fund shall be paid from money in the fund.

Terms Used In Indiana Code 9-25-9-7

  • 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.
     (c) The sources of money for the fund are as follows:

(1) The portion of the driving license reinstatement fee that is to be deposited in the fund under IC § 9-25-6-15.

(2) Accrued interest and other investment earnings of the fund.

(3) Appropriations made by the general assembly.

(4) Gifts and donations from any person to 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.

     (e) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.59-1994, SEC.10. Amended by P.L.198-2016, SEC.549.