IC 4-10-14
    Chapter 14. State Institutions.Borrowing Money andExpenditures Without Appropriation Prohibited and Penalized

IC 4-10-14-1
Loans; expenditures for improvements; authorization by act ofgeneral assembly
    Sec. 1. It shall be unlawful for the board of trustees of anybenevolent, scientific, or educational institution, or for anycorrectional facility of the state, to borrow money upon the credit ofthe state, or to contract any indebtedness on the credit of the state, orto make expenditures for improvements for said institutions orcorrectional facilities in any way, unless the said loans orexpenditure of money are first authorized by an act of the generalassembly for such purposes.
(Formerly: Acts 1875, c.4, s.1.) As amended by P.L.12-1996, SEC.1.

IC 4-10-14-2
Trustees; violations
    Sec. 2. A trustee who violates section 1 of this chapter commitsa Class C infraction and and forfeits his office.
(Formerly: Acts 1875, c.4, s.2.) As amended by Acts 1978, P.L.2,SEC.404.