CHAPTER 6. OTHER FUNDS AND ACCOUNTS

IC 5-1.5-6
    Chapter 6. Other Funds and Accounts

IC 5-1.5-6-1
General fund; establishment; use; creation of subaccounts orspecial accounts
    Sec. 1. (a) The bank shall establish and maintain a fund called thegeneral fund into which there shall be deposited all money receivedby the bank and any money that the bank shall transfer to the fundfrom any reserve fund under IC 5-1.5-5-1(c). Money in the generalfund shall be used for operating expenses of the bank and, subject toany contract between the bank and its holders, may be:
        (1) used to pay principal of or interest on bonds or notes of thebank to prevent a default;
        (2) transferred to any reserve fund to prevent a default or tomake up any deficiency in that reserve fund;
        (3) used to purchase securities; and
        (4) used to purchase or redeem the bank's bonds or notes.
    (b) No amount shall be paid or expended out of the general fund,or from any account therein established by the bank for the purposeof paying operating expenses, for the payment of operating expensesof the bank in any year in excess of the amount provided foroperating expenses in the annual budget then in effect for that yearor any amendment thereof in effect at the time of the payment orexpenditure.
    (c) The bank is authorized and empowered to create and establishin the general fund accounts, subaccounts, or special accounts that inthe opinion of the board are necessary, desirable, or convenient forthe purposes of the bank under this chapter.
As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.23.

IC 5-1.5-6-2
Additional reserves; other funds or accounts
    Sec. 2. The board may establish additional reserves or other fundsor accounts as may be in its discretion necessary, desirable, orconvenient to further the accomplishment of its purposes or tocomply with the provisions of any of its agreements or resolutions.
As added by P.L.25-1984, SEC.1.

IC 5-1.5-6-3
Money or investments in fund or account established for specificpurpose; application
    Sec. 3. Unless the resolution or trust agreement authorizing thebonds or notes provides otherwise, money or investments in a fundor account of the bank established or held for the payment of bondsor notes shall be applied to the payment or retirement of the bonds ornotes, and to no other purpose.
As added by P.L.25-1984, SEC.1.