CHAPTER 7. LOCAL BOARDS OF FINANCE

IC 5-13-7
    Chapter 7. Local Boards of Finance

IC 5-13-7-1
County board of finance; membership; duties
    Sec. 1. Except as provided in section 2 of this chapter, the boardof commissioners and the county treasurer in each county togetherconstitute the county board of finance. The board has supervision ofthe revocation of public depositories for all public funds of thecounty.
As added by P.L.19-1987, SEC.9. Amended by P.L.46-1991, SEC.1;P.L.46-1997, SEC.1.

IC 5-13-7-2
County having consolidated city; composition; duties; secretary
    Sec. 2. (a) In a county having a consolidated city, the countyboard of finance is composed of:
        (1) the county treasurer;
        (2) the county auditor;
        (3) the county assessor;
        (4) the mayor of the consolidated city;
        (5) the controller of the consolidated city; and
        (6) the president of the board of school commissioners of theschool city described by IC 20-25-3-1.
    (b) The board has supervision of the revocation of publicdepositories for all public funds of the following:
        (1) The county.
        (2) The consolidated city.
        (3) The school city.
        (4) Any other political subdivision in the county whose localboard of finance designates the county board of finance forthose purposes.
As added by P.L.19-1987, SEC.9. Amended by P.L.37-1992, SEC.1;P.L.29-1994, SEC.1; P.L.46-1997, SEC.2; P.L.1-2005, SEC.79.

IC 5-13-7-3
County board of finance; compensation
    Sec. 3. The members of a county board of finance serve withoutcompensation other than the members' salaries as officers of themembers' respective political subdivisions.
As added by P.L.19-1987, SEC.9.

IC 5-13-7-4
Repealed
    (Repealed by P.L.10-1997, SEC.37.)

IC 5-13-7-5
Boards of finance of other political subdivisions; duties;compensation
    Sec. 5. (a) The fiscal body of each political subdivision not

governed by sections 1 through 3 of this chapter constitutes a boardof finance for that political subdivision.
    (b) Each board of finance has supervision of the revocation ofpublic depositories for the respective political subdivisions for whichthey act.
    (c) The members of the boards serve without compensation otherthan the members' salaries allowed by law for the members' servicesas officers of the members' respective political subdivisions.
As added by P.L.19-1987, SEC.9. Amended by P.L.46-1997, SEC.4;P.L.10-1997, SEC.8; P.L.68-2001, SEC.3; P.L.115-2010, SEC.5.

IC 5-13-7-6
Meetings; election of officers; term; quorum; open meetings;nature of board
    Sec. 6. (a) Each local board of finance shall meet annually afterthe first Monday and on or before the last day of January. At theannual meeting the board of finance shall do the following:
        (1) Elect from the board's membership:
            (A) a president; and
            (B) a secretary.
        The officers elected hold office until the officers' successors areelected and qualified.
        (2) Receive and review the report required by section 7 of thischapter.
    (b) A majority of the members of each board of financeconstitutes a quorum for the transaction of business. Each board offinance shall hold additional sessions whenever necessary todischarge its duties and to accomplish the purposes of this chapter.The president of each board shall convene the board wheneverrequested to do so by one (1) of the members, or whenever necessaryto the performance of the duties imposed by this chapter.
    (c) All meetings of the boards of finance must be open to thepublic, and the records of the boards shall be subject to publicinspection in accordance with IC 5-14-3 and IC 5-15-2, respectively.The secretary of each board shall keep a record of the proceedings,which shall be approved and signed by the president of the board andattested by the secretary.
    (d) A local board of finance shall be known by the name "TheBoard of Finance of _______", inserting the name of the properpolitical subdivision, and may sue and be sued in the board's namein any action and in any court of competent jurisdiction.
As added by P.L.19-1987, SEC.9. Amended by P.L.37-1992, SEC.2;P.L.57-1993, SEC.2; P.L.74-1995, SEC.1; P.L.72-1995, SEC.2;P.L.10-1997, SEC.9.

IC 5-13-7-7
Investment report
    Sec. 7. (a) During the annual meeting required by section 6 of thischapter, the investment officer shall make a written report to theinvesting officer's local board of finance summarizing the political

subdivision's investments during the previous calendar year. Thereport must contain the name of each financial institution,government agency or instrumentality, or other person with whomthe political subdivision invested money during the previous calendaryear.
    (b) The local board of finance shall do the following at themeeting:
        (1) Review the report.
        (2) Review the overall investment policy of the politicalsubdivision.
As added by P.L.72-1995, SEC.3.