IC 8-14-15
    Chapter 15. Next Generation Trust Fund

IC 8-14-15-1
"Authority"
    Sec. 1. As used in this chapter, "authority" refers to the Indianafinance authority.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-2
"Trust"
    Sec. 2. As used in this chapter, "trust" refers to the nextgeneration trust fund established under this chapter.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-3
"Trustee"
    Sec. 3. As used in this chapter, "trustee" refers to the trustee of thetrust designated under section 7 of this chapter.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-4
Establishment of trust
    Sec. 4. (a) The authority shall establish a next generation trustfund to hold title to proceeds transferred to the trust underIC 8-15.5-11 to be used exclusively for the provision of highways,roads, and bridges for the benefit of the people of Indiana and theusers of those facilities.
    (b) The trust shall be established as a charitable trust, separatefrom the state, but for the benevolent public purpose provided in thissection.
    (c) The trust consists of the proceeds transferred to the trust underIC 8-15.5-11 and any income that accrues from the investment ofthese proceeds.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-5
Trust agreement
    Sec. 5. The chairman of the authority shall enter into a trustagreement on behalf of the authority with the treasurer of state inconformity with IC 30-4-2-1. Any provision of the trust agreemententered into under this section that is inconsistent with the provisionsor intent of this chapter is void and of no further force or effect.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-6
Irrevocable status of trust
    Sec. 6. A trust established under this chapter must be anirrevocable trust and may not be revoked or terminated by theauthority or any other person, nor may it be amended or altered by

the authority or any other person. However, the terms of the trustmust provide that the trust terminates when no funds remain in thetrust.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-7
Treasurer of state to act as trustee
    Sec. 7. The treasurer of state shall act as the trustee of the trust.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-8
Duties of trustee
    Sec. 8. (a) The trustee shall:
        (1) administer and manage the trust;
        (2) invest the money in the trust; and
        (3) deposit in the trust any interest that accrues from theinvestment of these funds.
    (b) Notwithstanding IC 5-13, the trustee shall invest the money inthe trust not currently needed to meet the obligations of the trust inthe same manner as money is invested by the public employees'retirement fund under IC 5-10.3-5. However, the trustee may notinvest the money in the trust in equity securities. The trustee shallalso comply with the prudent investor rule set forth in IC 30-4-3.5.The trustee may contract with investment management professionals,investment advisors, and legal counsel to assist in the investment ofthe trust and may pay the state expenses incurred under thosecontracts from the trust.
    (c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trustestablished under this chapter.
    (d) Money in the trust at the end of a state fiscal year does notrevert to the state general fund.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-9
Application of trust code
    Sec. 9. IC 30-4 (trust code) applies to a trust established under thischapter.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-10
Distributions from trust
    Sec. 10. (a) The principal of the trust may not be diminishedduring the term of the trust.
    (b) The income that accrues from investment of the trust shall bedeposited in the trust.
    (c) On March 15, 2011, March 15, 2016, and March 15 every five(5) years thereafter, the treasurer of state shall transfer all interestaccruing to the trust to the major moves construction fund.
As added by P.L.47-2006, SEC.6.
IC 8-14-15-11
Access to annual report; petition for accounting
    Sec. 11. The report required under IC 30-4-5-12 is a public record.The attorney general may petition for an accounting as permitted byIC 30-4-5-12.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-12
Petition for remedies
    Sec. 12. (a) This section applies if a person does any of thefollowing with respect to a trust created under this chapter:
        (1) Commits a breach of the trust.
        (2) Violates the mandate of the trust or trust agreement.
        (3) Violates a duty imposed by this chapter, the trust agreement,or IC 30-4.
    (b) The attorney general may petition a court to impose one (1) ormore of the remedies described in IC 30-4-5.5-1.
As added by P.L.47-2006, SEC.6.

IC 8-14-15-13
Examination of records by state board of accounts
    Sec. 13. Any records, files, or documents relating to the trust maybe examined by the state board of accounts at a time selected by thestate board of accounts. The trustee shall upon request of the stateboard of accounts:
        (1) produce and submit any records, files, or documents relatedto the trust; and
        (2) assist in every way the state board of accounts in its work inmaking an examination.
As added by P.L.47-2006, SEC.6.