CHAPTER 11. TOLL ROAD FUND
IC 8-15.5-11
Chapter 11. Toll Road Fund
IC 8-15.5-11-1
"Account"
Sec. 1. As used in this chapter, "account" refers to an accountestablished within the fund.
As added by P.L.47-2006, SEC.39.
IC 8-15.5-11-2
"Fund"
Sec. 2. As used in this chapter, "fund" refers to the toll road fundestablished by section 3 of this chapter.
As added by P.L.47-2006, SEC.39.
IC 8-15.5-11-3
Establishment of fund; administration; accounts; investment
Sec. 3. (a) The toll road fund is established to provide funds to:
(1) pay or defease certain bonds in the manner provided by thischapter;
(2) pay amounts owed by the authority in connection with theexecution and performance of a public-private agreement underthis article, including operating expenses of the authority; and
(3) make distributions to the next generation trust fund and themajor moves construction fund.
(b) The authority shall hold, administer, and manage the fund.
(c) Expenses of administering the fund shall be paid from moneyin the fund.
(d) The fund consists of the following:
(1) Money received from an operator under a public-privateagreement.
(2) Appropriations, if any, made by the general assembly.
(3) Grants and gifts intended for deposit in the fund.
(4) Interest, premiums, gains, or other earnings on the fund.
(5) Amounts transferred to the fund under subsection (i).
(6) Amounts transferred to the fund under IC 8-14-14-6(a)(5).
(e) The authority shall establish the following separate accountswithin the fund:
(1) The bond retirement account.
(2) The administration account.
(3) The eligible project account.
(f) Money in the fund shall be deposited, paid, and secured in themanner provided by IC 4-4-11-32. Notwithstanding IC 5-13, theauthority shall invest the money in the fund that is not needed tomeet the obligations of the fund in the manner provided by aninvestment policy established by resolution of the authority.
(g) The fund is not part of the state treasury and is considered atrust fund for purposes of IC 4-9.1-1-7. Money may not betransferred, assigned, or otherwise removed from the fund by thestate board of finance, the budget agency, or any other state agency. (h) Money in the fund at the end of a state fiscal year does notrevert to the state general fund.
(i) As soon as practicable after a public-private agreementconcerning the Indiana Toll Road has been executed and the closingfor each financing transaction required to provide funding to carryout the agreement has been conducted, the authority shall determinethe total balance remaining in all toll road funds and accountsestablished under IC 8-15-2. Subject to any applicable trustindentures securing toll road bonds, the authority may retain fromthose funds and accounts the amounts necessary to pay outstandingobligations with respect to the operation of the Indiana Toll Roadincurred before the effective date of the public-private agreement,and shall transfer all remaining balances in the toll road funds andaccounts to the fund.
As added by P.L.47-2006, SEC.39.
IC 8-15.5-11-4
Allocations to accounts and other funds
Sec. 4. (a) Before any allocations are made from the fund underthis chapter, the authority shall determine:
(1) the extent to which outstanding bonds issued by theauthority under IC 8-14.5-6 or IC 8-15-2 should be repaid,defeased, or otherwise retired;
(2) the total amount necessary to repay, defease, or otherwiseretire the bonds selected by the authority for repayment,defeasance, or retirement; and
(3) the total amount necessary to pay the amounts owed by theauthority related to the execution and performance of apublic-private agreement under this article, includingestablishing reserves, plus the amount necessary to establish anescrow account to implement a written agreement entered intounder IC 8-15.5-7-6 to fund reductions in, or refunds of, userfees imposed on Class 2 vehicles.
The authority shall make a separate determination of the amountdescribed in subdivision (3) for each public-private agreement. Theamount described in subdivision (3) is payable solely from moneyreceived by the authority under the public-private agreement forwhich the amounts owed were incurred, and are not payable fromlease payments received under IC 8-9.5 or IC 8-14.5.
(b) Before making any allocations from the fund under subsection(c) or (d), the authority shall allocate the amount determined undersubsection (a)(2) to the bond retirement account. Money in thisaccount may be used only for the purpose described in section3(a)(1) of this chapter.
(c) After making the allocation required by subsection (b) andbefore making the allocations required by subsection (d), theauthority shall allocate the amount determined under subsection(a)(3) to the administration account. Money in this account may beused only for the purpose described in section 3(a)(2) of this chapter.
(d) After making the allocations required by subsections (b) and
(c), the remaining money received during each state fiscal year undera public-private agreement under this article shall be allocated to theeligible project account. Money in this account may be used only forthe purposes described in section 3(a)(3) of this chapter. Withinthirty (30) days after a public-private agreement concerning theIndiana Toll Road has been executed and the closing for eachfinancing transaction required to provide funding to carry out theagreement has been conducted, the authority shall transfer:
(1) five hundred million dollars ($500,000,000) of the money inthe eligible project account to the next generation trust fundestablished under IC 8-14-15; and
(2) the remainder of the money in the eligible project accountto the major moves construction fund.
In addition, any amounts transferred to the fund under section 3(i) ofthis chapter after the date described in this subsection shall betransferred to the major moves construction fund.
As added by P.L.47-2006, SEC.39.
IC 8-15.5-11-5
Distributions from eligible project account
Sec. 5. The money allocated to the eligible project account mustbe used to make distributions to the next generation trust fund andthe major moves construction fund, as provided by section 4 of thischapter.
As added by P.L.47-2006, SEC.39.
IC 8-15.5-11-6
Expediting permits, licenses, and approvals
Sec. 6. The authority shall seek the cooperation of federal andlocal agencies to expedite all necessary federal and local permits,licenses, and approvals necessary for toll road projects under thisarticle.
As added by P.L.47-2006, SEC.39.