IC 21-9-5-1 Establishment of funds
Sec. 1. The following are established:
(1) The general operating fund.
(2) The endowment fund.
(3) The trust fund and, in the trust fund, the following:
(A) The administrative account.
(B) The program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.4.
IC 21-9-5-2 Investment policies for general operating fund, administrative
account, and other money
Sec. 2. The authority shall establish and implement investment
policies in accordance with IC 5-13 for the following:
(1) Money in the general operating fund.
(2) Money in the administrative account.
(3) Any other money of the authority other than money in:
(A) the endowment fund; and
(B) the program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.5.
IC 21-9-5-3
Repealed
(Repealed by P.L.85-2000, SEC.6.)
IC 21-9-5-4 Investment policies for endowment fund and program account
Sec. 4. The board shall establish and implement investment
policies for money in:
(1) the endowment fund; and
(2) the program account;
for investment in the manner provided by IC 30-4-3-3. As added by P.L.165-1996, SEC.1.
IC 21-9-5-5 Use of trust fund
Sec. 5. The trust fund and other property of the authority must be
preserved, invested, and expended only under this article and may
not be used for any other purpose. The trust fund shall be held in
trust for account owners and account beneficiaries. As added by P.L.165-1996, SEC.1.
IC 21-9-5-6
Repealed
(Repealed by P.L.135-2002, SEC.30.) IC 21-9-5-7 Criteria for management of assets in trust fund
Sec. 7. Criteria for management of assets in the trust fund,
including investment of assets, must provide for both asset protection
and income growth relative to expected tuition costs while providing
for the actuarial soundness of the trust fund. As added by P.L.165-1996, SEC.1.
IC 21-9-5-8 Payment of authority's expenses
Sec. 8. (a) General operating, administrative, and capital expenses
of the authority may be paid from amounts appropriated for those
purposes by the general assembly. Appropriations must be deposited
in either the administrative account or the general operating fund, as
the board determines to be appropriate.
(b) Subject to IC 21-9-6-3, money in the administrative account
shall be used first to pay the general operating, administrative, and
capital expenses of the authority. Before money in the program
account may be used for these expenses, the authority must exhaust
all other funds available to the authority, including money in the
endowment fund and the administrative account. As added by P.L.165-1996, SEC.1.
IC 21-9-5-9 Annual audit of authority
Sec. 9. (a) The funds, accounts, management, and operations of
the authority are subject to annual audit by an independent public
accounting firm retained by the board.
(b) The authority shall promptly transmit copies of each annual
audit to the governor and the general assembly. Upon request, the
authority shall make available copies of the audit to qualified
beneficiaries, account owners, and the public. As added by P.L.165-1996, SEC.1.
IC 21-9-5-1 Establishment of funds
Sec. 1. The following are established:
(1) The general operating fund.
(2) The endowment fund.
(3) The trust fund and, in the trust fund, the following:
(A) The administrative account.
(B) The program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.4.
IC 21-9-5-2 Investment policies for general operating fund, administrative
account, and other money
Sec. 2. The authority shall establish and implement investment
policies in accordance with IC 5-13 for the following:
(1) Money in the general operating fund.
(2) Money in the administrative account.
(3) Any other money of the authority other than money in:
(A) the endowment fund; and
(B) the program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.5.
IC 21-9-5-3
Repealed
(Repealed by P.L.85-2000, SEC.6.)
IC 21-9-5-4 Investment policies for endowment fund and program account
Sec. 4. The board shall establish and implement investment
policies for money in:
(1) the endowment fund; and
(2) the program account;
for investment in the manner provided by IC 30-4-3-3. As added by P.L.165-1996, SEC.1.
IC 21-9-5-5 Use of trust fund
Sec. 5. The trust fund and other property of the authority must be
preserved, invested, and expended only under this article and may
not be used for any other purpose. The trust fund shall be held in
trust for account owners and account beneficiaries. As added by P.L.165-1996, SEC.1.
IC 21-9-5-6
Repealed
(Repealed by P.L.135-2002, SEC.30.) IC 21-9-5-7 Criteria for management of assets in trust fund
Sec. 7. Criteria for management of assets in the trust fund,
including investment of assets, must provide for both asset protection
and income growth relative to expected tuition costs while providing
for the actuarial soundness of the trust fund. As added by P.L.165-1996, SEC.1.
IC 21-9-5-8 Payment of authority's expenses
Sec. 8. (a) General operating, administrative, and capital expenses
of the authority may be paid from amounts appropriated for those
purposes by the general assembly. Appropriations must be deposited
in either the administrative account or the general operating fund, as
the board determines to be appropriate.
(b) Subject to IC 21-9-6-3, money in the administrative account
shall be used first to pay the general operating, administrative, and
capital expenses of the authority. Before money in the program
account may be used for these expenses, the authority must exhaust
all other funds available to the authority, including money in the
endowment fund and the administrative account. As added by P.L.165-1996, SEC.1.
IC 21-9-5-9 Annual audit of authority
Sec. 9. (a) The funds, accounts, management, and operations of
the authority are subject to annual audit by an independent public
accounting firm retained by the board.
(b) The authority shall promptly transmit copies of each annual
audit to the governor and the general assembly. Upon request, the
authority shall make available copies of the audit to qualified
beneficiaries, account owners, and the public. As added by P.L.165-1996, SEC.1.
IC 21-9-5-1 Establishment of funds
Sec. 1. The following are established:
(1) The general operating fund.
(2) The endowment fund.
(3) The trust fund and, in the trust fund, the following:
(A) The administrative account.
(B) The program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.4.
IC 21-9-5-2 Investment policies for general operating fund, administrative
account, and other money
Sec. 2. The authority shall establish and implement investment
policies in accordance with IC 5-13 for the following:
(1) Money in the general operating fund.
(2) Money in the administrative account.
(3) Any other money of the authority other than money in:
(A) the endowment fund; and
(B) the program account. As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.5.
IC 21-9-5-3
Repealed
(Repealed by P.L.85-2000, SEC.6.)
IC 21-9-5-4 Investment policies for endowment fund and program account
Sec. 4. The board shall establish and implement investment
policies for money in:
(1) the endowment fund; and
(2) the program account;
for investment in the manner provided by IC 30-4-3-3. As added by P.L.165-1996, SEC.1.
IC 21-9-5-5 Use of trust fund
Sec. 5. The trust fund and other property of the authority must be
preserved, invested, and expended only under this article and may
not be used for any other purpose. The trust fund shall be held in
trust for account owners and account beneficiaries. As added by P.L.165-1996, SEC.1.
IC 21-9-5-6
Repealed
(Repealed by P.L.135-2002, SEC.30.) IC 21-9-5-7 Criteria for management of assets in trust fund
Sec. 7. Criteria for management of assets in the trust fund,
including investment of assets, must provide for both asset protection
and income growth relative to expected tuition costs while providing
for the actuarial soundness of the trust fund. As added by P.L.165-1996, SEC.1.
IC 21-9-5-8 Payment of authority's expenses
Sec. 8. (a) General operating, administrative, and capital expenses
of the authority may be paid from amounts appropriated for those
purposes by the general assembly. Appropriations must be deposited
in either the administrative account or the general operating fund, as
the board determines to be appropriate.
(b) Subject to IC 21-9-6-3, money in the administrative account
shall be used first to pay the general operating, administrative, and
capital expenses of the authority. Before money in the program
account may be used for these expenses, the authority must exhaust
all other funds available to the authority, including money in the
endowment fund and the administrative account. As added by P.L.165-1996, SEC.1.
IC 21-9-5-9 Annual audit of authority
Sec. 9. (a) The funds, accounts, management, and operations of
the authority are subject to annual audit by an independent public
accounting firm retained by the board.
(b) The authority shall promptly transmit copies of each annual
audit to the governor and the general assembly. Upon request, the
authority shall make available copies of the audit to qualified
beneficiaries, account owners, and the public. As added by P.L.165-1996, SEC.1.
