reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-3. Repurchase Agreements; Funds Held by Officer and Available for Investment; Obligations Held as Collateral

Sec. 3. (a) As used in this section, "repurchase agreement" means an agreement:
(1) involving the purchase and guaranteed resale of securities between two (2) parties; and
(2) that may be entered into for a fixed term or arranged on an open or a continuing basis as a continuing contract that:
(A) operates like a series of overnight repurchase agreements;
(B) is renewed each day with the repurchase rate and the amount of funds invested determined daily; and
(C) for purposes of this article, is considered to have a stated final maturity of one (1) day.
(b) Each officer designated in section 1 of this chapter may enter into, with any funds that are held by the officer and available for investment, repurchase agreements:
(1) with depositories designated by the state board of finance as depositories for state deposits under IC 5-13-9.5; and
(2) involving the political subdivision's purchase and guaranteed resale of any interest-bearing obligations:
(A) issued; or
(B) fully insured or guaranteed;
by the United States, a United States government agency, an instrumentality of the United States, or a federal government sponsored enterprise.
The depository shall determine daily that the amount of money in this type of agreement must be fully collateralized by interest-bearing obligations as determined by their current market value. The collateral for this type of agreement is not subject to the provisions of section 2(c) of this chapter.
(c) If the market value of the obligations being held as collateral falls below the level required under subsection (b) or a higher level established by agreement, the depository shall deliver additional securities to the political subdivision to make the agreement collateralized to the applicable level. The collateral involved in a repurchase agreement entered into under this section is not subject to the maturity limitation provided in section 5.6 of this chapter.
(d) A political subdivision may invest in repurchase agreements without entering into a contract under IC 5-13-11 for an investment cash management system.
As added by P.L.19-1987, SEC.11. Amended by P.L.49-1988, SEC.1; P.L.41-1996, SEC.1; P.L.18-1996, SEC.13; P.L.46-1997, SEC.10; P.L.134-2000, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-3.3. Investment of Funds in Obligations Issued, Assumed, or Guaranteed by International Bank for Reconstruction and Redevelopment or African Development Bank

Sec. 3.3. Each officer designated in section 1 of this chapter may invest or reinvest any funds that are held by the officer and available for investment in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Redevelopment or the African Development Bank.
As added by P.L.18-1996, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-3.5. Investment and Reinvestment of Funds; Participation in Loans; Lending Securities

Sec. 3.5. (a) The fiscal officer of a political subdivision or county treasurer that is located in a county containing a consolidated city may invest or reinvest any funds that are held by the fiscal officer or the county treasurer and that are available for investment in participations in loans. However, funds may be invested or reinvested in a participation in loans under this subsection only under the following conditions:
(1) The principal of the participation in loans must be guaranteed by an agency or instrumentality of the United States government.
(2) The participation in loans must be represented by a certificate issued by a bank that is:
(A) incorporated under the laws of Indiana, another state, or the United States; and
(B) insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation.
(b) Funds may be invested or reinvested in a participation in loans under subsection (a) even though the certificate representing the participation in loans is not insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation.
(c) A fiscal officer or county treasurer described in subsection (a) may lend any securities acquired under this section or section 2 of this chapter. However, securities may be lent under this subsection only if the agreement under which the securities are lent is collateralized by:
(1) cash; or
(2) interest bearing obligations that are issued by, fully insured by, or guaranteed by the United States, an agency of the United States government, a federal instrumentality, or a federal government sponsored enterprise in excess of the total market value of the loaned securities.
As added by P.L.44-1990, SEC.6. Amended by P.L.8-1991, SEC.3; P.L.29-1992, SEC.4; P.L.57-1993, SEC.5; P.L.18-1996, SEC.15; P.L.46-1997, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-4. Deposit, Investment, or Reinvestment of Funds in Transaction Accounts; Certificates of Deposit; Deposit Accounts

Sec. 4. (a) Each officer designated in section 1 of this chapter may, subject to the restrictions provided in IC 5-13-8-9(a) through IC 5-13-8-9(e), deposit, invest, or reinvest any funds that are held by the officer and available for investment in transaction accounts issued or offered by a designated depository of a political subdivision for the rates and terms agreed upon periodically by the officer making the investment and the designated depository.
(b) The investing officer making a deposit in a certificate of deposit shall obtain quotes of the specific rates of interest for the term of that certificate of deposit that each designated depository will pay on the certificate of deposit. Quotes may be solicited and taken by telephone. A memorandum of all quotes solicited and taken shall be retained by the investing officer as a public record of the political subdivision under IC 5-14-3. If the deposit is not placed in the designated depository quoting the highest rate of interest, the investing officer shall:
(1) place the deposit in the depository quoting the second or third highest rate of interest; and
(2) note the reason for placing the deposit on the memorandum of quotes.
(c) If all of the designated depositories of a political subdivision decline to issue or receive any deposit account, or to issue or receive the deposit account at a rate of interest equal to the highest rate being offered other investors, investments may be made in the deposit accounts of any financial institution designated for state deposits as a depository by the state board of finance under IC 5-13-9.5.
As added by P.L.19-1987, SEC.11. Amended by P.L.50-1988, SEC.1; P.L.44-1990, SEC.7; P.L.57-1993, SEC.6; P.L.18-1996, SEC.16; P.L.46-1997, SEC.12; P.L.173-2003, SEC.2; P.L.115-2010, SEC.8; P.L.117-2018, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-5. Authorization to Invest in Certificates of Deposit; Quotes From Depositories

Sec. 5. (a) The board of county commissioners of each county, and the fiscal body of each political subdivision other than a county, may, subject to the restrictions provided in IC 5-13-8-9(a) through IC 5-13-8-9(e), by ordinance or resolution authorize the investing officer of each, respectively, to invest in certificates of deposit of depositories that have not been designated by the local board of finance of either but have been designated by the state board of finance as a depository for state deposits under IC 5-13-9.5. An ordinance or a resolution adopted under this subsection must provide that the authority granted in the ordinance or resolution expires on a date that is not later than one (1) year after the date the ordinance or resolution is adopted.
(b) With respect to any money to be invested in a deposit account under subsection (a), the investing officer shall solicit quotes for the certificates of deposit from at least three (3) depositories. If only one (1) depository has been designated for the political subdivision by its local board of finance, a quote must be solicited from that depository. If two (2) or more depositories have been designated for the political subdivision by its local board of finance, at least two (2) quotes must be solicited from the depositories thus designated. The quotes may be solicited and taken by telephone. A memorandum of all quotes solicited and taken shall be retained by the investing officer as a public record of the political subdivision under IC 5-14-3.
(c) If a deposit is not placed in the designated depository quoting the highest rate of interest, the investing officer shall follow the procedures and priority for placing deposits that are set forth in section 4 of this chapter and note the reason for placing the deposit on the memorandum of quotes.
As added by P.L.19-1987, SEC.11. Amended by P.L.47-1991, SEC.1; P.L.18-1996, SEC.17; P.L.46-1997, SEC.13; P.L.115-2010, SEC.9; P.L.117-2018, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-5.3. Authorization to Invest in Interest Bearing Deposit Accounts; Conditions; Exemption From Security or Pledging Requirements

Sec. 5.3. (a) For purposes of this section, "deposit account" does not include a deposit account described in IC 5-13-4-7(5).
(b) In addition to the authority to invest in certificates of deposit under section 5 of this chapter and in transaction accounts under section 4 of this chapter, and notwithstanding any other law, the board of county commissioners of each county, and the fiscal body of each political subdivision other than a county, may by ordinance or resolution authorize the investing officer of each, respectively, to invest public funds in interest bearing deposit accounts in accordance with the following conditions:
(1) The funds are initially invested through a depository that is selected by the investing officer.
(2) The selected depository arranges for the deposit of the funds in interest bearing deposit accounts in one (1) or more federally insured banks or savings and loan associations, wherever located, for the account of the county or political subdivision.
(3) The full amount of the principal and any accrued interest of each deposit are covered by insurance of any federal deposit insurance agency.
(4) The selected depository acts as a custodian for the county or political subdivision with respect to the deposits.
(5) On the same date that the county's or political subdivision's funds are deposited, the selected depository receives an amount of deposits covered by insurance of any federal deposit insurance agency from customers of other institutions, wherever located, at least equal to the amount of the funds invested by the county or political subdivision through the selected depository.
(c) Public funds invested in accordance with subsection (b) are not subject to any security or pledging requirements that may otherwise be applicable to the deposit or investment of public funds.
As added by P.L.115-2010, SEC.10. Amended by P.L.31-2012, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-5.6. Final Maturity; Investment Policy

Sec. 5.6. Except for investments allowed under section 2(f) or 2(g) of this chapter, investments made under this chapter must have a stated final maturity of not more than:
(1) five (5) years after the date of purchase or entry into a repurchase agreement for a conservancy district located in a city having a population of more than five thousand (5,000) and less than five thousand one hundred thirty (5,130);
(2) five (5) years after the date of purchase or entry into a repurchase agreement for investments made from a host community agreement future fund established by ordinance of a town with a population of more than ten thousand (10,000) and less than twenty thousand (20,000) located in a county having a population of more than one hundred seventy-four thousand (174,000) and less than one hundred eighty thousand (180,000); or
(3) two (2) years after the date of purchase or entry into a repurchase agreement for:
(A) a fund not described in subdivision (1) or (2); or
(B) a political subdivision that:
(i) is not described in subdivision (1) or (2); and
(ii) does not have in effect an investment policy and ordinance under section 5.7 of this chapter.
As added by P.L.18-1996, SEC.18. Amended by P.L.54-1999, SEC.2; P.L.212-1999, SEC.2; P.L.170-2002, SEC.15; P.L.43-2012, SEC.1; P.L.104-2022, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-5.7. Political Subdivision Investment Policy

Sec. 5.7. (a) The fiscal body of a political subdivision may adopt an investment policy authorizing the investment of public funds of the political subdivision for more than two (2) years and not more than five (5) years. The policy must:
(1) be in writing;
(2) be adopted at a public meeting;
(3) provide for the investment of public funds with the approval of the investing officer;
(4) provide that the investments must be made in accordance with this article;
(5) limit the total investments outstanding under this section to not more than twenty-five percent (25%) of the total portfolio of public funds invested by the political subdivision, including balances in transaction accounts; and
(6) state a date on which the policy expires, which may not be more than four (4) years after the date on which the policy takes effect.
(b) A policy adopted by a fiscal body under subsection (a) remains in effect only through the date of expiration established in the policy, which may not be more than four (4) years after the date on which the policy takes effect.
(c) A fiscal body that has adopted a written investment policy under subsection (a) may adopt an ordinance authorizing its investing officer to make investments having a stated final maturity that is:
(1) more than two (2) years; but
(2) not more than five (5) years;
after the date of purchase or entry into a repurchase agreement.
(d) An ordinance adopted by a fiscal body under subsection (c) and the power to make an investment described in subsection (c) expire on the date on which the policy expires, which may not be more than four (4) years after the date on which the policy takes effect.
(e) After an investment of public funds of a political subdivision is made by the investing officer under this section, the total investments of the political subdivision outstanding under this section may not exceed twenty-five percent (25%) of the total portfolio of public funds invested by the political subdivision, including balances in transaction accounts. However, an investment that complies with this section when the investment is made remains legal even if:
(1) the investment policy has expired; or
(2) a subsequent decrease in the total portfolio of public funds invested by the political subdivision, including balances in transaction accounts, causes the percentage of investments outstanding under this section to exceed twenty-five percent (25%) of the total portfolio of public funds invested by the political subdivision.
(f) An investing officer may contract with a federally regulated investment advisor or other institutional money manager to make investments under this section.
As added by P.L.43-2012, SEC.2. Amended by P.L.13-2013, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-6. Interest Received From Investment; Deposit; Receipt; Reinvestment; Disposition

Sec. 6. (a) All interest derived from an investment by a political subdivision or by any other local public officer under the authority granted by section 3 of this chapter shall be deposited, except as otherwise provided by law, in the general fund of the investment authority or in any other fund its governing body designates specifically or by rule, subject to the modifications and limitations in this section.
(b) Interest from the following investments shall be receipted as follows:
(1) Interest from investments of funds of a political subdivision that are traceable to United States government funds must be receipted to the fund of which they are a part, if required by federal law or regulation.
(2) Interest from investments of funds controlled by court orders must be receipted to that fund unless otherwise designated by the court order.
(c) Each county treasurer, if authorized by the board of county commissioners, may invest tax collections under this chapter pending distribution of the collections to political subdivisions. These investments may not:
(1) exceed the amount available after giving consideration to taxes which may need to be advanced to any political subdivision; or
(2) be made in deposit accounts or repurchase agreements, the maturity dates of which are later than the time when the tax collections are required by law to be distributed to political subdivisions.
(d) The interest received on the investments made under subsection (c) shall be receipted to the county general fund or any other fund from which expenses incurred in the maintenance of county highways may be paid. The county fiscal body (as defined in IC 36-1-2-6) shall determine the allocation of this interest among the general fund and the various highway funds into which the interest may be deposited.
(e) Any political subdivision may apply the interest derived from the investment of the proceeds from bonded indebtedness or local tax levies to the appropriate redemption bond interest or sinking fund for the bonded indebtedness.
(f) If meter deposits of a municipally owned utility are invested, the interest earned on the investment may be applied to and used in the operation or depreciation fund of the municipally owned utility as determined by its governing body.
(g) Interest from the investment of the public funds of a political subdivision may not be paid personally or for the benefit of any public officer.
As added by P.L.19-1987, SEC.11. Amended by P.L.68-1989, SEC.1; P.L.18-1996, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-8. Service Charges; Consideration in Computing Interest Rate; Payment by Direct Charge or From Interest Earned; Reporting by Political Subdivision

Sec. 8. Any investing officer of a political subdivision that makes a deposit in any deposit or other account may be required to pay a service charge to the depository in which the funds are deposited, if the depository requires all customers to pay the charge for providing that service. However, the service charge imposed must be considered in the computation of the interest rate for determining which depositories are entitled to investments as prescribed by sections 4 and 5 of this chapter. If the total service charge cannot be computed before the investment, the investing officer shall estimate the service charge and adjust the interest rate based on this estimate. The service charge may be paid:
(1) by direct charge to the deposit or other account; or
(2) in a manner that subtracts the service charge from interest earned on the funds in the deposit or other account.
If the manner described in subdivision (2) is used to pay the service charge, the political subdivision must report the net interest deposited in the political subdivision's financial records, and the political subdivision is not required to report the amount of the service charge subtracted in the political subdivision's financial records.
As added by P.L.19-1987, SEC.11. Amended by P.L.18-1996, SEC.20; P.L.147-2011, SEC.1; P.L.202-2011, SEC.1; P.L.233-2015, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-8.5. Designation as Public Funds

Sec. 8.5. Funds deposited in deposit accounts in accordance with this chapter and interest earned or accrued on the funds are public funds and are covered by the insurance fund.
As added by P.L.18-1996, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9. Deposit and Investment Powers › 5-13-9-9. Prohibited Acts

Sec. 9. An officer designated in section 1 of this chapter may not do the following:
(1) Purchase securities on margin.
(2) Open a securities margin account for the investment of public funds.
As added by P.L.72-1995, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-1. "Capital Asset"

Sec. 1. As used in this chapter, "capital asset" means a building, a fixture, a structure, an improvement, or land.
As added by P.L.139-2015, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-2. "Fund"

Sec. 2. As used in this chapter, "fund" means a fund established under section 4 of this chapter.
As added by P.L.139-2015, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-3. Investment of Proceeds From Certain Capital Assets; Ordinance or Resolution

Sec. 3. (a) Subject to the requirements of this chapter, the fiscal body of a political subdivision may adopt an ordinance (in the case of a county or municipality) or a resolution (in the case of any other political subdivision) to authorize the investment of proceeds from the sale of a capital asset owned by the political subdivision. A fiscal body may adopt an ordinance under this subsection before, after, or at the time of the sale of the capital asset.
(b) Proceeds from the sale of a capital asset owned by a political subdivision may be invested as provided in this chapter only if:
(1) either:
(A) the total amount received (either before July 1, 2015, or after June 30, 2015) or that will be received from the sale of the capital asset exceeds fifty million dollars ($50,000,000); or
(B) in the case of a town, the total amount received from the sale of the capital asset after December 15, 2021, and before January 1, 2023, exceeds twenty-four million dollars ($24,000,000) but does not exceed twenty-six million dollars ($26,000,000); and
(2) the fiscal body of the political subdivision has adopted an ordinance or a resolution, as described in subsection (a), that applies to the investment of proceeds from the sale of that particular capital asset.
As added by P.L.139-2015, SEC.2. Amended by P.L.157-2022, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-4. Establishment of Separate Fund; Investment Powers; Agreement With Investment Advisor; Expenditure or Transfer of Money in the Fund

Sec. 4. (a) Except as provided in subsection (d), if the fiscal body of a political subdivision adopts an ordinance or a resolution under section 3 of this chapter for a particular capital asset, the fiscal officer of the political subdivision shall establish a separate fund into which some or all of the proceeds from the sale of the capital asset shall be deposited. All interest and other income earned on investments of money in the fund shall be deposited in the fund. The ordinance or resolution under section 3 of this chapter must require that the investing officer of the political subdivision shall contract with a registered investment advisor concerning the investment of the proceeds in the fund with the expanded investment authority granted to the political subdivision under this section.
(b) Notwithstanding this article or any other law, the investing officer of the political subdivision may invest money in the fund in the same manner as money in the next generation trust fund may be invested under IC 8-14-15.2-9(b). A political subdivision shall enter into an agreement with a registered investment advisor to provide advice regarding investment of money in the fund. The political subdivision shall, with the advice of the registered investment advisor, enter into agreements with investment managers for the investment of the funds. These agreements:
(1) must be a fee-for-service agreement; and
(2) may not provide that the compensation of the investment management professionals or investment advisors is determined in whole or in part by the amount or percentage of the investment income earned on money in the fund.
(c) Money in the fund may not be expended or transferred from the fund, except as provided in this chapter.
(d) This subsection applies only to a town that receives proceeds from the sale of a capital asset under section 3(b)(1)(B) of this chapter. The fiscal body of a town that receives proceeds from the sale of a capital asset described in section 3(b)(1)(B) of this chapter shall contract with a financial institution eligible to receive public funds of a political subdivision under IC 5-13-8-1 to assist the fiscal body in its investment program.
As added by P.L.139-2015, SEC.2. Amended by P.L.189-2018, SEC.33; P.L.157-2022, SEC.2; P.L.11-2023, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-5. Principal and Interest of Money in the Fund; Appropriation Required; Limits

Sec. 5. The following apply to money deposited in the fund:
(1) The principal of the fund consists of:
(A) the amount deposited in the fund as the proceeds from the sale of the capital asset; plus
(B) any investment income that is:
(i) earned on money in the fund; and
(ii) added to the principal of the fund as provided in subdivision (2).
(2) To the extent that investment income earned on money in the fund during a calendar year exceeds five percent (5%) of the amount of the principal at the beginning of the calendar year, that excess investment income shall, for purposes of this chapter, be added to and be considered a part of the principal of the fund.
(3) Money may be expended from the fund only upon appropriation by the fiscal body of the political subdivision. Money may be transferred from the fund to another fund of the political subdivision only if the fiscal body of the political subdivision authorizes the transfer by ordinance (in the case of a county or municipality) or by resolution (in the case of any other political subdivision). However, an expenditure or transfer of any money that is part of the principal of the fund may be made only if the expenditure or transfer is approved:
(A) by each member of the fiscal body of the political subdivision; and
(B) by each member of the executive of the political subdivision.
(4) All money in the fund that is in a deposit account and not in some other form of investment shall be deposited in one (1) or more designated depositories of the political subdivision in the same manner as other public funds of the political subdivision are deposited under IC 5-13-9.
As added by P.L.139-2015, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.3. Investment of Proceeds Received From the Sale of Certain Capital Assets › 5-13-9.3-6. Department of Local Government Finance May Not Reduce Levy

Sec. 6. The department of local government finance may not reduce a political subdivision's property tax levy under IC 6-1.1-18.5 or any other law on account of money deposited in a fund established under this chapter.
As added by P.L.139-2015, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-3. Designation of Qualified Financial Institutions as Depositories

Sec. 3. (a) The state board of finance shall designate as a depository for public funds of the state any financial institution qualified under section 1 of this chapter that:
(1) properly files an application to receive a deposit of public funds of the state and to provide the security required by IC 5-13-13-7; and
(2) is suitably located with reference to the convenience of the officers and state institutions using that financial institution.
(b) The state board of finance may invite and act upon applications and designate depositories at any time when additional depositories may be available or are required for the state or a political subdivision.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-4. Expiration of Designation as Depository

Sec. 4. When the state board of finance has designated a depository for public funds, the treasurer of state shall accept the application of the financial institution to act as a depository for public funds. A designation under this section expires only under the following conditions:
(1) The board of depositories revokes the status of the financial institution as a depository under section 6 of this chapter.
(2) The financial institution resigns as a depository under section 7 of this chapter.
(3) Another law terminates the depository status of the financial institution.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-5. Filing Copy of Institution's Statement of Condition

Sec. 5. A financial institution designated as a depository under this chapter shall, upon request of the treasurer of state, file a copy of the institution's most recent statement of condition.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-6. Revocation of Commission of Depository; Causes

Sec. 6. (a) The board for depositories regarding depositories of public funds of the state may revoke the commission of any depository at any time for any cause considered sufficient by the board for depositories.
(b) The causes for which the board for depositories may revoke the commission of a depository under subsection (a) include the failure of the depository to conduct lending activities in Indiana to such an extent that, at the end of each quarter, pursuant to the depository's certification, the sum of:
(1) the total principal amount of the depository's outstanding loans to Indiana residents (as defined in IC 5-13-8-7); plus
(2) the total value of the depository's investments in Indiana residents (as defined in IC 5-13-8-7);
is at least equal to the total amount of public funds of the state and political subdivisions of the state that are on deposit in the depository.
(c) Upon revocation, the depository shall immediately render an accounting and make settlement for all public funds deposited with the depository.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-7. Resignation of Depository

Sec. 7. Any depository designated under this chapter may resign as a depository and relinquish all public funds on deposit with the depository. The resignation is effective:
(1) thirty (30) days after written notice is given to the state board of finance; and
(2) after settlement with the state board of finance for all public funds on deposit with the depository.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 9.5. Designation of State Depositories › 5-13-9.5-8. Forms

Sec. 8. (a) The state board of accounts, with the approval of the attorney general, shall prepare and prescribe:
(1) a form of agreement to receive public funds on deposit that may be accepted and executed, as provided in this chapter; and
(2) any other forms necessary to carry out this chapter.
(b) These forms must be used by the state board of finance and depositories in the performance of the duties imposed upon the state board of finance by this chapter. All agreements and the rights of the parties must be subject to modification by any statute and by all rules adopted by the department of financial institutions concerning withdrawal of funds in times of emergency.
As added by P.L.18-1996, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-1. Excess Funds; Deposit in Deposit Accounts

Sec. 1. Upon determination by the treasurer of state that cash of the state on deposit is in excess of its anticipated daily cash requirements, the treasurer of state may deposit the excess funds in deposit accounts of designated depositories.
As added by P.L.19-1987, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-2. Deposit Accounts; Interest Rate Requirement

Sec. 2. Deposit accounts must bear interest at rates of interest not less than the rates of interest paid from time to time by each financial institution to all its depositors making comparable investments.
As added by P.L.19-1987, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-3. Deposit Accounts; Limitations on Deposit; Depository to File Periodic Statement of Condition; Increase of Maximum Percentage in Depository on Finding of Excess Cash

Sec. 3. The treasurer of state may not deposit aggregate funds in deposit accounts in any one (1) designated depository in an amount aggregating at any one (1) time more than fifty percent (50%) of the combined capital, surplus, and undivided profits of that depository as determined by its last published statement of condition filed with the treasurer of state. Each depository shall file with the treasurer of state each periodic statement of condition required to be filed by it with its governmental supervisory body. If the state board for depositories finds that excess cash of the state is substantially more than that which had been anticipated, it may increase that maximum percentage in any depository, and the treasurer of the state may invest the additional funds in deposit accounts distributed among the depositories substantially in proportion to their respective capital, surplus, and undivided profits.
As added by P.L.19-1987, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-4. Publication of Average Daily Balance of Funds; Audit of Records

Sec. 4. Within thirty (30) days following the end of each semiannual fiscal period of the state, the treasurer of state shall publish, in two (2) newspapers of general circulation in Indiana, the average daily balance of the funds maintained by the treasurer in each of the depositories in the fiscal period listing separately funds in accounts subject to withdrawal on demand or by negotiable orders of withdrawal and funds evidenced by all other depository accounts. The accuracy of the computation of the balances shall be verified by the state board of accounts in the audit of the records of the treasurer of state.
As added by P.L.19-1987, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-5. Interest to Be Receipted to General Fund

Sec. 5. All interest derived from investments under this chapter shall be receipted to the general fund, except as otherwise provided by law.
As added by P.L.19-1987, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10. Funds Invested by the Treasurer of State › 5-13-10-6. Payment of Interest Accruing on State Held School Funds to School Corporations

Sec. 6. All interest accrued or accruing on the sinking fund or any other fund held by the state for the benefit of common schools is set apart for distribution as other revenues are distributed for the support of the common schools.
[Pre-2006 Education Finance Recodification Citation: 21-1-13-1.]
As added by P.L.2-2006, SEC.29.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-0.3. Legalization of Certain Actions

Sec. 0.3. Actions taken after June 30, 2007, and before March 24, 2008, that would have been valid under section 3 of this chapter, as amended by P.L.115-2008, are legalized and validated.
As added by P.L.220-2011, SEC.95.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-1. Applicability of Chapter

Sec. 1. This chapter applies to the following funds:
(1) Funds raised by bonds issued for a future specific purpose.
(2) Sinking funds.
(3) Depreciation reserve funds.
(4) Gifts.
(5) Bequests or endowments.
(6) Any other funds available for investment.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-2. Authorization for Investment and Reinvestment of Funds

Sec. 2. In addition to any other statutory power to make investments under any other law:
(1) the treasurer of state, under the guidelines established by the state board of finance; and
(2) any other public officer of the state authorized by statute or court order to make investments;
may invest or reinvest funds held by the treasurer of state or other public officer in any combination of the investments authorized under this chapter. In making the investment, the public official shall comply with the requirements in this chapter that apply to the investment.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-3. Final Maturity; Percentage of Investments Outstanding; Investment Advisers and Money Managers; Investment of Money From Transportation Corridor Fund

Sec. 3. (a) Except as provided in subsection (b), investments under this chapter may be made only in securities having a stated final maturity of two (2) years or less from the date of purchase.
(b) The treasurer of state may make investments in securities having a final maturity or redemption date that is more than two (2) years and not more than five (5) years after the date of purchase or subscription. After an investment is made under this subsection, the total investments outstanding under this subsection may not exceed twenty-five percent (25%) of the total portfolio of funds invested by the treasurer of state. However, an investment that complies with this subsection when the investment is made remains legal even if a subsequent decrease in the total portfolio invested by the treasurer of state causes the percentage of investments outstanding under this subsection to exceed twenty-five percent (25%). The treasurer of state may contract with federally regulated investment advisers and other institutional money managers to make investments under this section.
(c) Unless prohibited under federal law, the treasurer of state shall invest under subsection (b) the funds of the transportation corridor fund established by IC 8-4.5-3-7. The treasurer of state may invest other funds held by the state in compliance with subsection (b).
As added by P.L.18-1996, SEC.23. Amended by P.L.46-1997, SEC.15; P.L.220-2003, SEC.3; P.L.115-2008, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-4. Protection of Interests of Funds

Sec. 4. A public officer making an investment under this chapter may sell any securities acquired and may take any action necessary to protect the interests of the funds invested, including the exercise of exchange privileges that may be granted with respect to maturing securities if the new securities offered in exchange meet the requirements for initial investment.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-5. Legal Custodian; Safekeeping Receipts

Sec. 5. (a) The treasurer of state is the legal custodian of securities under this chapter. The treasurer of state shall accept safekeeping receipts or other reporting for securities from:
(1) a duly designated depository as prescribed in this article; or
(2) a financial institution located either in or out of Indiana having physical custody of securities with a combined capital and surplus of at least ten million dollars ($10,000,000) according to the last statement of condition filed by the financial institution with its governmental supervisory body.
(b) The state board of accounts may rely on safekeeping receipts or other reporting from any depository or financial institution.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-6. Restrictions on Public Officers

Sec. 6. A public officer of the state may not do the following:
(1) Purchase securities on margin.
(2) Open a securities margin account for the investment of public funds.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-7. Investment in Securities; Cost in Excess of Par

Sec. 7. (a) A public officer of the state may invest or reinvest funds held by the officer and available for investment in securities that are:
(1) backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States; and
(2) issued by any of the following:
(A) The United States Treasury.
(B) A federal agency.
(C) A federal instrumentality.
(D) A federal government sponsored enterprise.
(b) If an investment under subsection (a) is made at a cost in excess of the par value of the securities purchased, any premium paid for the securities shall be deducted from the first interest received and returned to the fund from which the investment was purchased, and only the net amount is considered interest income.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-8. Investment in Deposit Accounts

Sec. 8. (a) A public officer of the state may invest or reinvest funds held by the officer and available for investment in deposit accounts issued or offered by a designated depository. Investments under this subdivision by the treasurer of state are governed by IC 5-13-10.
(b) Investments in deposit accounts under subsection (a) must be in the amounts, and for the rates and terms, as are agreed upon from time to time by the officer making the investment and the designated depository.
(c) Investments made in accordance with subsection (a) and the interest earned or accrued on them are public funds and are covered by the insurance fund.
As added by P.L.18-1996, SEC.23.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-9. Investment in Repurchase or Resale Agreements; Collateral

Sec. 9. (a) A public officer of the state may invest any funds held by the officer and available for investment into agreements, commonly known as repurchase or resale agreements with depositories designated by the state board of finance as depositories for state deposits, involving the purchase and guaranteed resale of any interest-bearing obligations that are:
(1) issued; or
(2) fully insured or guaranteed;
by the United States, any United States government agency, any instrumentality of the United States government, or any federal government sponsored enterprise. The amount of money in this type of agreement must be fully collateralized by interest-bearing obligations as determined by the current market value computed on the day on which a transaction is effective.
(b) The collateral for the type of agreement described in subsection (a) is not subject to the maturity limitation in section 3 of this chapter.
As added by P.L.18-1996, SEC.23. Amended by P.L.46-1997, SEC.16; P.L.134-2000, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-10. Investment in Obligations Issued; Assumed or Guaranteed by Supranational Issuers

Sec. 10. A public officer of the state may invest or reinvest funds that are held by the public officer and available for investment in United States dollar denominated obligations issued, assumed, or guaranteed as to the payment of principal and interest by:
(1) supranational issuers having the highest investment credit rating by at least two (2) nationally recognized credit rating agencies; or
(2) the State of Israel.
As added by P.L.18-1996, SEC.23. Amended by P.L.220-2003, SEC.4; P.L.102-2014, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-11. Investment in Other Obligations

Sec. 11. The treasurer of state may invest or reinvest funds that are held by the treasurer and that are available for investment in obligations issued by any of the following:
(1) Agencies or instrumentalities of the United States government.
(2) Federal government sponsored enterprises.
(3) The Indiana bond bank, if the obligations are secured by tax anticipation time warrants or notes that:
(A) are issued by a political subdivision (as defined in IC 36-1-2-13); and
(B) have a maturity date not later than the end of the calendar year following the year of issuance.
As added by P.L.18-1996, SEC.23. Amended by P.L.1-2004, SEC.2 and P.L.23-2004, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 13. Investment of Public Funds › Chapter 10.5. State Investments › 5-13-10.5-11.5. Treasurer of State May Invest

Sec. 11.5. The treasurer of state may invest or reinvest funds that are held by the treasurer and that are available for investment in commercial paper rated in the highest rating category by one (1) nationally recognized rating service and with a stated final maturity of two hundred seventy (270) days or less from the date of purchase.
As added by P.L.220-2003, SEC.5.