HOUSE BILL No. 1501
DIGEST OF INTRODUCED BILL
Synopsis: Higher education construction projects. Provides
appropriations to fund university capital projects from securitized
payments received under the tobacco master settlement agreement.
Effective: July 1, 2003.
January 15, 2003, read first time and referred to Committee on Ways and Means.
First Regular Session 113th General Assembly (2003)
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HOUSE BILL No. 1501
A BILL FOR AN ACT to amend the Indiana Code concerning
education finance and to make an appropriation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 4-4-34; (03)IN1501.1.1. -->
IS ADDED TO THE INDIANA CODE AS
CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
Chapter 34. Energize Indiana Higher Education Capital
Sec. 1. As used in this chapter, "authority" refers to an
authority, separate from the state, established to securitize
payments received under the master settlement agreement (as
Sec. 2. As used by this chapter, "fund" refers to the fund
established by section 3 of this chapter.
Sec. 3. The energize Indiana higher education capital projects
fund is established to provide the necessary money for projects and
programs that will assist in providing the higher education capital
infrastructure needed to energize academic achievement in
Sec. 4. The fund shall be administered by the budget agency.
Sec. 5. The expenses of administering the fund shall be paid
from money in the fund. Interest that accrues from these
investments shall be deposited in the fund.
Sec. 6. The treasurer of state shall invest the money in the fund
not currently needed to meet the obligations of the fund in the same
manner as other public money may be invested.
Sec. 7. Money in the fund at the end of a state fiscal year does
not revert to the state general fund.
Sec. 8. The authority shall annually distribute seven million five
hundred thousand dollars ($7,500,000) for deposit in the fund on
the schedule approved by the budget agency.
Sec. 9. If the authority has insufficient money to make the total
amount of transfers required by law for any fiscal year, the
authority shall make transfers for that fiscal year as directed by
the budget agency after review by the budget committee.
Sec. 10. Seven million five hundred thousand dollars
($7,500,000) is annually appropriated from the money distributed
to the fund under section 8 of this chapter for higher education
capital projects. Money appropriated under this section does not
revert to the state general fund at the end of a state fiscal year but
remains available to the budget agency until the purposes for
which the money was appropriated are fulfilled.
Sec. 11. This chapter expires July 1, 2005.