in determining the assessments payable during the succeeding six (6)
month period. This determination shall be made by the board before or
as soon as practicable after the applicable July 1, or January 1. In fixing
the rate, if any, the board shall consider the amount of public funds
currently on deposit, the liabilities of the insurance fund, contingent
and accrued, and the determination of the board on the amount of the
reserve for losses of the insurance fund as set out in section 7(b) of this
chapter. For any six (6) month period the maximum assessment rate
that may be fixed by the board is two percent (2%). The board may
lower or waive the assessment on any or all classifications of deposit
if in its discretion it determines that a lower rate or waiver will not
prevent the fund from attaining sufficient assets to equal the reserve for
losses. If, at the beginning of any six (6) month period, no action has
been taken by the board for depositories fixing the assessment rate, if
any, on public funds for the succeeding six (6) month period, the
assessment rate is the same rate, if any, in effect during the preceding
six (6) month period. Whenever as of July 1, or January 1, the value of
the assets in the fund equals or exceeds the reserve for losses, the board
shall eliminate the assessment requirement for the succeeding six (6)
month period for each classification of deposit.
(b) During any period when an assessment rate is in effect, the assessment base for each depository of public funds shall be determined monthly. The assessment base must be equal to the sum total of all the minimum balances of each classification of public funds on deposit in each and all accounts during the month, the minimum balance of each account being taken respectively as of the date on which it occurs. On or before the second day of each month in which an assessment rate is in effect, each depository shall compute the amount of the assessment due from it to the insurance fund on account of public funds on deposit with it during the preceding month. The amount of the monthly assessment, if any, is the product obtained by multiplying one-twelfth (1/12) times the assessment base for the month for which the assessment is being computed.
(c) During the time the assessment rate on public funds has been waived or eliminated by the board for depositories, the respective depositories are not obligated to pay any assessment but shall continue to prepare and file the reports that would otherwise be required to be prepared and filed under this chapter.
(d) In determining the assessment rate under subsection (a), the board shall determine the total amount loaned to the affordable housing and community development fund since January 1, 2012, under IC 5-13-12-4, less payments received from the affordable housing and community development fund under subsection (e). The board may not increase the assessment rate above that in effect on January 1, 2012, if the amount determined under this subsection is greater than zero (0).
(e) If the board determines that an increase in the assessment rate is necessary and the amount determined under subsection (d) is greater than zero (0), the board shall determine the amount, not to exceed the amount determined under subsection (d), necessary to avoid an increase in the assessment rate, and the secretary-investment manager shall notify the Indiana housing and community development authority established under IC 5-20-1 of that amount.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 500 as printed April 3, 2007.)