Citations Affected: IC 4-20.5-7-16.7; IC 11-10-6.3.
Synopsis: Sale of department of correction real property. Establishes
the industry and farm program endowment fund. Provides that the fund
consists of: (1) the proceeds of the sale of surplus department of
correction farm property; (2) donations made to the fund; and (3)
interest that accrues to the fund. Provides that interest in the fund may
be used to acquire, develop, and renovate the department's agricultural
facilities and enterprises. Annually appropriates to the department the
amount of interest income in the fund for the purposes of the fund.
Effective: July 1, 2009.
January 8, 2009, read first time and referred to Committee on Corrections, Criminal, and
A BILL FOR AN ACT to amend the Indiana Code concerning
corrections and to make an appropriation.
Sec. 4. The fund consists of the following:
(1) The proceeds of the sale of surplus farm property subject to the management or control of the department.
(2) Donations made to the fund.
(3) Interest accruing to the fund under section 7 of this chapter.
Sec. 5. The department shall administer the fund.
Sec. 6. The expenses of administering the fund shall be paid from money in the fund.
Sec. 7. (a) 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.
(b) Interest that accrues from these investments shall be deposited in the fund.
Sec. 8. Money in the fund at the end of a state fiscal year does not revert to the state general fund.
Sec. 9. There is annually appropriated to the department from the fund an amount equal to the amount of interest income in the fund for the purposes of this chapter.
Sec. 10. The department may use the interest income of the fund to acquire, develop, and renovate the department's agricultural facilities and enterprises.