MADAM PRESIDENT:
The Senate Committee on Tax and Fiscal Policy, to which was referred House Bill No. 1018, has had
the same under consideration and begs leave to report the same back to the Senate with the
recommendation that said bill be AMENDED as follows:
Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration and to make an appropriation.
initiatives account) for the purpose of providing grants for the purposes
described in section 15 of this chapter.
education savings authority that were not paid from other
sources during that state fiscal year; and
(2) the amount of interest earned during the state fiscal year
ending on the preceding June 30 by the pension distribution fund
established by subsection (e).
(d) Subject to subsection (g), on or before the last business day of
December of each year, beginning in 2001 and ending in 2021, the
secretary-investment manager shall provide to the auditor of state a
check payable from the public deposit insurance fund to the pension
distribution fund established by subsection (e) in an amount equal to
the amount determined under subsection (c)(1).
(e) The pension distribution fund is established. The pension
distribution fund shall be administered by the treasurer of state. The
treasurer of state shall invest money in the pension distribution fund
not currently needed to meet the obligations of the pension distribution
fund in the same manner as other public money may be invested.
Interest that accrues from these investments shall be deposited in the
pension distribution fund. Money in the pension distribution fund at the
end of a state fiscal year does not revert to the state general fund.
(f) Subject to subsection (g), before June 30 and after June 30 and
before October 1 of each year, beginning in 2002 and ending in 2022,
the auditor of state shall distribute in two (2) equal installments from
the pension distribution fund to the Indiana public retirement system
for deposit in the pension relief fund, established by IC 5-10.3-11-1, the
following:
(1) The amount determined under subsection (c)(2).
(2) The amount deposited in the pension distribution fund in
December of the preceding year under subsection (d).
The installments shall be used for distributions to units of local
government under IC 5-10.3-11-4.7.
(g) Before providing a check to the auditor of state under subsection
(d) in December of any year, the secretary-investment manager shall
determine:
(1) the total amount of payments made from the public deposit
insurance fund under IC 5-13-13-3 after June 30, 2001;
(2) the total amount of payments received by the board for
depositories and deposited in the public deposit insurance fund
under IC 5-13-13-3 after June 30, 2001; and
(3) the total amount of interest earned by the public deposit
insurance fund after the first of the payments described in
subdivision (1).
If the total amount of payments determined under subdivision (1) less
the total amount of payments determined under subdivision (2)
(referred to in this subsection as the "net draw on the fund") exceeds
ten million dollars ($10,000,000) and also exceeds the total amount of
interest determined under subdivision (3), the secretary-investment
manager may not provide a check to the auditor of state under
subsection (d) and a distribution may not be made from the pension
distribution fund under subsection (f) in the following calendar year
until the total amount of interest earned by the public deposit insurance
fund equals the net draw on the fund. A check may not be provided
under subsection (d) and a distribution may not be made under
subsection (d) in any subsequent calendar year if a study conducted by
the board under section 7(b) of this chapter demonstrates that payment
of the distribution would reduce the balance of the public deposit
insurance fund to a level insufficient to ensure the safekeeping and
prompt payment of public funds to the extent they are not covered by
insurance of any federal deposit insurance agency.
(c) Before July 30, 2013, the auditor of state shall:
(1) make the second 2013 distribution from the pension
distribution fund to the Indiana public retirement system for
deposit in the pension relief fund as required by this section as
it existed on June 30, 2013; and
(2) transfer all of the balance in the pension distribution fund
remaining after the distribution under subdivision (1) to the
public deposit insurance fund.".
and when so amended that said bill do pass .
Committee Vote: Yeas 10, Nays 0.