Citations Affected:
IC 4-12-6-3.
Synopsis: Biomedical technology and research trust fund. Deletes an
incorrect statement of the purpose of the fund.
Effective: July 1, 2001.
January 11, 2001, read first time and referred to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.
SECTION 1.
IC 4-12-6-3
, AS ADDED BY P.L.21-2000, SECTION
4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1,
2001]: Sec. 3. (a) The biomedical technology and basic research trust
fund is established for the purpose of making distributions to the
Indiana twenty-first century research and technology fund established
by IC 4-4-5.1. purposes set forth in section 4 of this chapter. The
fund consists of:
(1) amounts, if any, that another statute requires to be distributed
to the fund from the Indiana tobacco master settlement agreement
fund;
(2) grants, gifts, and donations intended for deposit in the fund;
and
(3) interest that accrues from money in the fund.
(b) The fund shall be administered by the budget agency.
Notwithstanding IC 5-13, 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 money is invested by the public employees
retirement fund under IC 5-10.3-5. The treasurer of state may contract with investment management professionals, investment advisors, and legal counsel to assist in the management of the fund and may pay the state expenses incurred under those contracts. Money in the fund at the end of the state fiscal year does not revert to the state general fund.