Title 8, UTILITIES AND TRANSPORTATION

Sec. 12. IC 30-2-12 and IC 30-4 do not apply to a trust established under this chapter. As added by P.L.217-2017, SEC.69.

Sec. 13. (a) The principal of the trust may not be distributed during the term of the trust. (b) The income that accrues from the investment of the trust shall be deposited in the trust. (c) On March 15 in years set forth in the investment policy adopted by the board, the treasur…

Sec. 14. Any records, files, or documents relating to the trust may be examined by the state board of accounts at a time selected by the state board of accounts. The trustee shall upon request of the state board of accounts: (1) produce and submit any records, files, or documents…

Sec. 15. (a) This section applies to the authority, the board, the treasurer of state, and any other person that does any of the following with respect to the trust established under this chapter: (1) Commits a breach of the trust. (2) Violates the mandate of the trust or the tru…

Sec. 16. The trustee shall report to the budget committee every six (6) months concerning the investment of trust assets, the returns on those investments, and other actions taken by the trustee and the board. As added by P.L.217-2017, SEC.69.

Sec. 2. As used in this chapter, "board" refers to the next level Indiana fund investment board established by section 7 of this chapter. As added by P.L.217-2017, SEC.69.

Sec. 3. As used in this chapter, "trust" refers to the next level Indiana trust fund established under section 5 this chapter. As added by P.L.217-2017, SEC.69.

Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under sections 7 and 9 of this chapter. As added by P.L.217-2017, SEC.69.

Sec. 5. (a) The authority has established the next level Indiana trust fund to hold title to proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), to be used exclusively for the provision of highways, roads, and bridges for the benefit of the people of Indiana…

Sec. 5.5. (a) Notwithstanding any law to the contrary, the treasurer of state shall transfer title to any proceeds in excess of two hundred fifty million dollars ($250,000,000) held in the trust fund to the next generation trust fund established under IC 8-14-15.2. (b) The office…

Sec. 6. The chairman of the authority may enter into a trust agreement on behalf of the authority with the board in furtherance of the purposes of this chapter. Any trust agreement must conform with this chapter. Any provision of the trust agreement entered into under this sectio…

Sec. 7. (a) The next level Indiana fund investment board is established. The board consists of the following members: (1) The secretary of commerce or the secretary's designee, who shall serve as the chairperson of the board. (2) The director of the office of management and budge…

Sec. 8. (a) The board shall adopt an investment policy that includes all the following: (1) Money in the trust may be invested in investments that: (A) maximize risk appropriate returns, which may include the purchase of equity or debt securities; (B) make significant investments…

Sec. 9. The board established by section 7 of this chapter shall act as trustee of the trust. As added by P.L.217-2017, SEC.69.

Sec. 1. As used in this chapter, "authority" refers to the Indiana finance authority. As added by P.L.189-2018, SEC.79.

Sec. 10. (a) The principal of the trust may be used to make and secure lease rental payments that: (1) are payable from grant proceeds from the federal government; and (2) will be used to pay bonds or notes issued by the authority pursuant to IC 5-1.3. (b) If grant proceeds recei…

Sec. 11. IC 30-4 (trust code) applies to a trust established under this chapter. As added by P.L.189-2018, SEC.79.

Sec. 12. (a) Except as otherwise required by section 10 of this chapter, the principal of the trust may not be diminished during the term of the trust. (b) The income that accrues from investment of the trust shall be deposited in the trust. (c) On March 15, 2021, and March 15 ev…

Sec. 13. The report required under IC 30-4-5-12 is a public record. The attorney general may petition for an accounting as permitted by IC 30-4-5-12. As added by P.L.189-2018, SEC.79.

Sec. 14. (a) This section applies if a person does any of the following with respect to a trust created under this chapter: (1) Commits a breach of the trust. (2) Violates the mandate of the trust or trust agreement. (3) Violates a duty imposed by this chapter, the trust agreemen…

Sec. 15. Any records, files, or documents relating to the trust may be examined by the state board of accounts at a time selected by the state board of accounts. The trustee shall upon request of the state board of accounts: (1) produce and submit any records, files, or documents…

Sec. 2. As used in this chapter, "principal of the trust" means an amount equal to two hundred fifty million dollars ($250,000,000). As added by P.L.189-2018, SEC.79.

Sec. 3. As used in this chapter, "trust" refers to the next generation trust fund established under this chapter. As added by P.L.189-2018, SEC.79.

Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under section 8 of this chapter. As added by P.L.189-2018, SEC.79.

Sec. 5. (a) The authority shall establish a next generation trust fund to hold title to proceeds transferred to the trust fund under IC 8-14-15.1-5.5 or section 10 of this chapter, to be used exclusively for the provision of highways, roads, and bridges for the benefit of the peo…

Sec. 6. The chairperson of the authority shall enter into a trust agreement on behalf of the authority with the treasurer of state in conformity with IC 30-4-2-1. Any provision of the trust agreement entered into under this section that is inconsistent with the provisions or inte…

Sec. 7. A trust established under this chapter must be an irrevocable trust and may not be revoked or terminated by the authority or any other person, nor may it be amended or altered by the authority or any other person. However, the terms of the trust must provide that the trus…

Sec. 8. The treasurer of state shall act as the trustee of the trust. As added by P.L.189-2018, SEC.79.

Sec. 9. (a) The trustee shall: (1) administer and manage the trust; (2) invest the money in the trust; and (3) deposit in the trust any interest that accrues from the investment of these funds. (b) Notwithstanding IC 5-13, the trustee shall invest the money in the trust not curre…

Sec. 1. The following definitions apply throughout this chapter: (1) "Bridge" means the White County bridge over the Wabash River that connects White County, Illinois, and Posey County, Indiana. The term includes all approaches and rights of way necessary or desirable for the ope…

Sec. 10. (a) All bonds or notes issued under this chapter are issued by the bridge authority as a body corporate and politic of the state, but not as a state agency, and for an essential public and governmental purpose. The bonds and notes, the interest on the bonds and notes, th…

Sec. 11. Notwithstanding any other law or provision, all financial institutions, investment companies, insurance companies, insurance associations, executors, administrators, guardians, trustees, and other fiduciaries may legally invest sinking funds, money, or other funds belong…

Sec. 12. Bonds or notes issued under this chapter are exempt from the registration requirements of IC 23-19 and any other state securities registration statutes. As added by P.L.185-2018, SEC.27. Amended by P.L.10-2019, SEC.44.

Sec. 13. A pledge of proceeds of bonds or notes, investment earnings on those proceeds, or other money pledged by the bridge authority is binding from the time the pledge is made. Proceeds of bonds or notes, investment earnings on those proceeds, or other money pledged by the bri…

Sec. 14. All property of the bridge authority is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes and special assessments of the state or any political subdivision. As added by P.L.185-2018, SEC.27.

Sec. 15. Neither: (1) the state; nor (2) a political subdivision of the state, including, without limitation, Posey County and the town of New Harmony; is liable for any action taken by the bridge authority. As added by P.L.185-2018, SEC.27.

Sec. 2. (a) The New Harmony and Wabash River bridge authority is established as a separate body corporate and politic of the state for the purposes set forth in section 6 of this chapter. (b) The bridge authority is an entity separate from the state or any entity responsible for …

Sec. 3. (a) The bridge authority shall be composed of the following five (5) individuals: (1) Three (3) members appointed by the governor, no more than two (2) of whom may be from the same political party. (2) One (1) member appointed by the appropriate county executive of Posey …

Sec. 4. (a) An appointment to the bridge authority shall be for a term of four (4) years. Each member appointed to the bridge authority: (1) shall hold office for the term of the appointment; (2) shall continue to serve after the expiration of the appointment until a qualified su…

Sec. 5. (a) The bridge authority shall hold an organizational meeting within thirty (30) days after the initial appointment of the members and every January of each subsequent year. During each organizational meeting, the bridge authority must elect the following officers from ex…

Sec. 6. The bridge authority is established for the purpose of: (1) inheriting the assets, duties, powers, and rights of the commission; (2) accepting the transfer and ownership of the bridge and all interests of the commission in real and personal property; (3) accepting or rece…

Sec. 7. (a) The bridge authority may do the following: (1) Accept the assets of the commission. (2) Hold, exchange, lease, rent, sell (by conveyance by deed, land sale contract, or other instrument), use, or otherwise dispose of property acquired for the purpose of implementing t…

Sec. 8. (a) The bridge authority may, by resolution, issue and sell bonds or notes of the bridge authority for the purpose of providing funds to implement this chapter. (b) Before issuing a series of bonds or notes, the bridge authority shall publish a notice of its determination…

Sec. 9.1. (a) Except as provided in subsection (b), the bridge authority and its members, officers, and employees are immune from civil liability resulting from any act or omission related to implementation of this chapter. (b) This section does not grant immunity from civil liab…

Sec. 1. As used in this chapter, "commission" refers to the Indiana utility regulatory commission created by IC 8-1-1-2. As added by P.L.18-2010, SEC.1.

Sec. 10. (a) If at each meeting of members at which a vote is taken on a plan of merger or consolidation, as required by section 9 of this chapter, the plan of merger or consolidation is approved by a resolution adopted and receiving the affirmative vote of at least a majority of…