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IN HB1152
Bill
Status
1/12/2015
Primary Sponsor
Charles Moseley
Click for details
AI Summary
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Counties selling a major county asset for more than $50,000,000 must establish a major county asset sale fund as a trust fund to deposit the sale proceeds.
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The principal of the fund may not be diminished and money in the fund does not revert to the county general fund at the end of a fiscal year.
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Fund money not currently needed for obligations shall be invested similarly to the Indiana public retirement system, but cannot be invested in equity securities.
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Interest earned on the fund must be appropriated by the county fiscal body and may be used to supplement the county general fund or for projects proposed by the county executive and approved by a majority vote of the combined county fiscal body and county executive.
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The bill applies to asset sales occurring after December 31, 2006, and takes effect upon passage.
Legislative Description
County asset sale fund. Authorizes a county that sells a county asset for more than $50,000,000 to establish a major county asset sale fund as a trust fund for the deposit of the proceeds of the sale. Provides that the principal of the fund may not be diminished. Specifies that interest earned on the fund may be used to supplement the county general fund or for projects proposed by the county executive and approved by a majority vote of the combined membership of the county fiscal body and county executive.
Last Action
First Reading: referred to Committee on Ways and Means
1/12/2015