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IN HJR0004
Joint Resolution
Status
1/23/2017
Primary Sponsor
Ryan Dvorak
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AI Summary
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Establishes the Indiana Permanent Fund in the state treasury as a constitutional amendment to Article 10 of the Indiana Constitution.
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Deposits at least 50% of any general fund budget surplus realized during each state fiscal year into the fund, with the option for law to establish a higher percentage.
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Investment income from the fund must be reinvested, but allows increasing percentages to be deposited in the state general fund or other designated funds based on the fund's age: 5% after 20 years, 10% after 40 years, 15% after 60 years, 20% after 80 years, and 95% after 100 years.
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Restricts the principal of the fund to only income-producing investments specifically designated by law as eligible.
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Requires approval by two consecutive general assemblies and ratification by a majority of voters to become effective.
Legislative Description
Establishes the Indiana permanent fund (fund) in the state treasury. Provides that the fund consists of: (1) 50% or such other greater percentage established by law of any general fund budget surplus realized during a state fiscal year; (2) appropriations made to the fund; and (3) other sources designated by law. Provides for the allocation of income among the fund, the state general fund, and other state funds designated by law. Provides that the principal of the fund may be used only for those investments specifically designated by law as eligible for investment from the fund.
Last Action
First reading: referred to Committee on Judiciary
1/23/2017