Sec. 15.7. (a) As used in this section, "account" refers to the state tuition reserve account.

(b) The state tuition reserve account is established for the following purposes:

(1) To fund a tuition support distribution under IC 20-43 whenever the budget director determines that state general fund cash balances are insufficient to cover the distribution.

(2) To meet revenue shortfalls whenever the budget director, after review by the budget committee, determines that state tax revenues available for deposit in the state general fund will be insufficient to fully fund tuition support distributions under IC 20-43 in any particular state fiscal year.

(c) The account consists of the following:

(1) Money appropriated to the account by the general assembly.

(2) Money transferred to the account under any law.

(3) Interest earned on the balance of the account.

(d) The treasurer of state shall invest the money in the account not currently needed to meet the obligations of the account in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the account.

(e) Money in the account at the end of a state fiscal year does not revert for any other purpose of the state general fund.

(f) The budget agency shall administer the account. Whenever the budget director makes a determination under subsection (b)(1) or (b)(2), the budget agency shall notify the auditor of state of the amount from the account to be used for state tuition support distributions. The auditor of state shall transfer the amount from the account to the state general fund. The amount transferred may be used only for the purposes of making state tuition support distributions under IC 20-43. If the amount is transferred under subsection (b)(1), the amount shall be repaid to the account from the state general fund before the end of the state fiscal year in which the transfer is made.

As added by P.L.146-2008, SEC.14. Amended by P.L.213-2015, SEC.47.