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5-13-9.3-3. Investment of proceeds from certain capital assets; ordinance or resolution

IN Code § 5-13-9.3-3 (2019) (N/A)
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Sec. 3. (a) Subject to the requirements of this chapter, the fiscal body of a political subdivision may adopt an ordinance (in the case of a county or municipality) or a resolution (in the case of any other political subdivision) to authorize the investment of proceeds from the sale of a capital asset owned by the political subdivision. A fiscal body may adopt an ordinance under this subsection before, after, or at the time of the sale of the capital asset.

(b) Proceeds from the sale of a capital asset owned by a political subdivision may be invested as provided in this chapter only if:

(1) the total amount received (either before July 1, 2015, or after June 30, 2015) or that will be received from the sale of the capital asset exceeds fifty million dollars ($50,000,000); and

(2) the fiscal body of the political subdivision has adopted an ordinance or a resolution, as described in subsection (a), that applies to the investment of proceeds from the sale of that particular capital asset.

As added by P.L.139-2015, SEC.2.

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5-13-9.3-4. Establishment of separate fund; investment powers; agreement with investment advisor; expenditure or transfer of money in the fund