CHAPTER 2.5. INDIANA ARTS COMMISSION TRUST FUND
IC 4-23-2.5
Chapter 2.5. Indiana Arts Commission Trust Fund
IC 4-23-2.5-1
"Board" defined
Sec. 1. As used in this chapter, "board" refers to the Indiana arts
commission trust fund board established by section 5 of this chapter.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-2
"Commission" defined
Sec. 2. As used in this chapter, "commission" refers to the Indiana
arts commission established by IC 4-23-2.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-3
"Fund" defined
Sec. 3. As used in this chapter, "fund" refers to the Indiana arts
commission trust fund established by section 4 of this chapter.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-4
Purpose of fund; contents
Sec. 4. (a) The Indiana arts commission trust fund is established
to support the programs and the administrative budget of the
commission.
(b) The fund consists of the following:
(1) Appropriations of the general assembly from revenue
sources determined by the general assembly and in an amount
determined by the general assembly.
(2) Donations to the fund from public or private sources.
(3) Interest and dividends on assets of the fund.
(4) Money transferred to the fund from other funds.
(5) Fees from the Indiana arts trust license plate issued under
IC 9-18-41.
(6) Money from other sources that the board may acquire.
As added by P.L.29-1997, SEC.1. Amended by P.L.118-1998, SEC.1.
IC 4-23-2.5-5
Establishment of fund
Sec. 5. The Indiana arts commission trust fund board is
established.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-6
Board; members
Sec. 6. The board consists of the following seven (7) voting
members:
(1) The treasurer of state.
(2) Three (3) members appointed by the governor who are not
members of the commission.
(3) Three (3) members of the commission appointed by the
chairman of the commission.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-7
Board; chairman
Sec. 7. The chairman of the commission shall designate one (1) of
the chairman's appointees to the board as the chairman of the board.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-8
Board; meetings
Sec. 8. The board shall meet at the call of the chairman of the
board.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-9
Board; quorum
Sec. 9. Four (4) voting members of the board constitute a quorum.
The affirmative vote of four (4) members of the board is necessary
for the board to take any action.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-10
Board; terms of members; appointment of members
Sec. 10. (a) The term of a board member begins on the later of the
following:
(1) The day the term of the member whom the individual is
appointed to succeed expires.
(2) The day the individual is appointed.
(b) The term of a member expires July 1 of the second year after
the member is appointed. However, a member serves at the pleasure
of the appointing authority.
(c) The appointing authority may reappoint a member for a new
term.
(d) The appointing authority shall appoint an individual to fill a
vacancy among the members.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-11
Board; compensation and expenses of members
Sec. 11. (a) Each member of the board who is not a state
employee is entitled to the minimum salary per diem provided by
IC 4-10-11-2.1(b). The member is also entitled to reimbursement for
traveling expenses as provided under IC 4-13-1-4 and other expenses
actually incurred in connection with the member's duties as provided
in the state policies and procedures established by the Indiana
department of administration and approved by the budget agency.
(b) Each member of the board who is a state employee is entitled
to reimbursement for traveling expenses as provided under
IC 4-13-1-4 and other expenses actually incurred in connection with
the member's duties as provided in the state policies and procedures
established by the Indiana department of administration and
approved by the budget agency.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-12
Management and development of fund
Sec. 12. (a) The board shall manage and develop the fund and the
assets of the fund.
(b) The board shall do the following:
(1) Establish a policy for the investment of assets of the fund.
(2) Acquire money for the fund through the solicitation of
private or public donations and other revenue producing
activities.
(3) Perform other tasks consistent with prudent management
and development of the fund.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-13
Administration of fund; investment of money in fund
Sec. 13. (a) Subject to the investment policy of the board, the
treasurer of state shall administer the fund and invest the money in
the fund.
(b) The expenses of administering the fund and this chapter shall
be paid from the fund.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public trust funds are invested. Interest that accrues
from these investments shall be deposited in the fund.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-14
Appropriations; reversion of money in fund
Sec. 14. (a) An appropriation made by the general assembly to the
fund shall be allotted and allocated at the beginning of the fiscal
period for which the appropriation is made.
(b) Money in the fund at the end of a state fiscal year does not
revert to the state general fund or any other fund.
As added by P.L.29-1997, SEC.1.
IC 4-23-2.5-15
Allocation of money from fund; use of interest and dividends by
commission
Sec. 15. (a) The commission has the sole authority to allocate
money from the fund to arts providers in Indiana.
(b) Subject to other provisions of this chapter, when there is one
million dollars ($1,000,000) in the fund there is annually
appropriated to the commission all interest and dividend earnings of
the fund for projects that the commission designates to accomplish
the purposes of the commission under IC 4-23-2.
(c) The commission may not use money from the fund to purchase
land or structures.
As added by P.L.29-1997, SEC.1. Amended by P.L.103-2006, SEC.1.
IC 4-23-2.5-16
Annual report
Sec. 16. Before October 1 of each year, the board shall prepare a
report concerning the fund for distribution to the public and the
general assembly. A report distributed under this section to the
general assembly must be in an electronic format under IC 5-14-6.
As added by P.L.29-1997, SEC.1. Amended by P.L.28-2004, SEC.45.
IC 4-23-2.5-17
Rules
Sec. 17. The commission may adopt rules under IC 4-22-2 to
implement this chapter.
As added by P.L.29-1997, SEC.1.