CHAPTER 1. AUTHORIZATION TO PURCHASE TOLL ROAD BONDS
IC 8-15
ARTICLE 15. TOLL ROADS
IC 8-15-1
Chapter 1. Authorization to Purchase Toll Road Bonds
IC 8-15-1-1
Eligibility of bonds
Sec. 1. Every financial institution, insurance company and trust
fund, in addition to the investments now authorized by law, is
authorized to invest any of its funds of any kind or character in any
toll road revenue bonds of the state issued by the Indiana department
of transportation pursuant to IC 8-15-2, and such bonds are hereby
declared eligible for deposit by any financial institution, insurance
company, or trust fund under any law of this state providing for the
deposit of securities or funds.
(Formerly: Acts 1953, c.131, s.1.) As amended by Acts 1980, P.L.74,
SEC.221; P.L.18-1990, SEC.127.
IC 8-15-1-2
Definitions
Sec. 2. "Financial institutions" as used herein means and includes
any bank or trust company, credit union, bank of discount and
deposit, savings bank, loan and trust and safe deposit company, trust
company, savings association, mortgage guaranty company, and
small loan company organized under any law of the state of Indiana.
"Insurance company" as used herein means and includes any
stock, mutual, reciprocal, assessment or fraternal benefit company or
society writing any life, fire, livestock, casualty, health, hospital,
accident or bonding insurance or reinsurance, which company or
society is organized under the laws of the state of Indiana.
"Trust fund" as used herein shall be limited to private trust funds.
(Formerly: Acts 1953, c.131, s.2.) As amended by P.L.42-1993,
SEC.8; P.L.79-1998, SEC.15.
IC 8-15-1-3
Construction of act
Sec. 3. This chapter shall be liberally construed to effectuate the
purpose of permitting investment in any such toll road bonds of this
state and shall be construed as giving additional power and authority
to every financial institution, insurance company, and trust fund to
make such investments and for such investments to be eligible for
deposit under law of this state, restrictions in statutes to the contrary
notwithstanding; provided, however, that nothing contained in this
chapter shall be construed to change any limitations as to amounts
which may be invested in obligations of any one obligor as may be
imposed by laws regulating the investments of various financial
institutions, insurance companies, and trust funds.
(Formerly: Acts 1953, c.131, s.3.) As amended by P.L.66-1984,
SEC.56.