Sec. 7. (a) The phase out trust fund is established for the purpose of holding the money needed during a phase out period of the plan. Funds deposited under this section shall be used only:
(1) to fund the state share of the expenses described in IC 16-21-10-13.3(b)(1)(A) through IC 16-21-10-13.3(b)(1)(F) incurred during a phase out period of the plan;
(2) after funds from the healthy Indiana trust fund (IC 12-15-44.2-17) are exhausted; and
(3) to refund hospitals in the manner described in subsection (h).
The fund is separate from the state general fund.
(b) The fund shall be administered by the office.
(c) The expenses of administering the fund shall be paid from money in the fund.
(d) The trust fund must consist of:
(1) the funds described in section 6 of this chapter; and
(2) any interest accrued under this section.
(e) 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 money may be invested. Interest that accrues from these investments shall be deposited in the fund.
(f) Money in the fund does not revert to the state general fund at the end of any fiscal year.
(g) The fund is considered a trust fund for purposes of IC 4-9.1-1-7. Money may not be transferred, assigned, or otherwise removed from the fund by the state board of finance, the budget agency, or any other state agency unless specifically authorized under this chapter.
(h) At the end of the phase out period, any remaining funds and accrued interest shall be distributed to the hospitals on a pro rata basis based on the fees authorized by IC 16-21-10 that were paid by each hospital for the state fiscal year that ended immediately before the beginning of the phase out period.
As added by P.L.213-2015, SEC.136.