Sec. 12. (a) If a political subdivision other than a school corporation receives state grant money requiring local matching money, the political subdivision shall create a special fund and deposit the grant money and matching money into the special fund. The money in the fund may be used only for the purposes of the grant.
(b) If a political subdivision completes the project for which the state grant money was provided and money remains in the fund:
(1) the political subdivision shall transfer the state's share of the remaining money to the treasurer of state for deposit in the fund from which the grant was made; and
(2) the political subdivision's pro rata share of the remaining money reverts to the political subdivision's general fund.
As added by P.L.10-1997, SEC.25. Amended by P.L.68-2001, SEC.9.