Sec. 20. (a) The budget agency shall:
(1) administer the environmental fund; and
(2) report to the commission semiannually:
(A) revenue receipted to the environmental fund;
(B) distributions from the environmental fund; and
(C) the balance in the environmental fund.
(b) The following shall be paid from money in the environmental fund:
(1) The expenses of administering the environmental fund.
(2) Environmental grants approved by the commission under section 17 of this chapter.
(3) The amount budgeted from the environmental fund by the commission for the operations of the commission.
(c) The environmental fund consists of the following:
(1) Appropriations made by the general assembly.
(2) Environmental grants and gifts intended for deposit in the environmental fund.
(3) Interest, gains, or other earnings of the environmental fund.
(d) The budget agency shall invest the money in the environmental fund not currently needed to meet the obligations of the environmental fund in the same manner as other public funds may be invested. Interest, gains, or other earnings from these investments shall be credited to the environmental fund.
(e) As an alternative to subsection (d), the budget agency may invest or cause to be invested all or a part of the environmental fund in a fiduciary account with a trustee that is a financial institution. Notwithstanding any other law, any investment may be made by the trustee in accordance with at least one (1) trust agreement or indenture. A trust agreement or indenture may allow disbursements by the trustee to the budget agency as provided in the trust agreement or indenture. The budget agency and the state board of finance must approve any trust agreement or indenture before its execution.
(f) Money in the environmental fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.31-2001, SEC.1. Amended by P.L.197-2011, SEC.138.