Sec. 10. (a) The alternative energy incentive fund is established for the purpose of providing funds to corporations for use in the development of alternative energy projects. The fund shall be administered by the office.
(b) The fund consists of:
(1) money appropriated to the fund by the general assembly;
(2) money received from state or federal grants or programs for alternative energy projects; and
(3) donations, gifts, and money received from any other source, including transfers from other funds or accounts.
(c) Money in the fund is continuously appropriated for the purposes of this section.
(d) Money in the fund may be spent only in accordance with this chapter and to carry out the purposes of this chapter.
(e) The expenses of administering the fund shall be paid from money in the fund.
(f) Notwithstanding IC 5-13, 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 money is invested by the Indiana public retirement system under IC 5-10.3-5. The treasurer of state may contract with investment management professionals, investment advisers, and legal counsel to assist in the investment of the fund and may pay the expenses incurred under those contracts from the fund. Interest that accrues from these investments shall be deposited in the fund.
(g) Money in the fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.151-2009, SEC.5. Amended by P.L.35-2012, SEC.94.