Ind. Code ch. 5-1.2-3

Ind. Code ch. 5-1.2-3
in effect

Ind. Code § 5-1.2-3-1 Establishment; membership

Sec. 1. (a) There is established for the public purposes set forth in this article a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions, to be known as the Indiana finance authority. The authority is separate and apart from the state in its corporate and sovereign capacity, and though separate from the state, the exercise by the authority of its powers constitutes an essential governmental, public, and corporate function. (b) The authority is comprised of five (5) members. (c) The members are as follows: (1) The director of the office of management and budget, or the director's designee, who shall serve as chair of the authority. (2) The treasurer of state, or the treasurer of state's designee. (3) Three (3) members appointed by the governor, not more than two (2) of whom may be from the same political party. (d) All members must be residents of Indiana. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-2 Members; terms of office

Sec. 2. Appointments to the authority under section 1(c)(3) of this chapter are for terms of four (4) years. Each member appointed to the authority under section 1(c)(3) of this chapter: (1) holds office for the term of this appointment; (2) continues to serve after expiration of the appointment until a successor is appointed and qualified; (3) is eligible for reappointment; and (4) may be removed from office by the governor with or without cause and serves at the pleasure of the governor. The governor shall fill a vacancy for the unexpired term of any member appointed under section 1(c)(3) of this chapter. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-3 Officers; compensation of members

Sec. 3. (a) The members shall elect from among their number a vice chair and other officers as they may determine. (b) The members of the authority are entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with their duties as provided by law. Members are not entitled to the salary per diem provided by IC 4-10-11-2.1(b) or any other compensation while performing their duties. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-4 Vesting of powers; quorum; voting

Sec. 4. The powers of the authority are vested in the members. Three (3) members of the authority constitute a quorum for the transaction of business. The affirmative vote of at least three (3) members is necessary for any action to be taken by the authority. Members may vote by written proxy delivered in advance to any other member who is present at the meeting. A vacancy in the membership of the authority does not impair the right of a quorum to exercise all rights and perform all duties of the authority. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-5 Meetings

Sec. 5. Meetings of the members of the authority shall be held at the call of the chair or whenever any three (3) members so request. The members shall meet at least once every three (3) months to attend to the business of the authority. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-6 Public finance director; powers and duties

Sec. 6. The governor shall appoint the public finance director, who serves at the pleasure of the governor. The public finance director shall: (1) administer, manage, and direct the affairs and activities of the authority and the employees of the authority in accordance with the policies and under the control and direction of the members of the authority; (2) approve all accounts for salaries, allowable expenses of the authority or of any employee or consultant, and expenses incidental to the operation of the authority; and (3) perform other duties as may be directed by the members of the authority in carrying out the purposes of the referenced statutes. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-7 Public finance director; designee; attendance; record keeping duties; certification of copies

Sec. 7. The public finance director, or the public finance director's designee, shall attend the meetings of the members of the authority, shall keep a record of the proceedings of the authority, and shall maintain and be custodian of all books, documents, and papers filed with the authority and its official seal. The public finance director may make copies of all minutes and other records and documents of the authority and may give certificates under seal of the authority to the effect that the copies are true copies. All persons dealing with the authority may rely upon these certificates. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-8 Employment; delegation of administrative duties

Sec. 8. (a) The authority may, without the approval of the attorney general or any other state officer, employ bond counsel, other legal counsel, technical experts, and such other officers, agents, and employees, permanent or temporary, as the authority considers necessary to carry out the efficient operation of the authority, and shall determine their qualifications, duties, compensation, and terms of service. The authority shall fix the compensation of the public finance director. (b) The members of the authority may adopt a resolution delegating to: (1) a member of the authority; (2) the public finance director; or (3) one (1) or more agents or employees of the authority; administrative duties that they consider proper, including the powers of the authority set forth in this chapter. (c) Employees of the authority shall not be considered employees of the state. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-9 Members; conflicts of interest; disclosure

Sec. 9. Any member or employee of the authority who has, will have, or later acquires an interest, direct or indirect, in any transaction with the authority shall immediately disclose the nature and extent of the interest in writing to the authority as soon as the member or employee has knowledge of the actual or prospective interest. The disclosure shall be announced in an open meeting and entered in the minutes of the authority. Upon disclosure, the member or employee shall not participate in any action by the authority authorizing the transaction. An interest shall not invalidate actions by the authority with the participation of the disclosing member before the time when the member became aware of the interest or should reasonably have become aware of the interest. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-10 State officers and employees; nonforfeiture of offices and employment

Sec. 10. Notwithstanding any other law, no officer or employee of the state forfeits the officer's or employee's office or employment by reason of the officer's or employee's acceptance of membership in the authority or by reason of the officer or employee providing services to the authority. As added by P.L.189-2018, SEC.25.

Ind. Code § 5-1.2-3-11 Members; surety bonds

Sec. 11. (a) Each member of the authority, the public finance director, and any other employee or agent of the authority authorized by resolution of the authority to handle funds or sign checks, before beginning the individual's duties, shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual need not obtain another bond so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the authority. Instead of a bond, the chair of the authority may execute a blanket surety bond covering each member and the employees or other officers of the authority. Each surety bond shall be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the authority. (b) The public finance director, before beginning the public finance director's duties, must: (1) execute a surety bond as provided in subsection (a); or (2) be included in the coverage of a blanket surety bond described in subsection (a). As added by P.L.189-2018, SEC.25.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026