Ind. Code ch. 8-14-15.1

in effect

Ind. Code § 8-14-15.1-1 "Authority"

Sec. 1. As used in this chapter, "authority" refers to the Indiana finance authority. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-2 "Board"

Sec. 2. As used in this chapter, "board" refers to the next level Indiana fund investment board established by section 7 of this chapter. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-3 "Trust"

Sec. 3. As used in this chapter, "trust" refers to the next level Indiana trust fund established under section 5 this chapter. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-4 "Trustee"

Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under sections 7 and 9 of this chapter. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-5 Trust established by the Indiana finance authority; charitable trust; proceeds transferred from the next generation trust fund

Sec. 5. (a) The authority has established the next level Indiana trust fund to hold title to proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), to be used exclusively for the provision of highways, roads, and bridges for the benefit of the people of Indiana and the users of those facilities. (b) The trust as established is a charitable trust, separate from the state, but for the benevolent public purpose provided in this section. (c) The trust consists of the proceeds transferred to the trust under IC 8-14-15-5 (before its repeal), and any income that accrues from the investment of these proceeds. As added by P.L.217-2017, SEC.69. Amended by P.L.189-2018, SEC.76.

Ind. Code § 8-14-15.1-5.5 Transfer of title to proceeds in excess of $250,000,000; immunity from civil liability in connection with transfer

Sec. 5.5. (a) Notwithstanding any law to the contrary, the treasurer of state shall transfer title to any proceeds in excess of two hundred fifty million dollars ($250,000,000) held in the trust fund to the next generation trust fund established under IC 8-14-15.2. (b) The officers, directors, and employees of the authority and the treasurer of state (whether arising from the capacities of the position or from having entered in any trust agreement under this chapter) are immune from civil liability in connection with any transfer to the next generation trust fund under this section. As added by P.L.189-2018, SEC.77.

Ind. Code § 8-14-15.1-6 Trust agreement between the Indiana finance authority and the next level Indiana fund investment board

Sec. 6. The chairman of the authority may enter into a trust agreement on behalf of the authority with the board in furtherance of the purposes of this chapter. Any trust agreement must conform with this chapter. Any provision of the trust agreement entered into under this section that is inconsistent with the provisions or intent of this chapter is void and of no further force or effect. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-7 Next level Indiana fund investment board established; members; investment policy; meetings; quorum; voting; reporting requirement

Sec. 7. (a) The next level Indiana fund investment board is established. The board consists of the following members: (1) The secretary of commerce or the secretary's designee, who shall serve as the chairperson of the board. (2) The director of the office of management and budget or the director's designee. (3) Two (2) individuals appointed by the governor who have experience and knowledge in investments. (4) The treasurer of state or the treasurer's designee. (5) One (1) individual appointed by the speaker of the house of representatives who has experience and knowledge in venture capital investments. (6) One (1) individual appointed by the president pro tempore of the senate who has experience and knowledge in venture capital investments. (b) The board shall serve as trustee of the trust and direct the investment of the trust. (c) The board shall adopt an investment policy in conformance with section 8 of this chapter. (d) The board shall hold regular meetings at least quarterly. The board may hold special meetings at the call of the treasurer of state or with a written request signed by at least two (2) members of the board. (e) The board may hold its meetings at offices in Indiana that the chairperson or the requesting members designate. All meetings must be open to the public in accordance with IC 5-14-1.5. The board shall keep a record of its proceedings. (f) Five (5) members of the board constitute a quorum for the transaction of business of the board. Each member of the board is entitled to one (1) vote. A vote of at least five (5) members of the board present is required for the board to adopt a resolution or take other action at a regular or special meeting. (g) On or before July 1, 2027, and July 1 biennially thereafter, the board shall submit a report to the executive director of the legislative services agency, in an electronic format under IC 5-14-6, for review by the interim committee on government in accordance with IC 1-1-15.5-4 and IC 2-5-1.3-13(g). The report shall describe: (1) official action taken; and (2) actionable items considered; by the board during the preceding two (2) years. As added by P.L.217-2017, SEC.69. Amended by P.L.135-2022, SEC.20; P.L.161-2025, SEC.15.

Ind. Code § 8-14-15.1-8 Investment policy requirements

Sec. 8. (a) The board shall adopt an investment policy that includes all the following: (1) Money in the trust may be invested in investments that: (A) maximize risk appropriate returns, which may include the purchase of equity or debt securities; (B) make significant investments in Indiana funds and companies; and (C) have such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter. (2) Money in the trust shall be invested in investments that, consistent with the other terms and objectives in the investment policy, give preference to Indiana companies or Indiana venture capital firms. (3) Not more than twenty-five million dollars ($25,000,000) may be invested in any one (1) particular investment fund or investment firm. (4) Such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter. (b) The investment policy adopted by the board must give adequate time to change current investments in a prudent manner. (c) The board 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. (d) The board has the powers, duties, restrictions, limitations, and penalties in connection with the board's and the treasurer of state's investment and management of the assets of trust as if the following provisions pertaining to the public pension and retirement funds made reference to the trust and the board: (1) IC 5-10.2-2-2.5. (2) IC 5-10.2-2-13. (3) IC 5-10.3-5-3. (4) IC 5-10.3-5-4. (5) IC 5-10.3-5-5. (6) IC 5-10.3-5-6. (7) IC 5-10.4-3-10. (8) IC 5-10.4-3-12. (9) IC 5-10.4-3-13. (10) IC 5-10.4-3-14. (11) IC 5-10.4-3-15. (12) IC 5-10.4-3-16. (e) Compliance with the established investment policy is definitive evidence of compliance with the applicable investment standards in subsection (d). As added by P.L.217-2017, SEC.69. Amended by P.L.189-2018, SEC.78; P.L.201-2023, SEC.113.

Ind. Code § 8-14-15.1-9 Next level Indiana fund investment board is trustee of the trust

Sec. 9. The board established by section 7 of this chapter shall act as trustee of the trust. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-10 Trust amendments prohibited

Sec. 10. A trust established under this chapter may not be revoked or terminated by the authority, the board, the treasurer of state, or any other person, nor may it be amended or altered by the authority, the board, the treasurer of state, or any other person. However, the terms of the trust provide that the trust terminates when no funds remain in the trust. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-11 Treasurer of state to administer and manage trust

Sec. 11. (a) The treasurer of state shall: (1) administer and manage the trust; (2) invest the money in the trust at the direction of the trustee consistent with the investment policies adopted by the board; and (3) deposit in the trust: (A) any accrued interest from the investment of money in the trust; (B) proceeds from the sale of trust assets; and (C) other income or returns from the investment of money in the trust. (b) Notwithstanding IC 5-13, the treasurer of state shall invest the money in the trust not currently needed to meet the obligations of the trust under the investment policies adopted by the board. The treasurer of state on behalf of the board may contract with investment management professionals, investment advisers, and legal counsel to assist in the investment of the trust and may pay the expenses incurred under those contracts from the trust. (c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trust established under this chapter. (d) Money and investments in the trust at the end of the state fiscal year do not revert to the state general fund. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-12 Uniform management of institutional funds act and trust code do not apply

Sec. 12. IC 30-2-12 and IC 30-4 do not apply to a trust established under this chapter. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-13 Trust distributions of principal prohibited; income from trust investments distributed to the major moves construction fund at discretion of the trustee

Sec. 13. (a) The principal of the trust may not be distributed during the term of the trust. (b) The income that accrues from the investment of the trust shall be deposited in the trust. (c) On March 15 in years set forth in the investment policy adopted by the board, the treasurer of state shall transfer all income accruing to the trust to the major moves construction fund. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-14 Examination by state board of accounts

Sec. 14. Any records, files, or documents relating to the trust may be examined by the state board of accounts at a time selected by the state board of accounts. The trustee shall upon request of the state board of accounts: (1) produce and submit any records, files, or documents related to the trust; and (2) assist in every way the state board of accounts in its work in making an examination. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-15 Violations; attorney general petitions

Sec. 15. (a) This section applies to the authority, the board, the treasurer of state, and any other person that does any of the following with respect to the trust established under this chapter: (1) Commits a breach of the trust. (2) Violates the mandate of the trust or the trust agreement. (3) Violates a duty imposed by this chapter or the trust agreement. (b) The attorney general may petition a court to impose one (1) or more of the following remedies for a breach or violation enumerated in subsection (a): (1) Injunctive relief. (2) Appointment of temporary receivers. (3) Permanent removal of any person serving on the board. (4) Appointment of a permanent replacement for any person serving on the board pending approval of a replacement by the governor. Any remedy under this subsection is in addition to any other remedy available at law or in equity. As added by P.L.217-2017, SEC.69.

Ind. Code § 8-14-15.1-16 Report to budget committee

Sec. 16. The trustee shall report to the budget committee every six (6) months concerning the investment of trust assets, the returns on those investments, and other actions taken by the trustee and the board. As added by P.L.217-2017, SEC.69.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/8Fetched: 10/17/2026