Ind. Code ch. 8-14-15.2

in effect

Ind. Code § 8-14-15.2-1 "Authority"

Sec. 1. As used in this chapter, "authority" refers to the Indiana finance authority. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-2 "Principal of the trust"

Sec. 2. As used in this chapter, "principal of the trust" means an amount equal to two hundred fifty million dollars ($250,000,000). As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-3 "Trust"

Sec. 3. As used in this chapter, "trust" refers to the next generation trust fund established under this chapter. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-4 "Trustee"

Sec. 4. As used in this chapter, "trustee" refers to the trustee of the trust designated under section 8 of this chapter. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-5 Establishment of next generation trust; uses of the trust

Sec. 5. (a) The authority shall establish a next generation trust fund to hold title to proceeds transferred to the trust fund under IC 8-14-15.1-5.5 or section 10 of this chapter, 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 or for the purpose set forth in section 10 of this chapter. (b) The trust shall be established as a charitable trust, separate from the state, but for the benevolent public purposes provided in this section. (c) The trust consists of the proceeds transferred to the trust under IC 8-14-15.1-5.5 or section 10 of this chapter, and any income that accrues from the investment of these proceeds. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-6 Trust agreement

Sec. 6. The chairperson of the authority shall enter into a trust agreement on behalf of the authority with the treasurer of state in conformity with IC 30-4-2-1. 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.189-2018, SEC.79.

Ind. Code § 8-14-15.2-7 Trust established as an irrevocable trust; termination of trust

Sec. 7. A trust established under this chapter must be an irrevocable trust and may not be revoked or terminated by the authority or any other person, nor may it be amended or altered by the authority or any other person. However, the terms of the trust must provide that the trust terminates when no funds remain in the trust. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-8 Treasurer of state as trustee of the trust

Sec. 8. The treasurer of state shall act as the trustee of the trust. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-9 Duties of the trustee; investment of money in the trust

Sec. 9. (a) The trustee shall: (1) administer and manage the trust; (2) invest the money in the trust; and (3) deposit in the trust any interest that accrues from the investment of these funds. (b) Notwithstanding IC 5-13, the trustee shall invest the money in the trust not currently needed to meet the obligations of the trust in the same manner as money is invested by the Indiana public retirement system under IC 5-10.3-5. However, the trustee may not invest the money in the trust in equity securities. The trustee shall also comply with the prudent investor rule set forth in IC 30-4-3.5. The trustee may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the trust and may pay the state 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 in the trust fund at the end of a state fiscal year does not revert to the state general fund. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-10 Use of principal to make and secure certain lease rental payments; transfer of money if insufficient grant proceeds are received from the federal government; report by the state budget director

Sec. 10. (a) The principal of the trust may be used to make and secure lease rental payments that: (1) are payable from grant proceeds from the federal government; and (2) will be used to pay bonds or notes issued by the authority pursuant to IC 5-1.3. (b) If grant proceeds received from the federal government are not in an amount sufficient to pay a lease rental payment described in subsection (a), the authority shall notify the trustee when the lease rental payment is due and the amount of the shortfall. Upon receiving notice from the authority, the trustee shall promptly transfer moneys in the trust in the amount of the shortfall to or at the direction of the authority for the purpose of making the lease rental payment. (c) If a transfer is made under subsection (b), the state budget director shall transfer funds from the state general fund to the trust, in an amount equal to the transfer made under subsection (b). The state budget director shall submit a report to the budget committee within thirty (30) days after the transfer to the trust. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-11 Trust code applicable to the trust

Sec. 11. IC 30-4 (trust code) applies to a trust established under this chapter. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-12 Diminishment of trust principal; deposit of trust income; transfer of trust income to major moves construction fund

Sec. 12. (a) Except as otherwise required by section 10 of this chapter, the principal of the trust may not be diminished during the term of the trust. (b) The income that accrues from investment of the trust shall be deposited in the trust. (c) On March 15, 2021, and March 15 every five (5) years thereafter, the treasurer of state shall transfer all interest accruing to the trust to the major moves construction fund. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-13 Trust report is a public record; attorney general may petition for accounting

Sec. 13. The report required under IC 30-4-5-12 is a public record. The attorney general may petition for an accounting as permitted by IC 30-4-5-12. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-14 Petition by attorney general for remedies if breach of trust, violation of trust mandate, or violation of duty

Sec. 14. (a) This section applies if a person does any of the following with respect to a trust created under this chapter: (1) Commits a breach of the trust. (2) Violates the mandate of the trust or trust agreement. (3) Violates a duty imposed by this chapter, the trust agreement, or IC 30-4. (b) The attorney general may petition a court to impose one (1) or more of the remedies described in IC 30-4-5.5-1. As added by P.L.189-2018, SEC.79.

Ind. Code § 8-14-15.2-15 Examination of records, files, and documents by the state board of accounts

Sec. 15. 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.189-2018, SEC.79.

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