Custody of property custody fund and abandoned property fund;
fund investment; appropriation
Sec. 35. (a) The treasurer of state shall keep safely the money in
the property custody fund established by section 32 of this chapter
and the abandoned property fund established by section 33 of this
chapter. The money may not be transferred or assigned except as
specifically authorized and directed in this chapter. At any time,
upon certification of the attorney general and the treasurer of state
that there is cash on deposit in either fund in excess of the cash
requirements of the fund anticipated for the next succeeding
semiannual fiscal period, the state board of finance may authorize the
treasurer of state to invest and reinvest the money as authorized for
other funds of the state by IC 5-13, including the purchase of
certificates of deposit. However, an investment may not be made in
a certificate of deposit with a maturity or redemption date that is
more than six (6) months after the date of purchase, subscription, or
deposit. Any interest or other accretions derived from investments
made under this subsection become a part of the fund from which the
money was invested.
(b) A sufficient amount of money from the abandoned property
fund is appropriated to the treasurer of state to pay claims, costs, and
expenses ordered paid from the abandoned property fund under this
chapter.
(c) A sufficient amount of money from the property custody fund
is annually appropriated to the treasurer of state to pay claims
ordered paid from the property custody fund under this chapter.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006