Special account within a trust fund for each state educational
institution
Sec. 6. (a) This section applies with regard to a state educational
institution trust license plate supporting a state educational
institution in a year following a year:
(1) in which at least ten thousand (10,000) of the state
educational institution trust license plates are sold or renewed;
and
(2) beginning after December 31, 1998.
(b) The treasurer of state shall establish a special account within
a trust fund for each state educational institution described in
subsection (a)(1).
(c) The bureau shall require a person who purchases a state
educational institution trust license plate under this section to
designate the state educational institution the person chooses to
receive the annual fee that the person pays under section 5(2) of this
chapter as the corresponding state educational institution designated
in section 4 of this chapter.
(d) The treasurer of state shall deposit the annual fee collected
under section 5(2) of this chapter into a special account within a trust
fund for the state educational institution designated by the purchaser
in subsection (c).
(e) The treasurer of state shall invest the money in the special
account not distributed in the same manner as other public trust
funds are invested. Interest that accrues from these investments shall
be deposited in the special account.
(f) The auditor of state monthly shall distribute the money from
the special account to the state educational institution's authorized
alumni association.
(g) Money in the special account at the end of a state fiscal year
does not revert to the state general fund.
(h) The bureau shall maintain a sufficient supply of the state
educational institution trust license plates in each branch and partial
service walk-up location to provide a plate to a purchaser at the time
of sale.
As added by P.L.222-1999, SEC.13. Amended by P.L.261-2001,
SEC.4.
Last modified: May 27, 2006