Sec. 1. (a) The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including, but not limited to, the following: (1) Have a perpetual existence as a body politic and corporate, and an independent instrumentality, but not a state agency, exercising essential public functions. (2) […]
Sec. 2. The bank may: (1) make, enter into, and enforce all contracts necessary, convenient, or desirable for the purposes of the bank or pertaining to: (A) a loan to or a lease or an agreement with a qualified entity; (B) a purchase, acquisition, or sale of securities or other investments; or (C) the performance […]
Sec. 3. Money not being used to purchase securities may be temporarily invested and reinvested pending the disbursements of that money as provided in a resolution of the bank or in a trust agreement entered into by the bank under IC 5-1.5-4-8. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.8.
Sec. 4. The bank may not: (1) lend money other than to a qualified entity; (2) purchase securities other than: (A) a security to which a qualified entity is a party as issuer, borrower, or lessee; or (B) an investment under section 3 of this chapter; (3) deal in securities within the meaning of or […]
Sec. 5. (a) The bank shall have an audit of its books and accounts made at least once in each year by a certified public accounting firm or the state board of accounts. If the audit is to be conducted by a certified public accounting firm, the firm may not be selected without a review […]
Sec. 6. The board shall adopt, on either a calendar or fiscal year basis, an annual budget, which may be amended from time to time during the year. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.10.
Sec. 7. All expenses incurred in carrying out this article are payable solely from revenues of the bank or funds appropriated under this article and nothing in this article authorizes the bank to incur an indebtedness or liability on behalf of or payable by the state. As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.11.
Sec. 8. All meetings of the bank shall be open to the public in accordance with and subject to the limitations of IC 5-14-1.5. All records of the bank shall be subject to the requirements of IC 5-14-3. As added by P.L.25-1984, SEC.1.
