Local government investment pool board; members; establishment of policies

Ind. Code § 5-13-9-12
in effect
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Note: This version of section effective until 7-1-2027. See also following version of this section, effective 7-1-2027. Sec. 12. (a) As used in this section, "board" refers to the Indiana local government investment pool board established by subsection (c). (b) As used in this section, "investment pool" refers to the local government investment pool established by section 11(b) of this chapter. (c) The Indiana local government investment pool board is established as a continuing board under the executive branch of state government. The purpose of the board is to establish policies for the investment of funds contributed to the investment pool. (d) The board consists of the following seven (7) members: (1) The treasurer of state. (2) The director of the Indiana department of financial institutions. (3) Two (2) members with practical experience with financial institutions, local government or public finance, or financial investments domiciled in Indiana, appointed by the president pro tempore of the senate. (4) Two (2) members with practical experience with financial institutions, local government or public finance, or financial investments domiciled in Indiana, appointed by the speaker of the house of representatives. (5) One (1) member with practical experience with financial institutions, local government or public finance, or financial investments domiciled in Indiana, appointed by the governor. (e) A member appointed under subsection (d)(3), (d)(4), or (d)(5) serves a term of four (4) years and may be reappointed by the appointing authority. (f) A member appointed under subsection (d)(1) or (d)(2) who ceases to hold the office or qualification described in that subsection ceases to be a member of the board. (g) The governor shall designate one (1) of the members as chairperson. The chairperson has one (1) vote on all matters voted on by the members. (h) A member of the board who is appointed under subsection (d)(3), (d)(4), or (d)(5) serves a term that ends June 30 of the odd-numbered year four (4) years after appointment. (i) The board shall meet at least four (4) times a year and at the call of the chairperson. (j) Five (5) members of the board constitute a quorum. The affirmative votes of four (4) members are required to take any action. (k) Each member of the board who is not a state employee is entitled to the minimum salary per diem provided by IC 4-10-11-2.1(b) for each day that the member is engaged in the official business of the board. The member is also entitled to reimbursement for mileage, traveling expenses, and other expenses actually incurred in connection with the member's duties, as provided in the state travel policies and procedures established by the Indiana department of administration and approved by the budget agency. (l) The expenses of the board shall be paid from the investment pool. (m) The board shall establish policies regarding how the treasurer of state shall administer and invest the funds in the investment pool. The policies must provide the following: (1) There is not a minimum time for which funds paid into the investment pool must be retained by the investment pool. (2) There is not a limit on the number of accounts that the state or a unit of government participating in the investment pool may establish within the investment pool. (3) The investment pool shall be audited at least annually by an independent auditing firm, with an electronic or paper copy of the audit provided to the state and each unit of government participating in the pool. (4) Not less than fifty percent (50%) of funds available for investment shall be deposited in banks qualified to hold deposits of participating local government entities. (n) The board may select and direct the treasurer of state to contract with accountants, attorneys, regulated investment advisors, money managers, and other finance and investment professionals to make investments and provide for the public accounting and legal compliance necessary to ensure and maintain the safety, liquidity, and yield of the investment pool. As added by P.L.213-2025, SEC.63.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026