IC 27-1-29.1-8 — Reserve account; issuance of bonds to establish account; use of funds
Chapter 29.1. Political Subdivision Catastrophic Liability Fund
Section text
Sec. 8. (a) The commission shall establish a reserve account in the fund. A balance of at least five million dollars ($5,000,000) must remain in the reserve account. To provide money to establish the reserve account, the commission may issue bonds under IC 27-1-29-17(b)(1). The bonds issued to provide money for the establishment of the reserve account may not exceed a total amount of forty million dollars ($40,000,000). (b) Money in the reserve account shall be held and applied solely to pay claims against the fund that cannot be paid from other money in the fund.
As added by P.L.272-1987, SEC.7.
Source: official publisher (2026 edition)