HB1316

Summary

Next level trust fund. Repeals the provision establishing the next generation trust fund. Requires that title to any proceeds transferred to and held in the next generation trust fund, including any money and investments held in the next generation trust fund, and under any trust agreement entered into by the Indiana finance authority (authority) and the treasurer of state, be transferred to the next level Indiana trust fund. Provides that upon completion of the transfer to the next level Indiana trust fund, the next generation trust fund shall cease and be of no further force or effect as a charitable trust or otherwise. Provides that the officers, directors, and employees of the authority and the treasurer of state are immune from civil liability in connection with any transfer to the next level Indiana trust fund. Changes the quorum requirement for the next level Indiana trust fund investment board. Provides that not any one investment made from the next level Indiana trust fund in an investment fund may exceed $25,000,000 unless the investment fund is specifically created to meet a need in Indiana's ecosystem as determined by the next level Indiana trust fund investment board. Provides that the principal of the next level Indiana trust fund may be used to make and secure lease rental payments that: (1) are payable from grant proceeds from the federal government; and (2) will be used to pay bonds or notes issued by the authority. Provides that if grant proceeds received from the federal government are not sufficient to pay a lease rental payment, the authority shall notify the trustee of the next level Indiana trust fund when the lease rental payment is due and the amount of the shortfall. Requires, upon receiving notice from the authority, the trustee of the next level Indiana trust fund to promptly transfer money in the next level Indiana trust fund in the amount of the shortfall, or at the direction of the authority, for the purpose of making the lease rental payment. Requires, if such a transfer is made, the state budget director to transfer funds from the state general fund to the next level Indiana trust fund in an amount equal to the transfer. Requires the state budget director to submit a report to the budget committee within 30 days after the transfer.

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