Section 14-31-2-11 - Transfer of money to stewardship trusts(a) To ensure the proper management of natural areas acquired in the campaign, concurrent with the acquisition of each campaign site: (1) an amount equal to twenty percent (20%) of the appraised value of the acquisition shall be transferred from the fund to an account designated the Indiana natural heritage stewardship trust I; and(2) an amount equal to five percent (5%) of the appraised value of the acquisition shall be transferred from the fund to an account designated the Indiana natural heritage stewardship trust II.(b) The amounts to be transferred from the fund to trust I and trust II must be fully and exclusively derived from the following: (1) Private contributions to the fund.(2) Interest earned on private contributions to the fund.(c) Trust I and trust II shall be maintained in a financial institution having a uniform interagency trust composite rating of one (1) or two (2). The financial institution is the trustee of trust I and trust II.Pre-1995 Recodification Citation: 14-4-5.1-4.
As added by P.L. 1-1995, SEC.24.