Enrolled Senate Bill (S)

DIGEST

Donation of certain local funds to a foundation. Provides that when a county, municipality, or township (unit) donates the proceeds of the sale of a utility or a facility, or the amount of a gift, to a foundation, the unit and the foundation may agree that distribution of the proceeds is governed by the Uniform Prudent Management of Institutional Funds Act (IC 30-2-12). Provides that this authority applies only to the donation of proceeds that occurs after December 31, 2015. Provides that department of local government finance may not reduce a unit's property tax levy because of: (1) the donation Donation of certain local funds to a foundation. Provides that when a county, municipality, or township (unit) donates the proceeds of the sale of a utility or a facility, or the amount of a gift, to a foundation, the unit and the foundation may agree that distribution of the proceeds is governed by the Uniform Prudent Management of Institutional Funds Act (IC 30-2-12). Provides that this authority applies only to the donation of proceeds that occurs after December 31, 2015. Provides that department of local government finance may not reduce a unit's property tax levy because of: (1) the donation of the proceeds of money from the sale of a utility or a facility; (2) a distribution from the endowment to the unit; or (3) a return of the donation to the general fund of the unit. Expands the investment powers of a trust established before 1990 from the proceeds of the sale of a county hospital to be the same as a foundation investing a donation. Specifies requirements of investing. ... View more