Joint Resolution 0003
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DIGEST OF SJ0003 (Updated February 12, 2007 3:05 pm - DI 84)
Next generation trust fund. Establishes the Next Generation Trust Fund (fund) with a principal of at least $500 million. Provides that the principal of the fund may not be decreased below $500,000,000. Requires the general assembly to provide by law for the custody and investment of the fund principal. Provides that the general assembly may appropriate the interest and other income derived from the fund (and principal in excess of $500,000,000) only for the provision of highways, roads, and bridges for the benefit of the people of Indiana and the users of those facilities. Provides that on June 30 following approval of the amendment to establish the fund, the fund consists of the balance in the statutory next generation trust fund. Provides that if the balance in the statutory next generation trust fund is less than $500,000,000, the difference shall be transferred from the state general fund or from other sources provided by law. This proposed amendment has not been previously agreed to by a general assembly.
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