Section 5-28-11.5-9 - Local economic development organization recruitment fund established; uses; revenue sources; administration; investments; nonreverting fund(a) The local economic development organization recruitment fund is established within the state treasury as a dedicated fund. Money in the fund must be spent by the corporation exclusively for grants and other purposes described in this chapter.(b) The fund consists of: (1) appropriations from the general assembly;(2) interest deposited into the fund under subsection (d); and(3) any money available for the purposes of this chapter from Indiana's apportionment of general state assistance grants provided to the states under the federal American Recovery and Reinvestment Act of 2009 or another federal economic stimulus law enacted in 2009.(c) The corporation shall administer the fund. The following may be paid from money in the fund: (1) Grants made under this chapter.(2) Expenses of administering the fund.(3) The corporation's nonrecurring administrative expenses incurred to carry out the purposes of this chapter.(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.(e) Money remaining in the fund at the end of a state fiscal year does not revert to the state general fund.As added by P.L. 35-2009, SEC.1.