First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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SENATE ENROLLED ACT No. 485
AN ACT to amend the Indiana Code concerning state offices and administration.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 4-23-7.1-42; (11)SE0485.1.1. -->
SECTION 1. IC 4-23-7.1-42 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2011]:
Sec. 42. (a) The board may establish a foundation that is
organized as a nonprofit corporation that is exempt from federal
income taxation under Section 501(c)(3) of the Internal Revenue
Code to solicit and accept private funding, gifts, donations,
bequests, devises, and contributions. The board may transfer
private funding, gifts, donations, bequests, devises, and
contributions intended for the state library that are in the state
treasury into the foundation.
(b) A foundation established under this section:
(1) shall use money received under subsection (a) to:
(A) support the state library and libraries in the state; and
(B) carry out the purposes and programs under this
chapter; and
(2) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the foundation; and
(B) not part of the state treasury.
(c) The foundation established under this section is governed by
a board of directors consisting of the following members:
(1) Seven (7) voting members appointed by the board of
directors.
(2) The state treasurer, who shall serve as a nonvoting
member.
(d) The members appointed under subsection (c)(1) shall be
appointed for a term of three (3) years but may be removed by the
governor for cause.
(e) The affirmative votes of at least four (4) members of the
board of directors are required for the foundation to take any
official action.
(f) Employees of the state library shall provide administrative
support for the foundation.
(g) Money in the foundation at the end of a state fiscal year does
not revert to the state general fund.
(h) The state board of accounts shall annually audit the
foundation established under this section.