Indiana Code Title 5. State and Local Administration § 5-13-9-12

Sec. 12. (a) As used in this section, “board” refers to the Indiana local government investment pool board established by subsection (c).

(b) As used in this section, “investment pool” refers to the local government investment pool established by section 11(b) of this chapter.

(c) The Indiana local government investment pool board is established as a continuing board under the executive branch of state government.  The purpose of the board is to establish policies for the investment of funds contributed to the investment pool.

(d) The board consists of the following seven (7) members:

(e) A member appointed under subsection (d)(3), (d)(4), or (d)(5) serves a term of four (4) years and may be reappointed by the appointing authority.

(f) A member appointed under subsection (d)(1) or (d)(2) who ceases to hold the office or qualification described in that subsection ceases to be a member of the board.

(g) The governor shall designate one (1) of the members as chairperson.  The chairperson has one (1) vote on all matters voted on by the members.

(h) A member of the board who is appointed under subsection (d)(3), (d)(4), or (d)(5) serves a term that ends June 30 of the odd-numbered year four (4) years after appointment.

(i) The board shall meet at least four (4) times a year and at the call of the chairperson.

(j) Five (5) members of the board constitute a quorum.  The affirmative votes of four (4) members are required to take any action.

(k) Each member of the board who is not a state employee is entitled to the minimum salary per diem provided by IC 4-10-11-2.1(b) for each day that the member is engaged in the official business of the board.  The member is also entitled to reimbursement for mileage, traveling expenses, and other expenses actually incurred in connection with the member's duties, as provided in the state travel policies and procedures established by the Indiana department of administration and approved by the budget agency.

(l) The expenses of the board shall be paid from the investment pool.

(m) The board shall establish policies regarding how the treasurer of state shall administer and invest the funds in the investment pool.  The policies must provide the following:

(n) The board may select and direct the treasurer of state to contract with accountants, attorneys, regulated investment advisors, money managers, and other finance and investment professionals to make investments and provide for the public accounting and legal compliance necessary to ensure and maintain the safety, liquidity, and yield of the investment pool.