§ 37.15 COUNTY CONGRESSIONAL TOWNSHIP SCHOOL FUND.
   (A)   The Council finds that the fund, in its entirety, shall be surrendered to State of Indiana;
   (B)   Pursuant to I.C. § 20-42-2-4.5, by adoption of this Resolution, the Board of Warrick County Commissioners, the Warrick County Auditor, and the Warrick County Treasurer shall take all steps necessary to surrender the custody of the fund to the treasurer of the State of Indiana;
   (C)   Pursuant to I.C. § 20-42-2-4.5(b), within ten days after the passage of this section by the Council, the Warrick County shall prepare and file with the Board of Warrick County Commissioners a report (the "Report") showing the following:
      (1)   The total amount of the fund that has been entrusted to and is held in trust by Warrick County;
      (2)   The total amount of the fund that is loaned as provided by law;
      (3)   The total amount of the fund, if any, loaned to Warrick County and which loans are unpaid;
      (4)   The total amount of the fund held in cash in the possession and custody of Warrick County and that is not loaned; and
      (5)   A separate schedule of past due loans showing the unpaid balance of principal and the amount of delinquent interest due and unpaid on each delinquent loan.
   (D)   (1)   Pursuant to I.C. § 20-42-2-4.5(c), the Board of Warrick County Commissioners shall examine the Report, and, if found correct, the Board of Warrick County Commissioners shall order:
         (a)   That the report be entered on its records; and
         (b)   The Warrick County Auditor to draw the Warrick County Auditor's warrant, payable to the treasurer of the State of Indiana, for the amount of the fund that is not loaned and is held in cash in the custody and possession of Warrick County as shown by the report.
      (2)   The Warrick County Auditor shall forward the warrants to the auditor of the State of Indiana together with a certified copy of the report. The Warrick County Auditor shall also forward with the payment a certified copy of this section electing to surrender the custody of the fund, in its entirety.
   (E)   Pursuant to I.C. § 20-42-2-4.5(d), after passage by the Council of this section, no part of the fund may be loaned by Warrick County or by any official of Warrick County. Except as provided in I.C. § 20-42-2-4.5(d), all outstanding loans of the fund, if any, not part of the amount retained by Warrick County at the time of the passage of this section shall be collected when due. Any loan that comes due and payable after the passage of this section may be renewed for one additional five year period, on the application of the person owing the loan as provided by law. However, a loan that is more than one year delinquent in payment of principal or interest at the time of the passage of this resolution of the Council may not be renewed.
   (F)   Pursuant to I.C. § 20-42-2-4.5(e), on May 1 or November 1 immediately after the passage of this resolution and each May 1 and November 1 thereafter, all the money collected and on hand that belongs to the fund that is to be surrendered shall be paid to the treasurer of the state. If at the time for a semiannual payment the amount collected and paid to the treasurer of the state when added to the amounts previously paid to the treasurer of the state is less than the result determined by multiplying 2.5% of the amount in this section by the number of semiannual payments that have occurred after the passage of this section, the Warrick County Auditor shall draw the Warrick County Auditor’s warrant on the general fund of Warrick County for an amount sufficient to pay to the treasurer of the state the difference between the amount paid and the amount equal to the result of multiplying 2.5% of the amount designated in this section by the number of semi-annual payments that have occurred after the passage of this section. The maximum time to surrender money that Warrick County designates in this section is for a period not to exceed 20 years.
(CC Res. 2016-03, passed 10-6-16)