Section 4-10-14-1 - Loans; expenditures for improvements; authorization by act of general assembly; violations(a) A trustee on a board of trustees of any benevolent, scientific, or educational institution, or any correctional facility of the state, shall not: (1) borrow money upon the credit of the state;(2) contract any indebtedness on the credit of the state; or(3) make expenditures for improvements for an institution or correctional facility in any way; unless the loan or expenditure of money is first authorized by an act of the general assembly.
(b) A trustee who violates this section: (1) commits a Class C infraction; and(2) forfeits the trustee's office.Amended by P.L. 215-2016, SEC. 65, eff. 7/1/2016.(Formerly: Acts 1875, c.4, s.1.) As amended by P.L. 12-1996, SEC.1.