Northern Indiana Bank & Trust Co. v. State Board of Finance

HUNTER, Justice.

This is an appeal from a- declaratory judgment action in which the trial court held that 1980 Indiana Acts Public Law 15 (P.L. No. 15) was constitutional.

P.L. No. 15 amended Ind.Code § 4-10-8-1 (Burns 1982 Repl.), Ind.Code § 5-13-1-2 (Burns 1988 Repl), and Ind.Code § 5-13-1-6 (Burns 1983 Repl.), and permitted the State and municipal corporations to deposit public funds in deposit-type savings associations. 1 Deposits are limited to the maximum amount insured by the Federal Savings and Loan Insurance Corporation (FSLIC). In addition, the amount that may be deposited cannot…