Kettleborough and Guild: Finances of Indiana 238 
8 Gasoline Tax. The Gasoline Tax was established in 1923 and con- 
sists of a tax of 2 cents per gallon on all gasoline used in propelling 
motor vehicles over the highways of the state. (Acts 1923, p. 532) 
<J Coal Tonnage Taxes. For the purpose of regulating the supply 
and distribution of coal during the period subsequent to the close of the 
World War, a special Coal Commission was created and a tax of one 
cent per ton was imposed on all coal mined in the state. The act expired 
by its own limitation on March 31, 1921. (Acts 1920, p. 143) 
10 Depository Interest. All funds which are paid into the state treas- 
ury are deposited for safe-keeping in banks or trust companies, selected 
biennially by the State Board of Finance, consisting of the governor, the 
auditor, and treasurer of state, and are known as state depositories. 
The interest rates on deposits, as fixed by law, are as follows: 2 per 
cent on daily balances; 2% per cent on semi-annual time deposits; and 
3 per cent on annual time deposits. All depository interest accruing on 
any of the state funds is covered into the General Fund except the in- 
terest accruing on funds belonging to Indiana and Purdue Universities 
and the State Normal School. (Acts 1907, p. 391, as amended by Acts 
1909, p. 437; Burns’ 7536); interest accruing on the War Memorial 
Fund (Acts 1920, Sec. 15, p. 187 ; Burns’ 10096o) ; the Auto Theft Fund 
(Acts 1921, Sec. 5, p. 825; Burns’ 10476nl) ; and interest accruing on 
the Road Fund and the Highway Fund (Acts 1919, p. 136, Sec. 35; 
Burns’ 7671n2), which is credited to the several funds respectively on 
which the interest has accrued. 
11 Interest on Invested Funds: (1) Teachers' Retirement Funds. The 
State Teachers’ Retirement Board is authorized to invest the funds 
which may come into its possession in approved securities. The interest 
which accrues on the funds so invested is available for the use of the 
board, and constitutes a part of the State Teachers’ Retirement Fund. 
(Acts 1921, p. 751; Burns’ 6555b2) 
(2) Permanent Endowment Fund. The Permanent Endowment 
Fund of Indiana University was derived from the sale of lands orig- 
inally given to the state by the federal government for educational 
purposes. This fund is distributed to the several counties of the state 
and is lent in the same manner as the common school fund. The interest 
on this fund at 6 per cent is paid to Indiana University for maintenance 
and operating expenses. (1 R.S. 1852, p. 504; Acts 1897, p. 117; Burns’ 
6770-6773) In 1922, this fund amounted to $764,528.67. 
(3) Common School Fund. The Common School Fund consists of 
the surplus revenue fund, the saline fund, the bank tax fund, the fund 
derived from the sale of county seminaries and seminary property, fines 
assessed for breaches of the penal laws, forfeitures, escheated estates, 
lands granted to the state, the proceeds of the sale of the swamp lands, 
the funds arising from Section 114 of the charter of the state bank of 
Indiana, show licenses, and the excess of the hydrophobia fund, and the 
collections of the board of engineers. This fund is lent by the counties 
at 6 per cent, and the interest accruing thereon is used for the mainte- 
nance of common schools. (Acts 1865, p. 3; Acts 1911, p. 161; Burns’ 
183-187; Acts 1921, Sec. 7, p. 432; Burns’ 9530g; Acts 1917, p. 134; 
