1. (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. (1) borrow money upon the credit of the state;
   2. (2) contract any indebtedness on the credit of the state; or

   3. (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.

2. (b) A trustee who violates this section:

   1. (1) commits a Class C infraction; and
   2. (2) forfeits the trustee's office.

As amended by P.L.12-1996, SEC.1; P.L.215-2016, SEC.65.