1. (a) The wastewater revolving loan fund is established to provide money for loans and other financial assistance to or for the benefit of participants under this chapter. The authority shall administer, hold, and manage the fund.

2. (b) The general assembly may appropriate money to the fund. Grants or gifts of money to the fund from the federal government or other sources and the proceeds of the sale of:

   1. (1) gifts to the fund; and

   2. (2) loans and other financial assistance, as provided in sections 10 through 14 of this chapter;

      shall be deposited in the fund.

3. (c) Repayments of loans and other financial assistance, including interest, premiums, and penalties, shall be deposited in the fund.

4. (d) The authority shall invest the money in the fund that is:

   1. (1) not currently needed to meet the obligations of the fund; and

   2. (2) not invested under subsection (e);

      in the same manner as other public money may be invested. Earnings that accrue from these investments shall be deposited in the fund.

5. (e) As an alternative to subsection (d), the authority may invest or cause to be invested all or a part of the fund in a fiduciary account or accounts with a trustee that is a financial institution. Notwithstanding any other law, any investment may be made by the trustee in accordance with at least one (1) trust agreement or indenture. A trust agreement or indenture may permit disbursements by the trustee to:

   1. (1) the department;
   2. (2) the budget agency;
   3. (3) a participant;
   4. (4) the Indiana bond bank;
   5. (5) the authority; or
   6. (6) any person to which the authority or a participant is obligated, as provided in the trust agreement or indenture.
6. (f) Except as provided in the Clean Water Act, the cost of administering the fund may be paid from the fund.
7. (g) All money accruing to the fund is appropriated continuously for the purposes specified in this chapter.

8. (h) Money in the fund does not revert to the state general fund at the end of a state fiscal year.

   [Pre-1996 Recodification Citation: 4-23-21-9.]

As added by P.L.1-1996, SEC.8. Amended by P.L.126-1997, SEC.8; P.L.235-2005, SEC.131.