1. (a) The supplemental drinking water and wastewater assistance fund is established to provide money for grants, loans, and other financial assistance to or for the benefit of participants for the purposes described in section 23 of this chapter.

2. (b) The general assembly may appropriate money to the supplemental fund. Grants or gifts of money to the supplemental fund and proceeds of the sale of:

   1. (1) gifts to the supplemental fund; and

   2. (2) loans and other financial assistance, as provided in sections 25 through 29 of this chapter;

      shall be deposited in the supplemental fund.

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

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

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

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

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

5. (e) As an alternative to the investment provided for in subsection (d), the authority may invest or cause to be invested all or a part of the supplemental 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 one (1) or more trust agreements or indentures. A trust agreement or indenture may permit disbursements by the trustee to the authority, the department, the budget agency, a participant, or any other person as provided in the trust agreement or indenture.
6. (f) The cost of administering the supplemental fund may be paid from money in the supplemental fund.
7. (g) All money accruing to the supplemental fund is appropriated continuously for the purposes specified in this chapter.
8. (h) Money in the supplemental fund does not revert to the state general fund at the end of a state fiscal year.
9. (i) The authority shall administer, hold, and manage the supplemental fund.

As added by P.L.126-1997, SEC.30. Amended by P.L.132-1999, SEC.25; P.L.235-2005, SEC.164.