1. (a) The environmental remediation revolving loan fund is established for the purpose of providing money for loans and other financial assistance, including grants, to or for the benefit of political subdivisions under this chapter. The authority shall administer, hold, and manage the fund.
2. (b) Expenses of administering the fund shall be paid from money in the fund.

3. (c) The fund consists of the following:

   1. (1) Appropriations made by the general assembly.
   2. (2) Grants and gifts intended for deposit in the fund.
   3. (3) Repayments of loans and other financial assistance, including premiums, interest, and penalties.
   4. (4) Proceeds from the sale of loans and other financial assistance under section 9 of this chapter.
   5. (5) Interest, premiums, gains, or other earnings on the fund.
   6. (6) Money transferred from the hazardous substances response trust fund under IC 13-25-4-1 (a)(9).
   7. (7) Fees collected under section 7 of this chapter.
   8. (8) Money transferred from the underground petroleum storage tank excess liability trust fund under IC 13-23-7 for the purpose of environmental assessment and remediation on a property containing at least one (1) underground storage tank.
4. (d) The authority shall invest the money in the fund not currently needed to meet the obligations of the fund in accordance with an investment policy adopted by the authority. Interest, premiums, gains, or other earnings from these investments shall be credited to 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 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 allow disbursements by the trustee to:

   1. (1) the authority;
   2. (2) a political subdivision;
   3. (3) the Indiana bond bank; or

   4. (4) any person to which the authority, the Indiana bond bank, or a political subdivision is obligated, including a trustee that is a financial institution for a grantor trust;

      as provided in the trust agreement or indenture. The budget agency must approve any trust agreement or indenture before its execution.

As added by P.L.59-1997, SEC.13. Amended by P.L.235-2005, SEC.172; P.L.221-2007, SEC.8; P.L.178-2015, SEC.3.