1. (a) A fund that:

   1. (1) was established by a unit before July 1, 1997; and

   2. (2) would have been considered a riverboat fund for purposes of section 9 of this chapter if section 9 of this chapter had been in effect before July 1, 1997;

      is legalized and validated.

2. (b) A fund described in subsection (a) is considered a riverboat fund for purposes of section 9 of this chapter.

As added by P.L.220-2011, SEC.640.