Balances of money may be transferred to the surplus Barrett Law account established under section 21 of this chapter (or under IC 36-9-19 before its repeal in 1993) if the following conditions are met:

1. (1) The balances have been on hand for at least ten (10) years.
2. (2) The balances were collected as waivered assessments for the payment of bonds.

3. (3) At least one (1) of the following conditions is met:

   1. (A) Bonds have not been presented for payment.

   2. (B) Bonds have:

      1. (i) been presented for payment;
      2. (ii) been withdrawn; and
      3. (iii) have not been not presented for payment again for at least ten (10) years.

As added by P.L.98-1993, SEC.8.