1. (a) For purposes of this section, "program" refers to:

   1. (1) a program defined in IC 13-11-2-172 (a) through IC 13-11-2-172 (b);
   2. (2) the supplemental drinking water and wastewater assistance program established by IC 13-18-21-21 ; or
   3. (3) the infrastructure assistance program established by IC 13-18-25-1 .

2. (b) Notwithstanding any statute applicable to or constituting any limitation on the investment or reinvestment of funds by or on behalf of political subdivisions:

   1. (1) a participant receiving financial assistance in connection with a program may invest and reinvest funds that constitute, replace, or substitute for the proceeds of bonds or other evidence of indebtedness sold to the authority under the program, together with any account or reserves of a participant not funded with the proceeds of the bonds or other evidence of indebtedness purchased by the authority but which secure or provide payment for those bonds or other evidence of indebtedness, in any instrument or other investment authorized under a resolution of the authority; and
   2. (2) a participant that is obligated to make payments on bonds or other evidence of indebtedness purchased in connection with the operation of a program may invest and reinvest funds that constitute, replace, or substitute for the proceeds of those bonds or other evidence of indebtedness, together with any account or reserves of a participant not funded with the proceeds of the bonds or other evidence of indebtedness purchased under the program but which secure or provide payment for those bonds or other evidence of indebtedness, in any instrument or other investment authorized under a resolution of the authority.

As added by P.L.235-2005, SEC.32. Amended by P.L.233-2017, SEC.6.