An investment of public funds (as defined in IC 5-13-4-20 , as in effect before February 27, 1996):

1. (1) made under a repurchase or resale agreement, including a standing repurchase or resale agreement, that was entered into before February 27, 1996; and

2. (2) that:

   1. (A) would have been in compliance with section 3 of this chapter, as amended by P.L.41-1996, if section 3 of this chapter, as amended by P.L.41-1996, had been in effect at the time the repurchase or resale agreement, including a standing repurchase or resale agreement, was entered into;
   2. (B) is no longer in effect on February 27, 1996; or

   3. (C) is brought into compliance with section 3 of this chapter, as amended by P.L.41-1996, not later than May 27, 1996;

      is legalized and validated.

As added by P.L.220-2011, SEC.94.