Sec. 3. (a) The Indiana brownfields fund is established to provide money for grants, loans, and other financial assistance to or for the benefit of political subdivisions under this chapter. The authority shall administer, hold, and manage the Indiana brownfields fund.

(b) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

(c) Expenses of administering the Indiana brownfields fund shall be paid from money in the Indiana brownfields fund.

(d) The Indiana brownfields fund consists of the following:

(1) Appropriations made by the general assembly.

(2) Grants and gifts intended for deposit in the Indiana brownfields fund.

(3) Repayments of loans and other financial assistance from the Indiana brownfields fund, including premiums, interest, and penalties.

(4) Proceeds from the sale of loans and other financial assistance under section 8 of this chapter.

(5) Interest, premiums, gains, or other earnings on the Indiana brownfields fund.

(6) Money transferred from the hazardous substances response trust fund under IC 13-25-4-1(a)(9).

(7) Fees collected under section 6 of this chapter.

(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.

(9) Money transferred from the petroleum trust fund under IC 13-23-12-4(1) for the purpose of corrective actions that involve releases of regulated substances from underground storage tanks and are ineligible to receive funds from the underground petroleum storage tank excess liability trust fund under IC 13-23-7.

(e) The authority shall invest the money in the Indiana brownfields fund not currently needed to meet the obligations of the Indiana brownfields fund in accordance with an investment policy adopted by the authority. Interest, premiums, gains, or other earnings from the investments shall be credited to and deposited in the Indiana brownfields fund.

(f) As an alternative to subsection (e), the authority may invest or cause to be invested all or a part of the Indiana brownfields fund in a fiduciary account or accounts with a trustee that is a financial institution. Notwithstanding any other law, any investment may be made by the trustee in accordance with one (1) or more trust agreements or indentures. A trust agreement or indenture may allow disbursements by the trustee to the authority, a participant, or any other person as provided in the trust agreement or indenture.

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.24.