Sec. 12. (a) The treasurer of state may invest or reinvest any funds that are held by the treasurer and available for investment, in participations in loans. However, funds may be invested or reinvested in a participation in loans under this subsection only under the following conditions: (1) The principal of the participation in loans must be guaranteed by an agency or instrumentality of the United States government. (2) The participation in loans must be represented by a certificate issued by a bank that is: (A) incorporated under the laws of Indiana, another state, or the United States; and (B) insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation. (b) Funds may be invested or reinvested in a participation in loans under subsection (a) even if the certificate representing the participation in loans is not insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation.
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