Sec. 7. (a) A public officer of the state may invest or reinvest funds held by the officer and available for investment in securities that are: (1) backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States; and (2) issued by any of the following: (A) The United States Treasury. (B) A federal agency. (C) A federal instrumentality. (D) A federal government sponsored enterprise. (b) If an investment under subsection (a) is made at a cost in excess of the par value of the securities purchased, any premium paid for the securities shall be deducted from the first interest received and returned to the fund from which the investment was purchased, and only the net amount is considered interest income.
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