Investment of proceeds from certain capital assets; ordinance

or resolution Sec. 3. (a) Subject to the requirements of this chapter, the fiscal body of a political subdivision may adopt an ordinance (in the case of a county or municipality) or a resolution (in the case of any other political subdivision) to authorize the investment of proceeds from the sale of a capital asset owned by the political subdivision. A fiscal body may adopt an ordinance under this subsection before, after, or at the time of the sale of the capital asset. (b) Proceeds from the sale of a capital asset owned by a political subdivision may be invested as provided in this chapter only if: (1) either: (A) the total amount received (either before July 1, 2015, or after June 30, 2015) or that will be received from the sale of the capital asset exceeds fifty million dollars ($50,000,000); or (B) in the case of a town, the total amount received from the sale of the capital asset after December 15, 2021, and before January 1, 2023, exceeds twenty-four million dollars ($24,000,000) but does not exceed twenty-six million dollars ($26,000,000); and (2) the fiscal body of the political subdivision has adopted an ordinance or a resolution, as described in subsection (a), that applies to the investment of proceeds from the sale of that particular capital asset. As added by P.L.139-2015, SEC.2. Amended by P.L.157-2022, SEC.1.