Sec. 9. (a) A municipality that operates one (1) or more parking facilities financed in whole or in part by the issuance of revenue bonds shall maintain insurance of the kinds and in the amounts ordinarily carried by persons operating similar facilities.
(b) All insurance proceeds received due to damage to a parking facility must be:
(1) used in replacing the property damaged; or
(2) deposited in the fund or account for the payment of the principal of and interest on the revenue bonds.