Sec. 0.4. An investment of public funds (as defined in IC 5-13-4-20, as in effect before February 27, 1996):
(1) made under a repurchase or resale agreement, including a standing repurchase or resale agreement, that was entered into before February 27, 1996; and
(2) that:
(A) would have been in compliance with section 3 of this chapter, as amended by P.L.41-1996, if section 3 of this chapter, as amended by P.L.41-1996, had been in effect at the time the repurchase or resale agreement, including a standing repurchase or resale agreement, was entered into;
(B) is no longer in effect on February 27, 1996; or
(C) is brought into compliance with section 3 of this chapter, as amended by P.L.41-1996, not later than May 27, 1996;
is legalized and validated.