Sec. 0.5. As used in this chapter, "contractor" means an individual or entity that:
(1) enters into a contractual relationship with a city, town, county, or township;
(2) has a fiduciary relationship with or performs a fiscal responsibility for the city, town, county, or township; and
(3) is not insured, for purposes of the individual's or entity's accounts, by the Federal Deposit Insurance Corporation.