Indiana Code Title 5. State and Local Administration § 5-1.5-2-1

Sec. 1. There is established the Indiana bond bank, a separate body corporate and politic, constituting an instrumentality of the state for the public purposes set out in this article, but not a state agency.  The bank is separate from the state in its corporate and sovereign capacity.  The purpose of the bank as described in IC 5-1.5-4 is to buy and sell securities and to make loans to qualified entities.