Indiana Code Title 5. State and Local Administration § 5-13-10.5-7

Sec. 7. (a) A public officer of the state may invest or reinvest funds held by the officer and available for investment in securities that are:

(b) If an investment under subsection (a) is made at a cost in excess of the par value of the securities purchased, any premium paid for the securities shall be deducted from the first interest received and returned to the fund from which the investment was purchased, and only the net amount is considered interest income.