(a) As used in this section, "public funds" means any funds, moneys, receivables, grants, investments, instruments, real or personal property, or other assets, liabilities, equities, revenues, receipts, or disbursements belonging to, held by, or passed through an entity of the state or a political subdivision of the state.

(b) A building, structure, or facility paid for in whole or in part with public funds shall not be named for an individual living at the time of completion of the building, structure, or facility who, in the ten (10) years preceding the construction of the public building, structure, or facility:

(1) Was elected by qualified electors to a federal, state, county, or municipal office or held a federal, state, county, or municipal office; and

(2) Received a salary for his or her service in the federal, state, county, or municipal office.

(c) A municipal airport paid for in whole or in part with public funds shall not be named for an individual living at the time the municipal airport is named, if the individual:

(1) Was elected by qualified electors to a federal, state, county, or municipal office or held a federal, state, county, or municipal office; and

(2) Received a salary for his or her service in the federal, state, county, or municipal office.

(d) This section shall not apply to:

(1) A building, structure, airport, or facility that concerns an individual living at the time of completion of the building, structure, or facility and has historical significance, including without limitation that individual's birthplace;

(2) The naming of a building, structure, airport, or facility after an individual:

(A) Who is or has been a prisoner of war; or

(B) Who is:

(i) At least seventy-five (75) years of age; and

(ii) Retired; or

(3) A building, structure, airport, or facility for which at least fifty percent (50%) of the funds used to pay for the building, structure, airport, or facility are private funds.

(e) This section shall not be construed to prevent an entity receiving public funds from placing an individual's name upon a commemorative object, including without limitation a brick, used in a building, structure, airport, or facility, in exchange for a donation to the entity.