§ 12-20-24-1 — Appeal for right to borrow; showing

Indiana § 12-20-24-1

• Jurisdiction: Indiana
• Art. 20: TOWNSHIP ASSISTANCE
• Ch. 24: Township Borrowing for Township Assistance

Text

(a) In addition to the other methods of
township assistance financing provided by this article, if a township
trustee for a township determines that a particular township's township
assistance account will be exhausted before the end of a fiscal year, the
township trustee shall notify the township board of that determination.
(b) After receiving notice under subsection (a) that a township's
township assistance account will be exhausted before the end of a fiscal
year, the township board shall appeal to the department of local
government finance for the right to borrow money on a short term basis
to fund township assistance services in the township. In the appeal the
township board must do the following:
(1) Show that the amount of money contained in the township
assistance account will not be sufficient to fund services required
to be provided within the township by this article.
(2) Show the amount of money that the board estimates will be
needed to fund the deficit.
(3) Indicate a period, not to exceed five (5) years, during which
the township would repay the loan.
[Pre-1992 Revision Citation: 12-2-4.5-1.]

Legislative History

As added by P.L.2-1992, SEC.14. Amended by P.L.145-1993, SEC.8; P.L.101-2000, SEC.8; P.L.73-2005, SEC.108; P.L.169-2006, SEC.36.