§ 12-20-25-33 — Operating budget; financial plan; adoption

(a) Upon receipt of the report required in
section 32 of this chapter, the control board shall adopt the following:
(1) An operating budget for the trustee's office.
(2) A financial plan that will ensure that future revenue will do
the following:
(A) Cover operating expenses and pay township assistance
claims that are incurred during the time that the township is a
controlled township not more than thirty (30) days after the
claims are presented for payment.
(B) Satisfy the outstanding valid and reasonable claims of
creditors that are approved under section 27 or 28 of this
chapter within three (3) years.
(C) Retire outstanding bonded indebtedness, the proceeds of
which were advanced to the distressed township, and repay
outstanding loans or advances made for township assistance in
the distressed township within three (3) years.
(b) If the county fiscal body submits a financial plan under section
32(b) of this chapter, the control board shall adopt the fiscal body's
plan if the control board finds that the plan will accomplish the
purposes set forth in subsection (a)(2).
[Pre-1992 Revision Citation: 12-2-14-28.]

Legislative History

As added by P.L.2-1992, SEC.14. Amended by P.L.73-2005, SEC.134.