§ 12-20-25-4 — "Distressed township"

As used in this chapter, "distressed township"
means:
(1) a township that:
(A) has a valid township assistance claim that the county
auditor cannot pay within thirty (30) days after the claim is
approved for payment under IC 12-2-1-31 (before its repeal) or
IC 12-20-20;
(B) has township assistance expenditures during a year that
exceed the year's township assistance revenues, excluding any
advances from the state and revenues from short term loans
from the county or a financial institution or advances from the
county from the proceeds of bonds, made or issued under:
(i) this article; or
(ii) IC 12-2-1, IC 12-2-4.5, or IC 12-2-5 (before the repeal of
those statutes);
(C) has imposed and dedicated to township assistance at least
ninety percent (90%) of the maximum permissible ad valorem
property tax levy permitted for all of the township's money
under IC 6-1.1-18.5; and
(D) has outstanding indebtedness that exceeds one and
eight-tenths percent (1.8%) of the township's adjusted value of
taxable property in the district as determined under IC 36-1-15;
or
(2) a township that:
(A) has been a controlled township during any part of the
preceding five (5) years;
(B) has a valid township assistance claim that the county
auditor cannot pay within thirty (30) days after the claim is
approved for payment under IC 12-2-1-31 (before its repeal) or
IC 12-20-20; and
(C) uses advances from the county from proceeds of bonds
issued under IC 12-2-1 (before its repeal) or this article.
[Pre-1992 Revision Citation: 12-2-14-3.]

Legislative History

As added by P.L.2-1992, SEC.14. Amended by P.L.6-1997, SEC.147; P.L.73-2005, SEC.114.