Indiana § 36-1.5-4-40 Debt; pension obligations

Indiana Statutes

§ 36-1.5-4-40 — Debt; pension obligations

Indiana § 36-1.5-4-40

Title 36LOCAL GOVERNMENT

Art. 1.5GOVERNMENT MODERNIZATION

Ch. 4Reorganization by Referendum

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Bluebook

Ind. Code § 36-1.5-4-40 (2026).

Text

The following apply in the case of a reorganization under this article:

(1)Indebtedness that was incurred by a political subdivision before the reorganization:

(A)may not be imposed on taxpayers that were not responsible for payment of the indebtedness before the reorganization; and

(B)must be paid by the taxpayers that were responsible for payment of the indebtedness before the reorganization.

(2)Pension obligations existing as of the effective date of the reorganization:

(A)may not be imposed on taxpayers that were not responsible for payment of the pension obligations before the reorganization; and

(B)must be paid by the taxpayers that were responsible for payment of the pension obligations before the reorganization.

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The following apply in the case of a
reorganization under this article:
(1) Indebtedness that was incurred by a political subdivision
before the reorganization:
(A) may not be imposed on taxpayers that were not responsible
for payment of the indebtedness before the reorganization; and
(B) must be paid by the taxpayers that were responsible for
payment of the indebtedness before the reorganization.
(2) Pension obligations existing as of the effective date of the
reorganization:
(A) may not be imposed on taxpayers that were not responsible
for payment of the pension obligations before the
reorganization; and
(B) must be paid by the taxpayers that were responsible for
payment of the pension obligations before the reorganization.