Indiana § 36-4-3-10 Liability of annexing municipality for indebtedness or other obligations
of township; payment

Indiana Statutes

§ 36-4-3-10 — Liability of annexing municipality for indebtedness or other obligations of township; payment

Indiana·Title 36 LOCAL GOVERNMENT·Art. 4 GOVERNMENT OF CITIES AND TOWNS·Ch. 3 Municipal Annexation and Disannexation

(a)If the township from which a municipality annexes territory is indebted or has outstanding unpaid bonds or other obligations at the time of the annexation, the municipality is liable for and shall pay that indebtedness in the same ratio as the assessed valuation of the property in the annexed territory bears to the assessed valuation of all property in the township, as shown by the most recent assessment for taxation before the annexation, unless the assessed property within the municipality is already liable for the indebtedness.

(b)The annexing municipality shall pay its indebtedness under this section to the township executive. If the indebtedness consists of outstanding unpaid bonds or notes of the township, the payments to the executive shall be made as the principal or interest

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(a) If the township from which a municipality
annexes territory is indebted or has outstanding unpaid bonds or other
obligations at the time of the annexation, the municipality is liable for
and shall pay that indebtedness in the same ratio as the assessed
valuation of the property in the annexed territory bears to the assessed
valuation of all property in the township, as shown by the most recent
assessment for taxation before the annexation, unless the assessed
property within the municipality is already liable for the indebtedness.
(b) The annexing municipality shall pay its indebtedness under this
section to the township executive. If the indebtedness consists of
outstanding unpaid bonds or notes of the township, the payments to the
executive shall be made as the principal or interest on the bonds or
notes becomes due.
[Pre-Local Government Recodification Citation:
18-5-10-28.]
As added by Acts 1980, P.L.212, SEC.3.

Indiana § 36-4-3-10 (Liability of annexing municipality for indebtedness or other obligations of township; payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.