Sec. 33. (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.] As added by P.L.2-1992, SEC.14. Amended by P.L.73-2005, SEC.134.
IC 12-20-25-34 Financial plan; contents Sec. 34. The financial plan adopted under section 33 of this chapter may include the following: (1) The adoption in the current year of a local income tax rate under IC 6-3.6 not to exceed one percent (1%). If a local income tax rate is imposed under this chapter, the ordinance must specify whether any revenue in excess of the rate needed to carry out the financial plan is to be used for property tax relief (IC 6-3.6-5) or as additional revenue (IC 6-3.6-6). The revenue from the tax rate under this section shall be distributed as provided in this chapter. The adoption of a local income tax rate under this chapter is in addition to the local income tax rate under IC 6-3.6 that may already be in effect in the county. (2) The payment of township assistance with county money. (3) The elimination or reduction of township assistance services not required under this article. [Pre-1992 Revision Citation: 12-2-14-29.] As added by P.L.2-1992, SEC.14. Amended by P.L.73-2005, SEC.135; P.L.197-2016, SEC.103.