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