Indiana Code 36-1.5-4-40. Debt; pension obligations
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Sec. 40. The following apply in the case of a reorganization under this article:
(A) may not be imposed on taxpayers that were not responsible for payment of the indebtedness before the reorganization; and
(1) Indebtedness that was incurred by a political subdivision before the reorganization:
(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.
As added by P.L.186-2006, SEC.4.