(b) Whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, the fiscal body of the political subdivision shall order the balance of that fund to be transferred as follows, unless a statute provides that it be transferred otherwise:

1. (1) Funds of a county, to the general fund or rainy day fund of the county, as provided in section 5.1 of this chapter.
2. (2) Funds of a municipality, to the general fund or rainy day fund of the municipality, as provided in section 5.1 of this chapter.
3. (3) Funds of a township for redemption of township assistance obligations, to the township assistance fund of the township or rainy day fund of the township, as provided in section 5.1 of this chapter.
4. (4) Funds of any other political subdivision, to the general fund or rainy day fund of the political subdivision, as provided in section 5.1 of this chapter. However, if the political subdivision is dissolved or does not have a general fund or rainy day fund and is not a school corporation, then to the general fund of each of the units located in the political subdivision in the same proportion that the assessed valuation of the unit bears to the total assessed valuation of the political subdivision. In the case of a school corporation, the school corporation may transfer the amount received to any of its funds.

(e) Transfers to a political subdivision's rainy day fund may be made at any time during the political subdivision's fiscal year.

[Pre-Local Government Recodification Citations: 17-4-33-1; 19-11-1-1; 19-11-1-2; 19-11-1-4.]

As added by Acts 1980, P.L.211, SEC.1. Amended by P.L.251-2001, SEC.1; P.L.173-2003, SEC.18; P.L.73-2005, SEC.171; P.L.169-2006, SEC.46; P.L.2-2006, SEC.185; P.L.1-2007, SEC.238; P.L.233-2015, SEC.328; P.L.244-2017, SEC.124.