(b) Except as provided in subsection (e), the city-county legislative body shall review the proposed operating and maintenance budgets and tax levies and adopt final operating and maintenance budgets and tax levies for each of the following entities in the county:

1. (1) An airport authority operating under IC 8-22-3 .
2. (2) A public library operating under IC 36-12 .
3. (3) A capital improvement board of managers operating under IC 36-10 .
4. (4) A public transportation corporation operating under IC 36-9-4 .
5. (5) A health and hospital corporation established under IC 16-22-8 .

6. (6) Any other taxing unit (as defined in IC 6-1.1-1-21 ) that is located in the county and has a governing body that is not comprised of a majority of officials who are elected to serve on the governing body.

   Except as provided in subsection (d), the city-county legislative body may reduce or modify but not increase a proposed operating and maintenance budget or tax levy under this section.

(d) The city-county legislative body or, when subsection (e) applies, the fiscal body of an excluded city or town shall review the issuance of bonds of an entity listed in subsection (b). Approval of the city-county legislative body or, when subsection (e) applies, the fiscal body of an excluded city or town is required for the issuance of bonds. The city-county legislative body or the fiscal body of an excluded city or town may not reduce or modify a budget or tax levy of an entity listed in subsection (b) in a manner that would:

1. (1) limit or restrict the rights vested in the entity to fulfill the terms of any agreement made with the holders of the entity's bonds; or
2. (2) in any way impair the rights or remedies of the holders of the entity's bonds.

(e) If the assessed valuation of a taxing unit is entirely contained within an excluded city or town (as described in IC 36-3-1-7 ) that is located in a county having a consolidated city, the governing body of the taxing unit shall submit its proposed operating and maintenance budget and tax levies to the city or town fiscal body for approval and not the city-county legislative body. Except as provided in subsection (d), the fiscal body of the excluded city or town may reduce or modify but not increase a proposed operating and maintenance budget or tax levy under this section.

[Pre-Local Government Recodification Citations: 18-4-4-4.5 part; 18-4-17-7 part.]

As added by Acts 1980, P.L.212, SEC.2. Amended by Acts 1981, P.L.52, SEC.7; P.L.347-1983, SEC.1; P.L.2-1993, SEC.201; P.L.1-2005, SEC.237; P.L.227-2005, SEC.35; P.L.1-2006, SEC.561; P.L.146-2008, SEC.705; P.L.182-2009(ss), SEC.401; P.L.137-2012, SEC.118; P.L.101-2026, SEC.66.