After a sufficient appropriation has been made and approved and is available for the purchase of firefighting apparatus and equipment, including housing, the township executive, with the approval of the township legislative body, may purchase it for the township on an installment conditional sale or mortgage contract running for a period not exceeding:

1. (1) six (6) years; or

2. (2) fifteen (15) years for a township that:

   1. (A) has a total assessed value of sixty million dollars ($60,000,000) or less, as determined by the department of local government finance; and

   2. (B) is purchasing the firefighting equipment with funding from the:

      1. (i) state or its instrumentalities; or

      2. (ii) federal government or its instrumentalities.

         The purchase shall be amortized in equal or approximately equal installments payable on January 1 and July 1 each year.

         [Pre-Local Government Recodification Citation: 17-4-18-1 part.]

         As added by Acts 1981, P.L.309, SEC.65. Amended by P.L.83-1998, SEC.3; P.L.90-2002, SEC.497; P.L.178-2002, SEC.134.