After a sufficient appropriation for the purchase of firefighting apparatus and equipment, including housing, is made and is available, the participating units, with the approval of the fiscal body of each participating unit, may purchase the firefighting apparatus and equipment for the territory 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 territory 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.

As added by P.L.83-1998, SEC.4. Amended by P.L.90-2002, SEC.501; P.L.178-2002, SEC.135.