1. (a) This section applies to a balance in a 1937 fund that:

   1. (1) accrued from property taxes;
   2. (2) is not necessary to meet the pension, disability, and survivor benefit payment obligations of the 1937 fund because of amendments to IC 5-10.3-11-4.7 in 2008; and
   3. (3) is determined under subsection (c).

2. (b) A local board may authorize the use of money in the 1937 fund to pay any or all of the following:

   1. (1) The costs of health insurance or other health benefits provided to members, survivors, and beneficiaries of the 1937 fund.
   2. (2) The unit's employer contributions under IC 36-8-8-6 .
   3. (3) The contributions paid by the unit for a member under IC 36-8-8-8 (a).

3. (c) The maximum amount that may be used under subsection (b) is equal to the sum of the following:

   1. (1) the unencumbered balance of the 1937 fund on December 31, 2008; plus

   2. (2) the amount of property taxes:

      1. (A) imposed for an assessment date before January 16, 2008, for the benefit of the 1937 fund; and
      2. (B) deposited in the 1937 fund after December 31, 2008.

As added by P.L.182-2009(ss), SEC.430.