1. (a) This section:

   1. (1) applies to the governing body of a taxing unit unless a majority of the governing body is comprised of officials who are elected to serve on the governing body; and

   2. (2) does not apply to the public education corporation.

      For purposes of this section, an individual who qualifies to be appointed to a governing body or serves on a governing body because of the individual's status as an elected official of another taxing unit shall be treated as an official who was not elected to serve on the governing body.

2. (b) As used in this section, "taxing unit" has the meaning set forth in IC 6-1.1-1-21 , except that the term does not include:

   1. (1) a school corporation; or
   2. (2) an entity whose tax levies are subject to review and modification by a city-county legislative body under IC 36-3-6-9 .

3. (c) If:

   1. (1) the assessed valuation of a taxing unit is entirely contained within a city or town; or

   2. (2) the assessed valuation of a taxing unit is not entirely contained within a city or town but the taxing unit was originally established by the city or town;

      the governing body of the taxing unit may not issue bonds or enter into a lease payable in whole or in part from property taxes unless it obtains the approval of the city or town fiscal body.

4. (d) However, in the case of a public library that is subject to this section and is described in subsection (c), the public library may not issue bonds or enter into a lease payable in whole or in part from property taxes unless it obtains the approval of the county fiscal body, rather than the city or town fiscal body, if more than fifty percent (50%) of the parcels of real property within the jurisdiction of the public library are located outside the city or town. The requirement that the public library must obtain the approval of the county fiscal body (rather than the city or town fiscal body) if more than fifty percent (50%) of the parcels of real property within the jurisdiction of the public library are located outside the city or town does not apply to the issuance of bonds or the execution of a lease:

   1. (1) for which a decision or preliminary determination was made under IC 6-1.1-20 before December 31, 2010; or
   2. (2) that is approved by the city or town fiscal body or the county fiscal body before December 31, 2010.
5. (e) This subsection applies to a taxing unit not described in subsection (c) or (d). The governing body of the taxing unit may not issue bonds or enter into a lease payable in whole or in part from property taxes unless it obtains the approval of the county fiscal body in the county where the taxing unit has the most net assessed valuation.

As added by P.L.146-2008, SEC.164. Amended by P.L.182-2009(ss), SEC.125; P.L.113-2010, SEC.30; P.L.101-2026, SEC.4.