Sec. 4. As used in this chapter, "distressed township" means: (1) a township that: (A) has a valid township assistance claim that the county auditor cannot pay within thirty (30) days after the claim is approved for payment under IC 12-2-1-31 (before its repeal) or IC 12-20-20 ; (B) has township assistance expenditures during a year that exceed the year's township assistance revenues, excluding any advances from the state and revenues from short term loans from the county or a financial institution or advances from the county from the proceeds of bonds, made or issued under: (i) this article; or (ii) IC 12-2-1 , IC 12-2-4.5 , or IC 12-2-5 (before the repeal of those statutes); (C) has imposed and dedicated to township assistance at least ninety percent (90%) of the maximum permissible ad valorem property tax levy permitted for all of the township's money under IC 6-1.1-18.5 ; and (D) has outstanding indebtedness that exceeds one and eight-tenths percent (1.8%) of the township's adjusted value of taxable property in the district as determined under IC 36-1-15 ; or (2) a township that: (A) has been a controlled township during any part of the preceding five (5) years; (B) has a valid township assistance claim that the county auditor cannot pay within thirty (30) days after the claim is approved for payment under IC 12-2-1-31 (before its repeal) or IC 12-20-20 ; and (C) uses advances from the county from proceeds of bonds issued under IC 12-2-1 (before its repeal) or this article. [Pre-1992 Revision Citation: 12-2-14-3.]
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