Sec. 6. (a) The fiscal body and the executive of a political subdivision may jointly file a petition with the board seeking to have the political subdivision designated as a distressed political subdivision under this chapter. (b) The governing body or the superintendent of a school corporation may do any of the following: (1) File a petition with the board seeking relief under section 8.3 of this chapter. (2) File a petition with the board seeking to have the school corporation designated as a distressed political subdivision under this chapter. (c) If the treasurer of state has reason to believe that a school corporation will not be able to pay the school corporation's debt service obligations (as defined in IC 20-48-1-11 ) as those debt service obligations become due, the treasurer of state may file a petition with the board seeking to have the school corporation designated as a distressed political subdivision under this chapter. (d) The board may adopt procedures governing the timing and required content of a petition under subsection (a) or (c).
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