Sec. 2. A petition filed under section 1 of this chapter must be signed by freeholders owning land in the proposed district. The signatures of freeholders on the petition must be sufficient to satisfy both of the following requirements:
(1) The freeholders signing the petition must constitute at least the following minimum number or proportion of all the freeholders in the proposed district:
(A) Districts of not more than five thousand (5,000) freeholds, thirty percent (30%) of the freeholders.
(B) Districts of at least five thousand one (5,001) and not more than twenty-five thousand (25,000) freeholds, fifteen percent (15%) of the freeholders but not less than one thousand (1,000) signatures.
(C) Districts of at least twenty-five thousand one (25,001) freeholds, ten percent (10%) of the freeholders but not less than three thousand (3,000) signatures.
(2) The freeholders signing the petition must own at least fifty-one percent (51%) of the assessed valuation of the real property located within the boundaries of the proposed conservancy district, as determined by the most recent assessment of the real property in the proposed conservancy district for property tax purposes, excluding the assessed valuation of any real property located within the boundaries of the proposed conservancy district that would be exempt under this article from a special benefit tax levied by the proposed conservancy district or that is exempt from property taxes imposed under IC 6-1.1.
[Pre-1995 Recodification Citation: 13-3-3-8(a).]
As added by P.L.1-1995, SEC.26. Amended by P.L.251-2019, SEC.3.