Sec. 11. (a) On the date the formation of a new township government takes effect, all money in the funds of each of the former township governments is transferred to the new township government. The new township government:
(1) shall deposit the money in its funds that most closely correspond to the funds of the former township governments; and
(2) may use the money to pay its operational and capital costs for the balance of the calendar year.
(b) After the date the formation of a new township government takes effect, the new township government is entitled to receive all distributions of taxes and other revenue that would have been made to the former township governments if the merger had not occurred. The new township government shall deposit the money in its funds that correspond most closely to the funds of the former township governments into which the taxes or other revenue would have been deposited if the merger had not occurred.
As added by P.L.240-2005, SEC.3.