Indiana Code Title 36. Local Government § 36-5-1-18

Sec. 18. (a) If at least two-thirds ( 2/3 ) of the votes cast in an election under section 16 of this chapter are affirmative, the dissolution or change of name takes effect in the manner prescribed by this section.

(b) A change of name takes effect thirty (30) days after the filing of the statement required by section 17 of this chapter.

(c) A dissolution takes effect six (6) months after the filing of the statement required by section 17 of this chapter.  The property owned by the town after payment of debts and liabilities shall be disposed of in the manner chosen by a majority of the voters of the town at a special election for that purpose.  Dissolution of a town does not affect the validity of a contract to which the town is a party.