Sec. 4. As part of a reorganization in a finally approved plan of reorganization, one (1) or more of the reorganizing political subdivisions or the reorganized political subdivision may do the following:
(1) Adjust any of its boundaries.
(2) Establish a joint service area with another political subdivision.
(3) Transfer the functions of an office to another office.
(4) Provide for a legislative body, an executive, or a fiscal body of the reorganized political subdivision to exercise the powers of a legislative body, an executive, or a fiscal body of a reorganizing political subdivision.
(5) Change the name of the political subdivision or select a new name.