Sec. 12. (a) A library board may provide severance pay to a library employee who is involuntarily separated from employment with the library.
(b) A library board may provide severance pay to a library employee who is voluntarily separated from employment with the library if the library board makes the following findings in a public meeting:
(1) The library is subject to financial difficulties and revenue shortfall.
(2) The library:
(A) will not hire an individual to perform the duties of the employee separating from employment at the same or comparable compensation and benefits for at least one (1) year after the date the employee separates from employment with the library;
(B) will hire a permanent or temporary employee for less compensation and benefits to perform the duties of the employee separating from employment; or
(C) will satisfy both the conditions in clauses (A) and (B).
(3) The library will pay the separating employee a stated amount of severance pay.
(4) The library will reduce its expenditures by:
(A) paying the severance pay stated under subdivision (3) to the employee separating from employment; and
(B) fulfilling one (1) or more of the conditions set forth in subdivision (2).