Sec. 1.5. Notwithstanding section 1 of this chapter, for purposes of local government administration under this title, a municipality reorganized under IC 36-1.5 may, subject to the approval of the department of local government finance:
(1) be classified and described as set forth in the reorganization plan adopted under IC 36-1.5-4; and
(2) maintain characteristics of any of the reorganizing political subdivisions.