Ind. Code § 36-8-11-26

Sec. 26. After a sufficient appropriation for the purchase of firefighting apparatus and equipment, including housing, is made and is available, the district's fiscal officer, with the approval of the board and the county fiscal body, may purchase the firefighting apparatus and equipment for the district on an installment conditional sale or mortgage contract running for a period not exceeding fifteen (15) years. The purchase shall be amortized in equal or approximately equal installments payable on January 1 and July 1 each year.