Sec. 1. (a) Except as otherwise provided in IC 20-26-7.1 , if a governing body of a school corporation determines that any real or personal property: (1) is no longer needed for school purposes; or (2) should, in the interests of the school corporation, be exchanged for other property; the governing body may sell or exchange the property in accordance with IC 36-1-11 . (b) Money derived from the sale or exchange of property under this section shall be placed in the school corporation's operations fund. (c) A governing body may not enter into a lease agreement or make a covenant that prohibits the sale of real property to another educational institution. [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-5-1.]
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