Sec. 4. (a) The governing body of each school corporation shall establish a levy in every calendar year sufficient to pay all obligations. (b) This subsection applies to a school corporation that consolidates under IC 20-23-6-12.5 . The governing body shall establish a levy for each subunit (as defined in IC 20-23-6-0.5 ) in each calendar year sufficient to pay the debts and obligations that the particular subunit incurred before consolidating with one (1) or more school corporations under IC 20-23-6-12.5 . [Pre-2006 Recodification Citation: 21-2-4-3 part.]
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