Sec. 10. A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's operations fund and use the proceeds only for: (1) new construction of school buildings; (2) related site acquisition; and (3) related site development. However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation receives the proceeds must be transferred to the school corporation's debt service fund. [Pre-2006 Recodification Citation: 21-5-9-6.] IC 20-47-5 Chapter 5. Payment of Rent by Annexed School Corporation 20-47-5-1 Existing lease; obligation of annexing school corporation 20-47-5-2 Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.