Indiana § 20-23-19-5 Payment of existing debts and liabilities of the dissolving school
corporation

Indiana Statutes

§ 20-23-19-5 — Payment of existing debts and liabilities of the dissolving school corporation

Indiana § 20-23-19-5

Title 20EDUCATION

Art. 23ORGANIZATION OF SCHOOL CORPORATIONS

Ch. 19Dissolution of Union School Corporation

This text of Indiana § 20-23-19-5 (Payment of existing debts and liabilities of the dissolving school corporation) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 20-23-19-5 (2026).

Text

(a)The governing body of the Union School Corporation shall use any unencumbered funds and assets, including buses or other personal property, owned or held by the Union School Corporation to pay existing debts or liabilities of the Union School Corporation.

(b)If funds and assets described in subsection (a) are insufficient to pay all the existing debts or liabilities of the Union School Corporation, there is appropriated on June 1, 2027, to the Union School Corporation from the state general fund an amount sufficient to pay off all existing debts of the Union School Corporation.

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(a) The governing body of the Union School
Corporation shall use any unencumbered funds and assets, including
buses or other personal property, owned or held by the Union School
Corporation to pay existing debts or liabilities of the Union School
Corporation.
(b) If funds and assets described in subsection (a) are insufficient to
pay all the existing debts or liabilities of the Union School Corporation,
there is appropriated on June 1, 2027, to the Union School Corporation
from the state general fund an amount sufficient to pay off all existing
debts of the Union School Corporation.