Indiana § 20-23-19-6 Division and transfer of any remaining unencumbered funds

Indiana Statutes

§ 20-23-19-6 — Division and transfer of any remaining unencumbered funds

Indiana·Title 20 EDUCATION·Art. 23 ORGANIZATION OF SCHOOL CORPORATIONS·Ch. 19 Dissolution of Union School Corporation

(a)If the Union School Corporation has any remaining unencumbered funds or assets after all debts of the Union School Corporation are paid, the remaining unencumbered funds or assets must be divided for transfer to the Blue River Valley Schools School Corporation and the Monroe Central School Corporation as follows: STEP ONE: Determine the total assessed value of all property subject to taxation by the Union School Corporation. STEP TWO: Determine the total assessed value of all property subject to taxation by the Union School Corporation that is located in Henry County. STEP THREE: Determine the total assessed value of all property subject to taxation by the Union School Corporation that is located in Randolph County. STEP FOUR: Calculate the quotient of:

(A)STEP TWO; divided by

(B)STE

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(a) If the Union School Corporation has any
remaining unencumbered funds or assets after all debts of the Union
School Corporation are paid, the remaining unencumbered funds or
assets must be divided for transfer to the Blue River Valley Schools
School Corporation and the Monroe Central School Corporation as
follows:
STEP ONE: Determine the total assessed value of all property
subject to taxation by the Union School Corporation.
STEP TWO: Determine the total assessed value of all property
subject to taxation by the Union School Corporation that is
located in Henry County.
STEP THREE: Determine the total assessed value of all property
subject to taxation by the Union School Corporation that is
located in Randolph County.
STEP FOUR: Calculate the quotient of:
(A) STEP TWO; divided by
(B) STEP ONE.
STEP FIVE: Calculate the quotient of:
(A) STEP THREE; divided by
(B) STEP ONE.
STEP SIX: Determine the product of:
(A) the amount or value of any remaining unencumbered funds
or assets of the Union School Corporation; multiplied by
(B) STEP FOUR.
STEP SEVEN: Determine the product of:
(A) the amount or value of any remaining unencumbered funds
or assets of the Union School Corporation; multiplied by
(B) STEP FIVE.
(b) The governing body of the Union School Corporation shall do
the following:
(1) Determine the amount of the fair market value of each
remaining unencumbered asset owned by the Union School
Corporation.
(2) Transfer the following not later than June 30, 2027:
(A) The amount of any funds plus assets, as applicable, that is
equal to the product determined under STEP SIX of subsection
(a) to the Blue River Valley Schools School Corporation.
(B) The amount of any funds plus assets, as applicable, that is
equal to the product determined under STEP SEVEN of
subsection (a) to the Monroe Central School Corporation.

Indiana § 20-23-19-6 (Division and transfer of any remaining unencumbered funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.