Indiana § 20-26-7.1-5 Sale or transfer of covered school building; responsibility to maintain
covered school building

Indiana Statutes

§ 20-26-7.1-5 — Sale or transfer of covered school building; responsibility to maintain covered school building

Indiana § 20-26-7.1-5

Title 20EDUCATION

Art. 26SCHOOL CORPORATIONS: GENERAL

Ch. 7.1Transfers of Vacant School Buildings to Charter

This text of Indiana § 20-26-7.1-5 (Sale or transfer of covered school building; responsibility to maintain covered school building) 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 § 20-26-7.1-5 (2026).

Text

(a)If:

(1)a covered school building is sold to a charter school or state educational institution under section 4 of this chapter; and

(2)the charter school or state educational institution described in subdivision (1) no longer intends to use the covered school building for the purposes described in section 4(l) of this chapter; the charter school or state educational institution shall offer to transfer the covered school building back to the school corporation that initially sold the covered school building to the charter school or state educational institution.

(b)If a school corporation described in subsection (a) declines the offer to transfer a covered school building back to the school corporation, the charter school or state educational institution may sell or transfer the cover

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(a) If:
(1) a covered school building is sold to a charter school or state
educational institution under section 4 of this chapter; and
(2) the charter school or state educational institution described in
subdivision (1) no longer intends to use the covered school
building for the purposes described in section 4(l) of this chapter;
the charter school or state educational institution shall offer to transfer
the covered school building back to the school corporation that initially
sold the covered school building to the charter school or state
educational institution.
(b) If a school corporation described in subsection (a) declines the
offer to transfer a covered school building back to the school
corporation, the charter school or state educational institution may sell
or transfer the covered school building to a third party. If a charter
school or state educational institution sells or transfers a covered
school building to a third party under this subsection, the charter school
or state educational institution must transfer an amount equal to the
gain in the property minus the adjusted basis (including costs of
improvements to the covered school building) to the school corporation
that initially sold the covered school building to the charter school or
state educational institution. Gain and adjusted basis shall be
determined in the manner prescribed by the Internal Revenue Code and
the applicable Internal Revenue Service regulations and guidelines.
(c) A charter school or state educational institution that purchases
a covered school building assumes total control of the covered school
building and must maintain the covered school building, including
utilities, insurance, maintenance, and repairs. Except as provided in
subsection (d), in the event a:
(1) charter school does not use the covered school building for
classroom instruction; or
(2) state educational institution does not use the covered school
building for an academic purpose;
within two (2) years after acquiring the covered school building, the
covered school building shall revert to the school corporation, which
may sell or otherwise dispose of the covered school building under IC 36-1-11.
(d) In the event a:
(1) charter school does not use the covered school building for
classroom instruction; or
(2) state educational institution does not use the covered school
building for an academic purpose;
as a result of being engaged in ongoing renovations for an acquired
covered school building, within two (2) years after acquiring an
occupancy permit for the covered school building, the covered school
building shall revert to the school corporation, which may sell or
otherwise dispose of the covered school building under IC 36-1-11.