Indiana § 20-29-2-6 "Deficit financing"; Gary and Muncie school corporations

Indiana Statutes

§ 20-29-2-6 — "Deficit financing"; Gary and Muncie school corporations

Indiana·Title 20 EDUCATION·Art. 29 COLLECTIVE BARGAINING FOR TEACHERS·Ch. 2 Definitions

"Deficit financing" for a budget year:

(1)means, except as provided in subdivision (2), actual expenditures exceeding the employer's current year actual education fund revenue and, for a school employer for which the voters have passed an operating referendum tax levy under IC 20-46-1 or a school safety referendum tax levy under IC 20-46-9, the amount of revenue certified by the department of local government finance, excluding money distributed to a charter school under IC 20-46-1-21 or IC 20-46-9-22; or

(2)means, in the case of any distressed school corporation, the Gary Community School Corporation, or the Muncie Community school corporation, actual expenditures plus additional payments against any outstanding debt obligations exceeding the employer's current year actual education fun

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"Deficit financing" for a budget year:
(1) means, except as provided in subdivision (2), actual
expenditures exceeding the employer's current year actual
education fund revenue and, for a school employer for which the
voters have passed an operating referendum tax levy under IC 20-46-1 or a school safety referendum tax levy under IC 20-46-9,
the amount of revenue certified by the department of local
government finance, excluding money distributed to a charter
school under IC 20-46-1-21 or IC 20-46-9-22; or
(2) means, in the case of any distressed school corporation, the
Gary Community School Corporation, or the Muncie Community
school corporation, actual expenditures plus additional payments
against any outstanding debt obligations exceeding the employer's
current year actual education fund revenue, and, for a school
employer for which the voters have passed an operating
referendum tax levy under IC 20-46-1 or a school safety
referendum tax levy under IC 20-46-9, excluding money
distributed to a charter school under IC 20-46-1-21 or IC 20-46-9-22, the amount of revenue certified by the department of
local government finance.
Except as provided in IC 20-29-6-3(c), revenue does not include money
estimated to be or actually transferred from the school corporation's
operations fund to its education fund. Revenue does not include money
allocated for supplemental payments in a resolution passed under IC 20-29-6-3(d).
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-7.5-1-2(q).]

Indiana § 20-29-2-6 ("Deficit financing"; Gary and Muncie school corporations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.1-2005, SEC.13. Amended by P.L.48-2011, SEC.7; P.L.244-2017, SEC.55; P.L.213-2018(ss), SEC.24; P.L.213-2018(ss), SEC.25; P.L.211-2019, SEC.24; P.L.254-2019, SEC.1; P.L.272-2019, SEC.5; P.L.189-2023, SEC.26; P.L.75-2025, SEC.2.