§ 20-35-4-7 — Authority of school corporation to accept and invest gifts; special fund

(a) The governing body of a school corporation
may do the following:
(1) Accept, receive, and administer any gift, devise, legacy, or
bequest of real or personal property, including the income from
real estate:
(A) to or for the benefit of any school, dormitory, or facility for
the education of children with disabilities; and
(B) for any of the purposes contemplated under this chapter and
not inconsistent with this chapter or Indiana law.
(2) Invest or reinvest any of the funds received under this section
in the same kind of securities in which life insurance companies
are authorized by law to invest their funds.
(b) All money received by a school corporation under this section
and all money, proceeds, or income realized from any real estate or
other investments or property:
(1) shall be kept in a special fund;
(2) may not be commingled with any other fund or funds received
from taxation; and
(3) may be expended by the governing body of the school
corporation in any manner consistent with the:
(A) purposes of IC 20-35-2 through IC 20-35-6 and IC 20-35-8;
and
(B) intention of the donor or donors.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-1-6-13.]

Legislative History

As added by P.L.1-2005, SEC.19.