§ 20-47-2-20 — Required levy; payment of obligations

Indiana § 20-47-2-20

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 47: RELATED ENTITIES; HOLDING COMPANIES
• Ch. 2: Public Holding Companies

Text

A school corporation that executes a lease
under this chapter shall annually appropriate from its debt service fund
or general fund (before January 1, 2019) or operations fund (after
December 31, 2018) an amount sufficient to pay the lease rental
required under the lease. The appropriation is reviewable by other
bodies vested by law with such authority to ascertain that the specified
amount is sufficient to meet the lease rental required under the lease.
The first specific appropriation shall be made at the first budget period
following the date of the execution of the lease, and the first annual
appropriation must be sufficient to pay the estimated amount of the first
annual lease rental payment to be made under the lease. Thereafter, the
annual appropriations provided for in this section shall be made, and
payments shall be made from the debt service fund.
[Pre-2006 Recodification Citation: 21-5-11-13.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.108.