§ 20-47-2-5 — Powers; lease of school building

Indiana § 20-47-2-5

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

Text

(a) A school corporation may lease a school
building or buildings for the use of:
(1) the school corporation; or
(2) a joint or consolidated school district of which the school
corporation is a part or to which it contributes;
for a term not to exceed thirty (30) years.
(b) A school corporation may not enter into a lease under this
section unless the governing body, after investigation, determines that
a need exists for the school building and that the school corporation
cannot provide the necessary funds to pay the cost or its proportionate
share of the cost of the school building or buildings required to meet
the present needs.
(c) If two (2) or more school corporations propose to jointly enter
into a lease under this section, joint meetings of the governing bodies
of the school corporations may be held, but action taken at a joint
meeting is not binding on any of those school corporations unless
approved by a majority of the governing body of those school
corporations. A lease executed by two (2) or more school corporations
as joint lessees must:
(1) set out the amount of the total lease rental to be paid by each
lessee, which may be as agreed upon; and
(2) provide that:
(A) there is no right of occupancy by any lessee unless the total
rental is paid as stipulated in the lease; and
(B) all rights of joint lessees under the lease are in proportion
to the amount of lease rental paid by each lessee.
[Pre-2006 Recodification Citation: 21-5-11-1 part.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.233-2015, SEC.304.