Indiana § 20-47-3-3 Powers; lease of school building; maximum term of lease; required
terms of joint lease involving more than one school corporation

Indiana Statutes

§ 20-47-3-3 — Powers; lease of school building; maximum term of lease; required terms of joint lease involving more than one school corporation

Indiana·Title 20 EDUCATION·Art. 47 RELATED ENTITIES; HOLDING COMPANIES;·Ch. 3 Private Holding Companies

(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 fifty (50) 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.

(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 each of those school corporations.

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(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 fifty (50) 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.
(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 each 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: 21-5-12-1 part.]

Indiana § 20-47-3-3 (Powers; lease of school building; maximum term of lease; required terms of joint lease involving more than one school corporation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.