§ 20-47-3-8 — Lease preceding acquisition of land

(a) Except as provided in subsection (b), a
school corporation or corporations may, in anticipation of the
acquisition of a site and the construction and erection of a school
building or buildings, and, subject to the approval of the department of
local government finance, enter into a lease with a lessor corporation
before the actual acquisition of the site and the construction and
erection of the building or buildings. However, the lease entered into
by the school corporation or school corporations may not provide for
the payment of any lease rental by the lessee or lessees until the
building or buildings are ready for occupancy, at which time the
stipulated lease rental may begin. The lessor corporation shall furnish
a bond to the approval of the lessee or lessees conditioned on the final
completion of the building or buildings within a period not to exceed
one (1) year from the date of the execution of the lease, unavoidable
delays excepted.
(b) In the case of a lease for which a school corporation:
(1) after June 30, 2008, makes a preliminary determination as
described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as
described in IC 6-1.1-20-5; or
(2) in the case of a lease not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance
authorizing the lease after June 30, 2008;
the approval of the department of local government finance is not
required.
[Pre-2006 Recodification Citation: 21-5-12-6.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.518.