Indiana Statutes
§ 20-47-4-10 — Deposit of proceeds from sale
Indiana·Title 20 EDUCATION·Art. 47 RELATED ENTITIES; HOLDING COMPANIES;·Ch. 4 Lease of Existing School Building
A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's operations fund and use the proceeds only for:
(1)new construction of school buildings;
(2)related site acquisition; and
(3)related site development.
However, any amount of the proceeds of the sale that are not used for
a purpose described in subdivisions (1) through (3) within one (1) year
after the school corporation receives the proceeds must be transferred
to the school corporation's debt service fund.
[Pre-2006 Recodification Citation: 21-5-9-6.]
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Legislative History
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017,
SEC.111.
Nearby Sections
15
§ 20-17-1-1
"Prior law"§ 20-17-1-2
Purpose of recodification§ 20-17-1-3
Statutory construction of recodification§ 20-17-1-4
Effect of recodification§ 20-17-1-5
Recodification of prior law§ 20-17-1-6
References to repealed statutes§ 20-17-1-7
References to citations§ 20-17-1-8
References to prior rules§ 20-17-1-9
References to prior law§ 20-17-2-1
"Prior law"§ 20-17-2-2
Purpose of recodification§ 20-17-2-3
Statutory construction of recodification§ 20-17-2-4
Effect of recodification§ 20-17-2-5
Recodification of prior law§ 20-17-2-6
References to repealed statutes