Indiana § 20-47-4-10 Deposit of proceeds from sale

Indiana Statutes

§ 20-47-4-10 — Deposit of proceeds from sale

Indiana § 20-47-4-10

Title 20EDUCATION

Art. 47RELATED ENTITIES; HOLDING COMPANIES;

Ch. 4Lease of Existing School Building

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Bluebook

Ind. Code § 20-47-4-10 (2026).

Text

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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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.]