§ 20-47-4-6 — Powers; acquisition and financing of existing school building; compliance with other laws

Indiana § 20-47-4-6

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 47: RELATED ENTITIES; HOLDING COMPANIES
• Ch. 4: Lease of Existing School Building

Text

(a) A lessor corporation may acquire and
finance an existing school building, other than as provided in section
5 of this chapter, and lease the existing school building to a school
corporation. A school corporation shall comply with:
(1) IC 20-47-2 or IC 20-47-3;
(2) the petition and remonstrance provisions under IC 6-1.1-20 (if
required); and
(3) the local public question provisions under IC 6-1.1-20 (if
required).
(b) A lease made under this section may provide for the payment of
lease rentals by the school corporation for the use of the existing school
building.
(c) Lease rental payments made under the lease do not constitute a
debt of the school corporation for purposes of the Constitution of the
State of Indiana.
(d) A new school building may be substituted for the existing school
building under the lease if the substitution was included in the notices
given under IC 20-47-2, IC 20-47-3, and IC 6-1.1-20. A new school
building must be substituted for the existing school building upon
completion of the new school building.
[Pre-2006 Recodification Citation: 21-5-9-2(b) part.]

Legislative History

As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.521.