§ 20-47-5-1 — Existing lease; obligation of annexing school corporation

(a) If a school corporation has leased a building
or buildings under IC 20-47-2 or IC 20-47-3 and a part of the territory
of the school corporation is later annexed to or otherwise acquired by
another school corporation, the school corporation acquiring the
territory shall pay to the school corporation whose territory is acquired
the part of each lease rental payment as specified in this chapter.
(b) Each payment of an acquiring school corporation described in
subsection (a) must be in an amount that bears the same ratio to the
lease rental payment coming due from the school corporation whose
territory is acquired as the ratio of the net assessed valuation for tax
purposes in the territory acquired bears to the net assessed valuation for
tax purposes of all property in the school corporation whose territory
is acquired, including the property acquired.
(c) In the case of an annexation occurring after an annexation
described in subsections (a) and (b), the part of the lease rental
payments to be paid by the acquiring school corporation must be
increased by the same ratio as the ratio described in subsection (b). The
payments must be made to the school corporation whose territory is
acquired before the date when the lease rental payments become due
and owing.
[Pre-2006 Recodification Citation: 21-5-10-1.]

Legislative History

As added by P.L.2-2006, SEC.170.