§ 20-48-3-8 — Maximum obligation

Indiana § 20-48-3-8

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 48: BORROWING AND BONDS
• Ch. 3: Borrowing; Indianapolis Public Schools

Text

(a) The board may not create debt exceeding
twenty-five thousand dollars ($25,000) in total, except:
(1) as otherwise provided in IC 20-25-4 or this chapter; or
(2) for debts that exist after March 8, 1931, that are authorized by
the general school laws of Indiana, including debt incurred under
IC 21-4-20, IC 20-26-1, IC 20-26-2, IC 20-26-3, IC 20-26-4, IC 20-26-5, IC 20-26-7, and IC 20-41-1.
(b) Notwithstanding subsection (a), the board is liable for the
board's lawful contracts with persons rendering services and furnishing
materials incident to the ordinary current operations of the board's
schools if the contracts have been entered into as provided in this
chapter and in accordance with law. The obligations of the board to
persons rendering services or furnishing materials is not limited or
prohibited by IC 20-25-4 or this chapter.
[Pre-2006 Recodification Citations: subsection (a) formerly
20-25-4-10(a); subsection (b) formerly 20-25-4-10(b).]

Legislative History

As added by P.L.2-2006, SEC.171.