§ 20-49-2-10 — Restrictions on nonemergency advancements

The state board shall make nondisaster
advancements to school corporations under this chapter only when the
following conditions exist:
(1) The school buildings and classrooms of any school
corporation are not adequate for the proper education of the
students in that public school or school corporation, and the
school corporation is unable to finance the construction,
remodeling, or repair of the necessary classrooms under existing
debt and tax limitations without undue financial hardship.
(2) The school corporation has issued its bonds to construct,
remodel, or repair schools and school buildings in ninety percent
(90%) of the maximum amount allowable under the Constitution
of the State of Indiana and Indiana law.
(3) The school corporation does not have funds available for the
construction, remodeling, or repair of school buildings and
classrooms sufficient to meet the requirements for the proper
education of the school corporation's students.
(4) The school corporation has established and maintained a
property tax levy in the amount of at least sixteen and sixty-seven
hundredths cents ($0.1667) on each one hundred dollars ($100)
of taxable property within the school corporation for school
building purposes continuously for three (3) years before the time
when the school corporation makes an application to the state
board for an advancement.
[Pre-2006 Recodification Citation: 21-1-11-3.]

Legislative History

As added by P.L.2-2006, SEC.172.