Indiana Code 20-25-4-1. Contracts or obligations; appropriations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Indiana Code 20-25-4-1
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 1. A contract or an obligation is not binding on the board unless the board makes an appropriation for the contract or obligation.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-3-11-14.]
As added by P.L.1-2005, SEC.9.