Sec. 6. (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;

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Terms Used In Indiana Code 20-47-4-6

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • school building: has the meaning set forth in IC 20-47-2-4 or IC 20-47-3-2. See Indiana Code 20-47-4-4
(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.]

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

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