Sec. 6. “Deficit financing” for a budget year:

(1) means, except as provided in subdivision (2), actual expenditures exceeding the employer’s current year actual education fund revenue and, for a school employer for which the voters have passed an operating referendum tax levy under IC 20-46-1 or a school safety referendum tax levy under IC 20-46-9, the amount of revenue certified by the department of local government finance, excluding money distributed to a charter school under IC 20-46-1-21 or IC 20-46-9-22; or

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Terms Used In Indiana Code 20-29-2-6

  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) means, in the case of any distressed school corporation, the Gary Community School Corporation, or the Muncie Community school corporation, actual expenditures plus additional payments against any outstanding debt obligations exceeding the employer’s current year actual education fund revenue, and, for a school employer for which the voters have passed an operating referendum tax levy under IC 20-46-1 or a school safety referendum tax levy under IC 20-46-9, excluding money distributed to a charter school under IC 20-46-1-21 or IC 20-46-9-22, the amount of revenue certified by the department of local government finance.

Except as provided in IC 20-29-6-3(c), revenue does not include money estimated to be or actually transferred from the school corporation’s operations fund to its education fund.

[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-7.5-1-2(q).]

As added by P.L.1-2005, SEC.13. Amended by P.L.48-2011, SEC.7; P.L.244-2017, SEC.55; P.L.213-2018(ss), SEC.24; P.L.213-2018(ss), SEC.25; P.L.211-2019, SEC.24; P.L.254-2019, SEC.1; P.L.272-2019, SEC.5; P.L.189-2023, SEC.26.

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