Sec. 8. (a)
Lease rental obligations on account of leases entered into under
IC 21-5-11 (before its repeal),
IC 20-47-2,
IC 21-5-12 (before its repeal), or
IC 20-47-3 may be paid by a school
corporation from the
debt service fund.
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Terms Used In Indiana Code 20-40-9-8
- 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.
- debt service: includes bonds and coupons, civil bond obligations, lease rental contracts, and interest cost on emergency and temporary loans. See Indiana Code 20-40-9-1
- fund: refers to a debt service fund established under section 4 of this chapter. See Indiana Code 20-40-9-2
- 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
(c) The payment of lease rental obligations from the education fund is prohibited.
[Pre-2006 Recodification Citation: 21-5-8-1.]
As added by P.L.2-2006, SEC.163. Amended by P.L.244-2017, SEC.82.
