Indiana Code 20-42-3-9. Distribution of revenue; school corporations
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Sec. 9. (a) Both:
(2) the interest received from the fund created by the proceeds from the lease or sale of seminary lands;
(1) sixty percent (60%) of the annual rental received from seminary lands; and
Terms Used In Indiana Code 20-42-3-9
- fund: refers to a seminary township school fund established under section 5 of this chapter. See Indiana Code 20-42-3-3
- 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
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- seminary land: means land dedicated to the inhabitants of a township by the Northwest Territory Ordinance of 1787 for educational purposes. See Indiana Code 20-42-3-4
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
shall be paid each year by the trustee to the school corporations in the county in which seminary lands are located.
(b) The amount paid each year under this section shall be credited on a pro rata basis to the school property tax obligations of the owners of land in the township containing the seminary land. The school property tax obligation of the owners of land shall be reduced each year on a pro rata basis by the amount of the payment.
[Pre-2006 Recodification Citation: 21-2-1-2 part.]
As added by P.L.2-2006, SEC.165.