Indiana Code 20-45-7-26. Calculation; school corporation’s distribution
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Sec. 26. The entitlement of each qualified school corporation from the fund for each calendar year is the greater of:
(2) an amount equal to twenty-seven dollars and fifty cents ($27.50) times its current ADM as determined in the fall count of ADM conducted in the school year ending in the current calendar year.
(1) the amount of its entitlement for calendar year 2000 from the tax levied under this chapter; or
Terms Used In Indiana Code 20-45-7-26
- 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.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- fund: refers to the county school distribution fund:
Indiana Code 20-45-7-12
- tax: refers to the county supplemental school financing property tax to be levied by the county council under this chapter. See Indiana Code 20-45-7-15
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
[Pre-2006 Recodification Citation: 21-2-12-6.1(b).]
As added by P.L.2-2006, SEC.168. Amended by P.L.205-2013, SEC.304.