Indiana Code 20-47-4-10. Deposit of proceeds from sale
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Sec. 10. A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation’s operations fund and use the proceeds only for:
(2) related site acquisition; and
(1) new construction of school buildings;
Terms Used In Indiana Code 20-47-4-10
- 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.
- 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) related site development.
However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation receives the proceeds must be transferred to the school corporation’s debt service fund.
[Pre-2006 Recodification Citation: 21-5-9-6.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.111.