Indiana Code 20-47-4-5. Powers; lessor corporation; acquisition and financing of existing or improved school building
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Sec. 5. A lessor corporation qualified or formed to acquire a site, erect a school building on the site, and lease the school building to a school corporation under IC 20-47-2 or IC 20-47-3 may:
(2) acquire, improve, or expand an existing school building;
(1) be qualified or formed to acquire, improve, or expand an existing school building;
Terms Used In Indiana Code 20-47-4-5
- 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.
- improved school building: means an existing school building as improved, renovated, remodeled, or expanded by a lessor corporation. See Indiana Code 20-47-4-3
- 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
- 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
(3) finance an existing school building or improved school building; and
(4) lease an existing school building or improved school building to a school corporation under applicable law.
[Pre-2006 Recodification Citation: 21-5-9-2(a).]
As added by P.L.2-2006, SEC.170.