Indiana Code 20-47-4-8. Compliance with other laws
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Sec. 8. (a) Except as provided in subsection (b), the lease or contract of lease of an existing school building or improved school building to a school corporation as authorized by this chapter must comply with all applicable terms of IC 20-47-2 or IC 20-47-3, including:
(2) public hearing;
(1) the notice of hearing on the lease;
Terms Used In Indiana Code 20-47-4-8
- Contract: A legal written agreement that becomes binding when signed.
- 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) notice of execution of lease; and
(4) the submission of plans and specifications for the improvement or expansion of the existing school building for approval by the state agencies designated in IC 20-47-2 or IC 20-47-3 or otherwise required by law or rule.
(b) If a school corporation is occupying and using an existing school building during the renovation, remodeling, or expansion of the building, the lease or contract of lease may provide for the payment of lease rental by the school corporation for the use of the building during renovation, remodeling, or expansion.
[Pre-2006 Recodification Citation: 21-5-9-3.]
As added by P.L.2-2006, SEC.170.