Indiana Code 20-49-4-7. “School building construction program”
(1) The purchase, lease, or financing of land, the construction and equipping of school buildings, and the remodeling, repairing, or improving of school buildings by a school corporation:
Terms Used In Indiana Code 20-49-4-7
- advance: means an advance under this chapter from the fund. See Indiana Code 20-49-4-3
- charter school: refers to a school established under IC 20-24. See Indiana Code 20-49-4-3.5
- 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.
- disaster: refers to loss by:
Indiana Code 20-49-4-4
- 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
(B) whose assessed valuation per current ADM is within the lowest forty percent (40%) of assessed valuation per current ADM when compared with all school corporation assessed valuation per current ADM; or
(C) with an advance under this chapter outstanding on July 1, 1993, that bears interest of at least seven and one-half percent (7.5%).
(2) The purchase, lease, or financing of land, the construction and equipping of school buildings, and the remodeling, repairing, or improving of school buildings by a charter school.
(b) The term does not include facilities used or to be used primarily for interscholastic or extracurricular activities. If a program involves a school corporation career and technical education school described in IC 20-37-1-1, the assessed valuation and current ADM of all those school corporations that are members of the career and technical education school are to be used for making determinations under this section.
[Pre-2006 Recodification Citation: 21-1-5-3(b).]
As added by P.L.2-2006, SEC.172. Amended by P.L.113-2010, SEC.99; P.L.205-2013, SEC.308; P.L.40-2014, SEC.9; P.L.189-2023, SEC.43.