Sec. 1.5. (a) This section applies to a purchase by a purchasing agency that is a public school (as defined in
IC 20-18-2-15) or school
corporation (as defined in
IC 5-10.4-1-13).
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Terms Used In Indiana Code 5-22-8-1.5
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) Subject to any rules or other restrictions adopted by the purchasing agency, a purchase under subsection (b) is considered a micro purchase and is subject to the documentation provisions under 2 C.F.R. § part 200 et seq.
(d) If a purchasing agency purchases more than ten thousand dollars ($10,000) of food from a youth agricultural educational program per fiscal year, the purchasing agency must comply with the applicable federal procurement requirements.
As added by P.L.175-2021, SEC.1. Amended by P.L.82-2022, SEC.1.
