Indiana Code 6-1.1-20.3-8.7. Restrictions on school corporations designated as distressed
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Sec. 8.7. A school corporation that is designated a distressed political subdivision may not do any of the following without the approval of the board during the period before the board terminates the school corporation’s status as a distressed political subdivision:
(2) Construct new school buildings or remodel or renovate existing school buildings.
(1) Acquire real property for school building purposes.
Terms Used In Indiana Code 6-1.1-20.3-8.7
- board: refers to the distressed unit appeal board established by section 4 of this chapter. See Indiana Code 6-1.1-20.3-1
- 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.
- distressed political subdivision: means a political subdivision designated as a distressed political subdivision under this chapter. See Indiana Code 6-1.1-20.3-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 6-1.1-20.3-3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Incur a contractual obligation (except for a maintenance contract or an employment contract for a new employee whose employment replaces the employment of a former employee) that requires an expenditure of more than thirty thousand dollars ($30,000).
(4) Purchase or enter into an agreement to purchase personal property at a cost of more than thirty thousand dollars ($30,000).
(5) Adopt or advertise a budget, tax levy, or tax rate for an ensuing budget year.
As added by P.L.145-2012, SEC.12. Amended by P.L.241-2017, SEC.12; P.L.213-2018(ss), SEC.10.