reglab/housing_qa huggingface dataset:
IN Code § 20-47-2-16 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-16. Lessor Corporation; Sale of Bonds and Securities; Mortgage Bonds

Sec. 16. (a) A corporation qualifying as a lessor corporation under this chapter may, in furtherance of its corporate purposes, issue and sell stock, bonds, and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property are legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries. Bonds issued under this section may be callable upon notice in the manner provided in the mortgage indenture, at premiums up to five percent (5%) with accrued and unpaid interest.(b) Stocks, bonds, and other securities issued by a lessor corporation shall be sold in the manner provided in IC 5-1-11. However, the notice of sale shall be published in the manner required for bonds of the county in which the school building is located.(c) Shares of common stock issued by a lessor corporation are not required to be sold at a public sale. The price of the shares shall be determined by the lessor corporation, but the price of the shares may not exceed the lesser of:(1) the necessary expense of incorporation, preparation of preliminary plans and specifications, and other preliminary expense necessary to the preparation of the proposed lease and publication of notice of the lease; or(2) a sum equal to five percent (5%) of the proposed cost of the building or buildings.(d) None of the costs of construction of the building, the purchase of the equipment for the building, or the incidental expenses in connection with the construction or purchase may be paid from stocks, bonds, or securities of the lessor corporation unless those stocks, bonds, or securities are sold at public sale as provided in this section.(e) The approval of the securities commissioner is not required in connection with the issuance and sale of any stocks, bonds, or other securities of the lessor corporation.(f) A part of the proceeds from stocks, bonds, or other securities sold at public sale may be used to reimburse the incorporators or any other person or persons who may have advanced funds for essential preliminary expenses as provided for in this section, with interest on the amount reimbursed not to exceed five percent (5%).[Pre-2006 Recodification Citation: 21-5-11-9.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-2-17 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-17. Refunding of Outstanding Bonds; Appeal

Sec. 17. (a) As used in this section, "bonds" includes bonds, debentures, or other evidences of indebtedness.(b) A lessor corporation having outstanding bonds that by their terms are redeemable before their maturities may issue bonds in the manner provided by section 16 of this chapter to refund the outstanding bonds. The refunding bonds may be issued in an amount not exceeding the sum of:(1) the principal amount of the outstanding bonds;(2) any premium required to be paid upon redemption of the outstanding bonds; and(3) the estimated expenses to be incurred in connection with the issuance of the refunding bonds.(c) The sum of the net interest cost to the lessor corporation of the refunding bonds plus the premium required to be paid in connection with the redemption of the outstanding bonds and the estimated expenses to be incurred in connection with the issuance of the refunding bonds may not exceed the total interest that would have been payable by the lessor corporation on the bonds being refunded from the date of redemption to the maturity of the bonds being refunded. Net interest cost on the refunding bonds is the amount determined by computing the total interest on all the refunding bonds to their maturities and deducting from that amount the premium bid, if any.(d) Refunding bonds issued under this section:(1) are legal and proper investments;(2) are exempt from taxation; and(3) may be sold without registration with or approval of the securities division of the office of the secretary of state or securities commissioner;in the same manner, under the same conditions, and subject to the same limitations as any other bonds issued by lessor corporations under section 16 of this chapter. However, no proceedings or actions by the lessee nor approval by any board, commission, or agency are required in connection with the refunding, and the refunding authorized in this section does not affect the obligation of the lessee to pay the lease rental under the lease of the building or buildings.(e) An action to contest the validity of refunding bonds issued under this section may not be brought after the fifteenth day following the receipt of bids for the bonds.(f) In connection with the issuance of refunding bonds, the lessee school corporation or school corporations may enter into an amendment to the lease with the lessor corporation providing for an extension of the time set forth in the lease before the option of the lessee or lessees to purchase may be exercised to a time agreed upon between the lessee school corporation or school corporations and the lessor corporation.[Pre-2006 Recodification Citation: 21-5-11-10.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-2-18 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-18. Issuance of Bonds; Use of Proceeds to Refund Outstanding Bonds and Make Improvements; Appeal

Sec. 18. (a) As used in this section, "bonds" means bonds, debentures, or other evidences of indebtedness.(b) As used in this section, "improvement" or "improvements" means one (1) or more of the following:(1) Construction of a school building.(2) An addition to a school building owned by a lessor corporation or owned by the school corporation to which a lessor corporation has leased property under this chapter, and any remodeling incidental to that addition.(3) Remodeling of or construction of appurtenances to a school building owned by a lessor corporation.(c) A lessor corporation having outstanding bonds that by their terms are redeemable before their maturities may issue bonds in the manner provided under section 16 of this chapter to refund the outstanding bonds and construction of improvements.(d) Refunding and improvement bonds issued under this section:(1) are legal and proper investments;(2) are exempt from taxation; and(3) may be sold without registration with or approval of the securities division of the office of the secretary of state or the securities commissioner;in the same manner, under the same conditions, and subject to the same limitations as any other bonds issued by lessor corporations under section 16 of this chapter.(e) In connection with the issuance of refunding and improvement bonds, the lessee school corporation or school corporations may enter into an amendment to the lease with the lessor corporation providing for:(1) an extension of the time set forth in the lease before the option of the lessee or lessees to purchase may be exercised to a time agreed upon between the lessee school corporation or school corporations and the lessor corporation;(2) an extension of the term of the lease, not to exceed ten (10) years, to include the improvements in the description of the leased property; and(3) increased lease rental payments after the completion of the improvements.(f) No proceedings or actions by the lessee nor approval by any board, commission, or agency are required in connection with a refunding under this section, and the refunding does not affect the obligation of the lessee to pay the lease rental under the lease of the building or buildings. However, all provisions, restrictions, and limitations of this chapter that are not inconsistent with this section, including the petition of school patrons, notice of hearing, hearing, notice of execution, and right to file an objecting petition, apply to an amendment of the lease increasing the lease rental payments as if the amendment were an original lease.(g) An action to contest the validity of refunding and improvement bonds issued under this section may not be brought after the fifteenth day following the receipt of bids for the bonds.[Pre-2006 Recodification Citation: 21-5-11-11.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-2-19 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-19. Option to Purchase; Bonds to Fund Purchase

Sec. 19. A school corporation that decides to exercise an option to purchase a school building under this chapter may issue general obligation bonds to procure funds to pay the cost of acquisition. General obligation bonds issued under this section must be authorized, issued, and sold in the manner provided for the authorization, issuance, and sale of bonds by school corporations for school building purposes.[Pre-2006 Recodification Citation: 21-5-11-12.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-2-20 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-20. Required Levy; Payment of Obligations

Sec. 20. A school corporation that executes a lease under this chapter shall annually appropriate from its debt service fund or general fund (before January 1, 2019) or operations fund (after December 31, 2018) an amount sufficient to pay the lease rental required under the lease. The appropriation is reviewable by other bodies vested by law with such authority to ascertain that the specified amount is sufficient to meet the lease rental required under the lease. The first specific appropriation shall be made at the first budget period following the date of the execution of the lease, and the first annual appropriation must be sufficient to pay the estimated amount of the first annual lease rental payment to be made under the lease. Thereafter, the annual appropriations provided for in this section shall be made, and payments shall be made from the debt service fund.[Pre-2006 Recodification Citation: 21-5-11-13.]As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.108.
IN Code § 20-47-2-21 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-21. Exemption of Lessor Corporation Property From Taxes

Sec. 21. Property owned by a lessor corporation entering into a lease with a school corporation or corporations under this chapter, and all stock and other securities (including the interest or dividends) issued by a lessor corporation, are exempt from all state, county, and other taxes, except the financial institutions tax (IC 6-5.5).[Pre-2006 Recodification Citation: 21-5-11-14.]As added by P.L.2-2006, SEC.170. Amended by P.L.79-2017, SEC.67.
IN Code § 20-47-2-22 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-22. Statutory Construction; Supplemental Legislation; Limitation of Application of Other Laws

Sec. 22. This chapter shall be construed as being supplemental to all other laws covering the acquisition, use, and maintenance of school buildings by school corporations. However, as to school buildings constructed, acquired, leased, or purchased under this chapter, it is not necessary to comply with other laws concerning the acquisition, use, and maintenance of school buildings by school corporations except as specifically required in this chapter.[Pre-2006 Recodification Citation: 21-5-11-15 part.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-2-23 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 2. Public Holding Companies|20-47-2-23. Termination of Lease; Disposition of Surplus Revenues

Sec. 23. (a) Upon the termination of a lease entered into under this chapter, the lessor corporation shall return to the school corporation any money held by the lessor corporation that exceeds the amount needed to retire bonds issued under this chapter and to dissolve the lessor corporation.(b) A school corporation shall deposit the money received under subsection (a) in its debt service fund or operations fund.[Pre-2006 Recodification Citation: 21-5-11-17.]As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.109.
IN Code § 20-47-3-1 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-1. Application

Sec. 1. This chapter does not apply to a charter school.[Pre-2006 Recodification Citation: 21-2-15-3 part.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-3-2 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-2. "School Building"

Sec. 2. As used in this chapter, "school building" means a building used as part of or in connection with the operation of schools and includes the:(1) site for the building;(2) equipment for the building; and(3) appurtenances to the building, such as heating facilities, water supply, sewage disposal, landscaping, walks, drives, and playgrounds.However, the term does not include a building that is designed for and to be used exclusively for interschool athletic contests.[Pre-2006 Recodification Citation: 21-5-12-1(b).]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-3-3 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-3. Powers; Lease of School Building; Maximum Term of Lease; Required Terms of Joint Lease Involving More Than One School Corporation

Sec. 3. (a) A school corporation may lease a school building or buildings for the use of:(1) the school corporation; or(2) a joint or consolidated school district of which the school corporation is a part or to which it contributes;for a term not to exceed fifty (50) years.(b) A school corporation may not enter into a lease under this section unless the governing body, after investigation, determines that a need exists for the school building.(c) If two (2) or more school corporations propose to jointly enter into a lease under this section, joint meetings of the governing bodies of the school corporations may be held, but action taken at a joint meeting is not binding on any of those school corporations unless approved by a majority of the governing body of each of those school corporations. A lease executed by two (2) or more school corporations as joint lessees must:(1) set out the amount of the total lease rental to be paid by each lessee, which may be as agreed upon; and(2) provide that:(A) there is no right of occupancy by any lessee unless the total rental is paid as stipulated in the lease; and(B) all rights of joint lessees under the lease are in proportion to the amount of lease rental paid by each lessee.[Pre-2006 Recodification Citation: 21-5-12-1 part.]As added by P.L.2-2006, SEC.170. Amended by P.L.233-2015, SEC.305.
IN Code § 20-47-3-4 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-4. Qualifications of Lessor Corporation

Sec. 4. A school corporation or corporations may enter into a lease or lease with option to purchase under this chapter only with:(1) a corporation organized under Indiana law or admitted to do business in Indiana; or(2) a religious organization (or the organization's agent) that is exempt from federal income taxation under Section 501 of the Internal Revenue Code.[Pre-2006 Recodification Citation: 21-5-12-2.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-3-5 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-5. Required Terms of Lease Agreement; Option to Purchase

Sec. 5. (a) Except as provided in subsections (d) and (e), a lease must provide that the school corporation or corporations have an option to:(1) renew the lease for a further term on like conditions; and(2) purchase the property covered by the lease;with the terms and conditions of the purchase to be specified in the lease, subject to the approval of the department of local government finance.(b) If the option to purchase the property covered by the lease is exercised, the school corporation or corporations, to procure funds to pay the purchase price, may issue and sell bonds under the provisions of the general statute governing the issue and sale of bonds of the school corporation or corporations. The purchase price may not be more than the purchase price set forth in the lease plus:(1) two percent (2%) of the purchase price as prepayment penalty for purchase within the first five (5) years of the lease term; or(2) one percent (1%) of the purchase price as prepayment penalty for purchase in the second five (5) years of the lease term;and thereafter the purchase shall be without prepayment penalty.(c) However:(1) if the school corporation or corporations have not exercised an option to purchase the property covered by the lease at the expiration of the lease; and(2) upon the full discharge and performance by the school corporation or corporations of their obligations under the lease;the property covered by the lease becomes the absolute property of the school corporation or corporations, and the lessor corporation shall execute proper instruments conveying to the school corporation or corporations good and merchantable title to that property.(d) The following provisions apply to a school corporation that is located in Dubois County and enters into a lease with a religious organization or the organization's agent as authorized under section 4 of this chapter:(1) The lease is not required to include on behalf of the school corporation an option to purchase the property covered by the lease.(2) The lease must include an option to renew the lease.(3) The property covered by the lease is not required to become the absolute property of the school corporation as provided in subsection (c).(e) In the case of a lease for which a school corporation:(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or(2) in the case of a lease not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the lease after June 30, 2008;the terms and conditions of the purchase that are specified in the lease are not subject to the approval of the department of local government finance.[Pre-2006 Recodification Citation: 21-5-12-3.]As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.517.
IN Code § 20-47-3-6 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-6. Lessor Corporation; Submission of Preliminary Plans

Sec. 6. (a) A lessor corporation proposing to build a school building or buildings must submit preliminary plans, specifications, and estimates for the building or buildings to the lessee or lessees before the execution of the lease. Final plans and specifications must be submitted to the state department of health, state fire marshal, and other agencies designated by law to pass on plans and specifications for school buildings. The final plans and specifications must be approved by those agencies in writing and by the lessee or lessees before the construction of the school building or school buildings.(b) IC 4-21.5 does not apply to the formulation, issuance, or administrative review of an approval by an agency under subsection (a). However, IC 4-21.5 does apply to the judicial review and civil enforcement of an approval by an agency under subsection (a).[Pre-2006 Recodification Citation: 21-5-12-4.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-3-7 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-7. Permissible Provisions of Lease; Payment of Taxes; Insurance

Sec. 7. A lease entered into under this chapter may provide that as a part of the lease rental for the school building or buildings the lessee or lessees shall:(1) pay all taxes and assessments levied against or on account of the leased property;(2) maintain insurance on the leased property for the benefit of the lessor corporation; and(3) assume all responsibilities for repair and alterations of the leased property during the term of the lease.[Pre-2006 Recodification Citation: 21-5-12-5.]As added by P.L.2-2006, SEC.170.
IN Code § 20-47-3-8 (2021)
2021 Indiana Code|Title 20. Education|Article 47. Related Entities; Holding Companies; Lease Agreements|Chapter 3. Private Holding Companies|20-47-3-8. Lease Preceding Acquisition of Land

Sec. 8. (a) Except as provided in subsection (b), a school corporation or corporations may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, and, subject to the approval of the department of local government finance, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, the lease entered into by the school corporation or school corporations may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The lessor corporation shall furnish a bond to the approval of the lessee or lessees conditioned on the final completion of the building or buildings within a period not to exceed one (1) year from the date of the execution of the lease, unavoidable delays excepted.(b) In the case of a lease for which a school corporation:(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or(2) in the case of a lease not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the lease after June 30, 2008;the approval of the department of local government finance is not required.[Pre-2006 Recodification Citation: 21-5-12-6.]As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.518.