reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 3. Private Holding Companies › 20-47-3-17. Lessor Corporation; Sale of Bonds and Securities; Mortgage Bonds

Sec. 17. (a) A corporation qualifying as a lessor corporation under this chapter may issue and sell 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.
(b) Bonds and other securities issued by a lessor corporation under this section need not be sold under IC 5-1-11, and approval of the securities commissioner is not required in connection with the issuance and sale of the bonds.
[Pre-2006 Recodification Citation: 21-5-12-12.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 3. Private Holding Companies › 20-47-3-18. Termination of Lease; Disposition of Surplus Revenues

Sec. 18. (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 its operations fund.
[Pre-2006 Recodification Citation: 21-5-12-13.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.110.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-1. Application

Sec. 1. This chapter applies to the lease by a school corporation of an existing school building or improved school building under IC 20-47-2 or IC 20-47-3.
[Pre-2006 Recodification Citation: 21-5-9-1.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-2. "Existing School Building"

Sec. 2. As used in this chapter, "existing school building":
(1) includes a:
(A) school building; or
(B) building that after acquisition will be used as a school building; and
(2) may include more than one (1) building.
The term does not include a portable or relocatable building or classroom.
[Pre-2006 Recodification Citation: 21-5-9-2(c).]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-3. "Improved School Building"

Sec. 3. As used in this chapter, "improved school building" means an existing school building as improved, renovated, remodeled, or expanded by a lessor corporation.
[Pre-2006 Recodification Citation: 21-5-9-2(d).]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-4. "School Building"

Sec. 4. As used in this chapter, "school building" has the meaning set forth in IC 20-47-2-4 or IC 20-47-3-2.
[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-5. Powers; Lessor Corporation; Acquisition and Financing of Existing or Improved School Building

Sec. 5. A lessor corporation qualified or formed to acquire a site, erect a school building on the site, and lease the school building to a school corporation under IC 20-47-2 or IC 20-47-3 may:
(1) be qualified or formed to acquire, improve, or expand an existing school building;
(2) acquire, improve, or expand an existing school building;
(3) finance an existing school building or improved school building; and
(4) lease an existing school building or improved school building to a school corporation under applicable law.
[Pre-2006 Recodification Citation: 21-5-9-2(a).]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-6. Powers; Acquisition and Financing of Existing School Building; Compliance With Other Laws

Sec. 6. (a) A lessor corporation may acquire and finance an existing school building, other than as provided in section 5 of this chapter, and lease the existing school building to a school corporation. A school corporation shall comply with:
(1) IC 20-47-2 or IC 20-47-3;
(2) the petition and remonstrance provisions under IC 6-1.1-20 (if required); and
(3) the local public question provisions under IC 6-1.1-20 (if required).
(b) A lease made under this section may provide for the payment of lease rentals by the school corporation for the use of the existing school building.
(c) Lease rental payments made under the lease do not constitute a debt of the school corporation for purposes of the Constitution of the State of Indiana.
(d) A new school building may be substituted for the existing school building under the lease if the substitution was included in the notices given under IC 20-47-2, IC 20-47-3, and IC 6-1.1-20. A new school building must be substituted for the existing school building upon completion of the new school building.
[Pre-2006 Recodification Citation: 21-5-9-2(b) part.]
As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.521.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-7. Limitation on Payment of Legal or Other Professional Fee

Sec. 7. A school corporation may not pay a legal or other professional fee as the result of an exchange or a substitution under section 5 or 6 of this chapter.
[Pre-2006 Recodification Citation: 21-5-9-2(b) part.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-8. Compliance With Other Laws

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:
(1) the notice of hearing on the lease;
(2) public hearing;
(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.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-9. Sales Price; Compliance With Other Laws

Sec. 9. The sale price of an existing school building must be determined under the provisions of IC 20-47-2 or IC 20-47-3 relating to the sale of land to a lessor corporation. Except as provided in this section, IC 20-26-7 and any other law relating to the sale of the property of school corporations or other public property do not apply to the sale of an existing school building to a lessor corporation under this chapter.
[Pre-2006 Recodification Citation: 21-5-9-5.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 4. Lease of Existing School Building › 20-47-4-10. Deposit of Proceeds From Sale

Sec. 10. A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's operations fund and use the proceeds only for:
(1) new construction of school buildings;
(2) related site acquisition; and
(3) related site development.
However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation receives the proceeds must be transferred to the school corporation's debt service fund.
[Pre-2006 Recodification Citation: 21-5-9-6.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.111.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 5. Payment of Rent by Annexed School Corporation › 20-47-5-1. Existing Lease; Obligation of Annexing School Corporation

Sec. 1. (a) If a school corporation has leased a building or buildings under IC 20-47-2 or IC 20-47-3 and a part of the territory of the school corporation is later annexed to or otherwise acquired by another school corporation, the school corporation acquiring the territory shall pay to the school corporation whose territory is acquired the part of each lease rental payment as specified in this chapter.
(b) Each payment of an acquiring school corporation described in subsection (a) must be in an amount that bears the same ratio to the lease rental payment coming due from the school corporation whose territory is acquired as the ratio of the net assessed valuation for tax purposes in the territory acquired bears to the net assessed valuation for tax purposes of all property in the school corporation whose territory is acquired, including the property acquired.
(c) In the case of an annexation occurring after an annexation described in subsections (a) and (b), the part of the lease rental payments to be paid by the acquiring school corporation must be increased by the same ratio as the ratio described in subsection (b). The payments must be made to the school corporation whose territory is acquired before the date when the lease rental payments become due and owing.
[Pre-2006 Recodification Citation: 21-5-10-1.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 47. Related Entities; Holding Companies; Lease Agreements › Chapter 5. Payment of Rent by Annexed School Corporation › 20-47-5-2. Property Interest in Lease; Annexing School Corporation; Termination of Obligations of Annexed School Corporation

Sec. 2. If a building or buildings that have been leased under IC 20-47-2 are located in the territory annexed or acquired, as described in section 1 of this chapter:
(1) the school corporation acquiring the territory:
(A) shall pay the full amount of the lease rental payments due after the territory is annexed or acquired in accordance with the terms of the lease; and
(B) succeeds to and possesses all the rights and is subject to the obligations of the lessee under the lease, including the right of occupancy and use of the building; and
(2) all rights and obligations of the lessee school corporation named in the lease terminate.
[Pre-2006 Recodification Citation: 21-5-10-2.]
As added by P.L.2-2006, SEC.170.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-1. Powers; Conditions and Issuance of Bonds; Improvement of Real Estate

Sec. 1. (a) As used in this section, "improvement of real estate" includes:
(1) construction, reconstruction, remodeling, alteration, or repair of buildings or additions to buildings;
(2) equipment related to activities specified in subdivision (1); and
(3) auxiliary facilities related to activities specified in subdivision (1), including facilities for:
(A) furnishing water, gas, and electricity;
(B) carrying and disposing of sewage and storm and surface water drainage;
(C) housing of school owned buses;
(D) landscaping of grounds; and
(E) construction of walks, drives, parking areas, playgrounds, or facilities for physical training.
(b) Subject to IC 5-1-11.5, a school corporation is authorized to issue bonds to pay the:
(1) cost of acquisition and improvement of real estate for school purposes;
(2) funding of judgments;
(3) cost of the purchase of school buses; and
(4) incidental expenses incurred in connection with and on account of the issuance of the bonds.
[Pre-2006 Recodification Citation: 21-2-21-1.]
As added by P.L.2-2006, SEC.171. Amended by P.L.184-2015, SEC.11; P.L.244-2017, SEC.112; P.L.250-2023, SEC.41.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-2.5. Status of Bonds Issued Under Prior Statute; Debt Service Levies, Property Tax Levies

Sec. 2.5. Notwithstanding the repeal of IC 20-5-4-1.7, as added by P.L.253-2001, the following provisions apply to bonds issued under IC 20-5-4-1.7, as added by P.L.253-2001, before December 31, 2004:
(1) The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.7 had not been repealed.
(2) Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation's operations fund in an amount equal to the property tax levy needed for the debt service on the bonds.
As added by P.L.220-2011, SEC.340. Amended by P.L.244-2017, SEC.114.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-3. Payment Schedule; Maximum Term; Designee of Paying Agent

Sec. 3. (a) Bonds authorized by this article and IC 20-26-1 through IC 20-26-5 must be payable in the amounts and at the times and places determined by the governing body.
(b) Bonds issued for the funding of judgments or for the purchase of school buses shall mature not more than five (5) years from the date of the bonds. Bonds issued for other purposes must mature not more than twenty-five (25) years from the date of the bonds.
(c) The governing body may provide that principal and interest of the bonds are payable at a bank in Indiana and may also be payable at the option of the holder at another bank designated by the governing body, either before or after the sale.
(d) The governing body may pay the fees of the bank paying agent and shall deposit with the paying agent, if any, within a reasonable period before the date that principal and interest become due sufficient money for the payment of the principal and interest on the due date.
[Pre-2006 Recodification Citation: 21-2-21-2.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-4. Conditions of Sale; Par Value; Public Sale; Negotiated Sale; Interest Rate; Approval Required for Certain Bonds

Sec. 4. (a) Bonds issued by a school corporation shall be sold:
(1) at a public sale; or
(2) alternatively, at a negotiated sale after June 30, 2018, and before July 1, 2025.
(b) If the bonds are sold at a public sale, the bonds must be sold at:
(1) not less than par value;
(2) a public sale as provided by IC 5-1-11; and
(3) any rate or rates of interest determined by the bidding.
(c) This subsection does not apply to bonds 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 bonds 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 bonds after June 30, 2008.
If the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance.
[Pre-2006 Recodification Citation: 21-2-21-3.]
As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.522; P.L.125-2018, SEC.5; P.L.38-2021, SEC.69; P.L.236-2023, SEC.157.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-5. Signatures; Issuing Party

Sec. 5. (a) Bonds shall be executed in the name and on behalf of the school corporation by the president and secretary of the governing body. One (1) of the signatures may be by facsimile imprinted on a bond instrument, but at least one (1) of the signatures shall be manually affixed. The secretary of the governing body shall cause the seal of the school corporation to be impressed or a facsimile of the seal printed on each bond. Interest coupons, if any, shall be executed by the facsimile signature of the treasurer of the governing body.
(b) If the president, secretary, or treasurer of the governing body ceases to be the president, secretary, or treasurer for any reason after the officer has executed bonds under this section but before the bonds have been delivered to the purchaser or purchasers of the bonds, the bonds are binding and valid obligations as if the officer were in office at the time of delivery. The treasurer of the governing body shall cause the bonds to be delivered to the purchaser or purchasers and shall receive payment for the bonds.
[Pre-2006 Recodification Citation: 21-2-21-4.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-6. Required Debt Service Fund Levy; Payment of Obligations

Sec. 6. (a) The governing body shall provide for the payment of principal and interest on bonds executed under section 5 of this chapter by levying annually a tax for its debt service fund that is sufficient to pay the principal and interest as the bonds become due.
(b) The bodies charged with the review of budgets and tax levies shall review a levy for principal and interest described in subsection (a) to determine whether the levy is sufficient.
[Pre-2006 Recodification Citation: 21-2-21-5.]
As added by P.L.2-2006, SEC.171. Amended by P.L.244-2017, SEC.115.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-7. Emergency Loans

Sec. 7. (a) This section applies if a governing body finds by written resolution that an emergency exists that requires the expenditure of money for a lawful corporate purpose that was not included in the school corporation's existing budget and tax levy.
(b) If a governing body makes a finding specified in subsection (a), the governing body may authorize making an emergency loan that may be evidenced by the issuance of the school corporation's note in the same manner and subject to the same procedure and restrictions as provided for the issuance of the school corporation's bonds, except as to purpose.
(c) If a governing body authorizes an emergency loan as specified in subsection (b), the governing body shall, at the time for making the next annual budget and tax levy for the school corporation, make a levy to the credit of the fund for which the expenditure is made sufficient to pay the loan and the interest on the loan. However, the interest on the loan may be paid from the debt service fund. A governing body may not increase the debt service fund levy to pay for the interest on the loan unless:
(1) the loan has been issued; and
(2) the school corporation has received the loan proceeds.
(d) A governing body may not authorize an emergency loan for the purpose of increasing the school corporation's property tax rate for the ensuing budget year.
[Pre-2006 Recodification Citation: 21-2-21-6.]
As added by P.L.2-2006, SEC.171. Amended by P.L.38-2021, SEC.70.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-8. Bonds; Emergency Loans; Compliance With Other Laws

Sec. 8. The provisions of all general statutes and rules relating to:
(1) filing petitions requesting the issuance of bonds and giving notice of the issuance of bonds;
(2) giving notice of determination to issue bonds;
(3) giving notice of a hearing on the appropriation of the proceeds of the bonds and the right of taxpayers to appear and be heard on the proposed appropriation; and
(4) the right of taxpayers and voters to remonstrate against or vote on, as applicable, the issuance of bonds;
apply to proceedings for the issuance of bonds and the making of an emergency loan under this article and IC 20-26-1 through IC 20-26-5. An action to contest the validity of the bonds or emergency loans may not be brought later than five (5) days after the acceptance of a bid for the sale of the bonds.
[Pre-2006 Recodification Citation: 21-2-21-7.]
As added by P.L.2-2006, SEC.171. Amended by P.L.219-2007, SEC.99; P.L.146-2008, SEC.523.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-10. Temporary Transfers Among Funds

Sec. 10. Temporary transfers of funds by a school corporation may be made as authorized under IC 36-1-8-4.
[Pre-2006 Recodification Citation: 21-2-21-9.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-12. Status of Bonds Issued Under Prior Statute; Debt Service Levies, Property Tax Levies

Sec. 12. Notwithstanding the repeal of IC 20-5-4-1.5, the following provisions apply to bonds issued under IC 20-5-4-1.5, before December 2, 2000:
(1) The bonds remain valid and binding obligations of the school corporation that issued them, as if IC 20-5-4-1.5 had not been repealed.
(2) Each year that a debt service levy is needed for the bonds, the school corporation that issued the bonds shall reduce its total property tax levy for the school corporation's other funds in an amount equal to the property tax levy needed for the debt service on the bonds.
As added by P.L.220-2011, SEC.341.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 1. Borrowing and Bonds › 20-48-1-13. Sale of Certain Refunding Bonds

Sec. 13. A school corporation may:
(1) issue bonds to refund bonds or other obligations that were issued or entered into by a school corporation before that school corporation completed a consolidation or merger under IC 20-23 or any other law; and
(2) sell the bonds at a negotiated, private sale to the Indiana bond bank.
As added by P.L.140-2014, SEC.2.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 2. Borrowing; School Towns and School Cities › 20-48-2-2. Temporary Loans

Sec. 2. (a) Subject to subsection (c), if the board of school trustees or other proper authority of a school town or school city finds that an emergency exists for borrowing money with which to meet current expenses of the schools of the school town or school city, the board of school trustees or other proper authority of the school town or school city may make temporary loans in anticipation of current revenues of the school town or school city to an amount not to exceed fifty percent (50%) of the amount of taxes actually levied and in the course of collection for the fiscal year in which the loans are made.
(b) For purposes of subsection (a), revenues are considered to be current and taxes are considered to have been actually levied and in the course of collection when the budget levy and rate have been finally approved by the department of local government finance.
(c) In second and third class school cities, a loan may not be made under this section for more than twenty thousand dollars ($20,000) unless:
(1) the letting of the loans has been advertised once each week for two (2) successive weeks in two (2) newspapers of general circulation published in the school city; and
(2) sealed bids have been submitted:
(A) at a regular meeting of the school board of the school city; and
(B) under the notices specified in subdivision (1);
stipulating the rate of interest to be charged by the bidder.
(d) School loans made under this section must be made with the bidder that submits:
(1) the lowest rate of interest; and
(2) with the bid an affidavit showing that collusion does not exist between the bidder and any other bidder for the loan.
(e) The board of school trustees may not impose a levy to pay for the interest on the loan from a debt service fund as provided by IC 20-40-9-6 unless:
(1) the loan has been issued; and
(2) the school town or school city has received the loan proceeds.
The board of school trustees may not authorize a temporary loan for the purpose of increasing the school town's or school city's property tax rate for the ensuing budget year.
[Pre-2006 Recodification Citation: 21-4-20-1.]
As added by P.L.2-2006, SEC.171. Amended by P.L.38-2021, SEC.72.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 2. Borrowing; School Towns and School Cities › 20-48-2-3. Requirements; Resolution

Sec. 3. (a) A temporary loan made under section 2 of this chapter must be authorized by a resolution of the board of school trustees or other proper authority:
(1) designating the:
(A) nature of the consideration;
(B) date, time, and place payable;
(C) rate of interest, not to exceed six percent (6%) per annum; and
(D) revenues in anticipation of which the temporary loan is made and out of which the temporary loan is payable; and
(2) appropriating and pledging a sufficient amount of current revenues of the school town or school city:
(A) in anticipation of which the temporary loan is made; and
(B) out of which the temporary loan is payable;
to the payment of the temporary loan.
A temporary loan must be evidenced by the time warrants of the school town or school city in terms designating the nature of the consideration, the date, time, and place payable, and the revenues in anticipation of which the temporary loan is issued and out of which the temporary loan is payable. Interest accruing on the warrants to date of maturity must be added to and included in the face value of the warrants.
(b) A school town or school city may issue the time warrants of the school corporation, in anticipation of current revenues of the school town or school city, directly to persons, firms, limited liability companies, and corporations in payment of approved services, materials, and supplies contracted for, purchased, performed, and delivered.
[Pre-2006 Recodification Citation: 21-4-20-2.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 3. Borrowing; Indianapolis Public Schools › 20-48-3-2. "Board"

Sec. 2. As used in this chapter, "board" has the meaning set forth in IC 20-25-2-5.
[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 3. Borrowing; Indianapolis Public Schools › 20-48-3-3. "School City"

Sec. 3. As used in this chapter, "school city" has the meaning set forth in IC 20-25-2-12.
[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 3. Borrowing; Indianapolis Public Schools › 20-48-3-5. Temporary Loans

Sec. 5. (a) The board may, if the school corporation's operations fund is exhausted or in the board's judgment is in danger of exhaustion, make temporary loans for the use of the operations fund to be paid out of the proceeds of taxes levied by the school city for the operations fund. The amount borrowed for the operations fund must be paid into the operations fund and may be used for any purpose for which the board's operations fund lawfully may be used. A temporary loan must:
(1) be evidenced by the promissory note or notes of the school city;
(2) bear interest that is payable, according to the note or notes, periodically or at the maturity of the note or notes and at not more than seven percent (7%) per annum; and
(3) mature at a time or times determined by the board, but not later than one (1) year after the date of the note or notes.
Loans made in a calendar year may not be for a sum greater than the amount estimated by the board as proceeds to be received by the board from the levy of taxes made by the school city for the board's operations fund. Successive loans may be made to aid the operations fund in a calendar year, but the total amount of successive loans outstanding at any time may not exceed the estimated proceeds of taxes levied for the board's operations fund.
(b) A loan under this section may not be made until notice asking for bids is given by newspaper publication. Notice must be made one (1) time in a newspaper published in the school city at least seven (7) days before the time the bids for the loans will be opened. A bidder shall name the amount of interest the bidder agrees to accept, not exceeding seven percent (7%) per annum. The loan shall be made to the bidder or bidders bidding the lowest rate of interest. The note, notes, or warrants may not be delivered until the full price of the face of the loan is paid to the treasurer of the school city, and interest does not accrue on the loan until delivery.
(c) The board may not impose a levy to pay for the interest on the loan from a debt service fund as provided by IC 20-40-9-6 unless:
(1) the loan has been issued; and
(2) the school corporation has received the loan proceeds.
The board may not authorize a temporary loan for the purpose of increasing the school city's property tax rate for the ensuing budget year.
[Pre-2006 Recodification Citation: 20-25-4-7.]
As added by P.L.2-2006, SEC.171. Amended by P.L.244-2017, SEC.117; P.L.38-2021, SEC.73.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 3. Borrowing; Indianapolis Public Schools › 20-48-3-7. Requirements; Repayment of Obligations

Sec. 7. A school city shall provide for the payment and retirement of debt obligations of the school city in the manner provided under IC 20-46-7, IC 20-48-1-6, and IC 20-48-1-11.
[Pre-2006 Recodification Citation: 20-25-4-9.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 3. Borrowing; Indianapolis Public Schools › 20-48-3-8. Maximum Obligation

Sec. 8. (a) The board may not create debt exceeding twenty-five thousand dollars ($25,000) in total, except:
(1) as otherwise provided in IC 20-25-4 or this chapter; or
(2) for debts that exist after March 8, 1931, that are authorized by the general school laws of Indiana, including debt incurred under IC 21-4-20, IC 20-26-1, IC 20-26-2, IC 20-26-3, IC 20-26-4, IC 20-26-5, IC 20-26-7, and IC 20-41-1.
(b) Notwithstanding subsection (a), the board is liable for the board's lawful contracts with persons rendering services and furnishing materials incident to the ordinary current operations of the board's schools if the contracts have been entered into as provided in this chapter and in accordance with law. The obligations of the board to persons rendering services or furnishing materials is not limited or prohibited by IC 20-25-4 or this chapter.
[Pre-2006 Recodification Citations: subsection (a) formerly 20-25-4-10(a); subsection (b) formerly 20-25-4-10(b).]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-1. Application

Sec. 1. Sections 2 through 4 of this chapter apply if a township board finds at an annual or special meeting of the board, that:
(1) it is necessary to provide for the construction of a school building; and
(2) the cost of the building, or the proportional cost if it is a joint graded high school building, will exceed the sum available from an annual levy.
[Pre-2006 Recodification Citation: 21-2-3.1-1.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-2. Powers; Township Trustee; Issuance of Warrants or Bonds

Sec. 2. (a) The board may authorize the trustee to issue township warrants or bonds to pay for the building or the proportional cost of it. The warrants or bonds:
(1) may run for a period not exceeding fifteen (15) years;
(2) may bear interest at any rate; and
(3) shall be sold for not less than par.
The township trustee, before issuing the warrants or bonds, shall place a notice in accordance with IC 5-3-1-4 in at least one (1) appropriate publication announcing the sale of the bonds in at least one (1) issue a week for three (3) weeks. The notice must comply with IC 5-3-1 and must set forth the amount of bonds offered, the denomination, the period to run, the rate of interest, and the date, place, and time of selling. The township board shall attend the bond sale and must concur in the sale before the bonds are sold.
(b) The board shall annually levy sufficient taxes each year to pay at least one-fifteenth (1/15) of the warrants or bonds, including interest, and the trustee shall apply the annual tax to the payment of the warrants or bonds each year.
(c) A debt of the township may not be created except by the township board in the manner specified in this section. The board may bring an action in the name of the state against the bond of a trustee to recover for the use of the township funds expended in the unauthorized payment of a debt. The board may appropriate and the township trustee shall pay from township funds a reasonable sum for attorney's fees for this purpose.
(d) If a taxpayer serves the board with a written demand that the board bring an action as described in subsection (c), and after thirty (30) days the board has not brought an action, a taxpayer may bring an action to recover for the use of the township funds expended in the unauthorized payment of a debt. An action brought under this subsection shall be brought in the name of the state.
[Pre-2006 Recodification Citation: 21-2-3.1-2.]
As added by P.L.2-2006, SEC.171. Amended by P.L.147-2016, SEC.8.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-3. Preparation of Specifications for Bidders; Competitive Bids; Contracts

Sec. 3. (a) If a trustee finds it necessary to erect a new school, the trustee shall procure suitable specifications for the school to be used by the bidders in bidding and in the construction of the school. If the trustee desires to purchase school furniture, fixtures, maps, charts, or other school supplies, not including fuel and literary periodicals, as authorized by the township board, the trustee shall make an estimate of the kinds and amounts, itemized particularly, to be used by bidders. If it is necessary to make repairs to a school, other than current or incidental repairs, the trustee shall make an itemized statement of the nature and character of the work to be performed for the use of bidders.
(b) All contracts shall be let after notice is given by publication in accordance with IC 5-3-1.
(c) The township board shall attend the letting. At the letting, all the work or supplies in any one (1) class shall be included and let in a single contract. All bids must be in writing and opened and read publicly at the date, time, and place fixed in the notice. In consultation with the township board, the trustee may take time to examine the bids and determine which is the lowest and best bid. The board may reject any bid. The trustee shall endorse either acceptance or rejection on the bids and preserve them.
(d) If a bid is accepted, a proper contract shall then be reduced to writing for the building, repairs, or supplies and signed by the successful bidder and the trustee. The trustee shall require the bidder to give bond with security to the trustee's approval for the faithful execution of the contract.
[Pre-2006 Recodification Citation: 21-2-3.1-3.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-4. Effect of Noncompliance With Law

Sec. 4. A contract made in violation of sections 2 through 3 of this chapter is void.
[Pre-2006 Recodification Citation: 21-2-3.1-4.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-5. Application

Sec. 5. Sections 6 through 9 of this chapter apply to a township in which there is not a city or town that operates public schools within the city or town.
[Pre-2006 Recodification Citation: 21-2-3.2-1.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-6. Petition; Alteration, Construction, or Addition of School Building

Sec. 6. If:
(1) a petition signed by at least one hundred (100) freeholders of the township is filed with the township trustee asking for the alteration or construction of a building or for an addition to a building to be used for teaching the children of the township the arts of agriculture, domestic science, or physical culture; and
(2) the building or addition to the building may be used by the citizens of the township for school and community entertainment and for other public purposes;
the township trustee, with the consent of the township board, may grant the petition and shall alter or construct a building or an addition to a building as will best meet the needs of the citizens of the township.
[Pre-2006 Recodification Citation: 21-2-3.2-2.]
As added by P.L.2-2006, SEC.171.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-7. Approval by Department of Local Government Finance

Sec. 7. (a) After June 30, 2008, this section applies only if the alteration or construction is a controlled project (as defined in IC 6-1.1-20-1.1) for which a preliminary determination under IC 6-1.1-20-3.1 was made before July 1, 2008.
(b) Before altering or constructing a building or an addition to a building, the proposed action must be submitted for approval to the department of local government finance. The department of local government finance shall set the proposal for hearing and give ten (10) days notice of the hearing to the taxpayers of the taxing district by:
(1) one (1) publication in each of two (2) newspapers of opposite political parties published in the taxing district;
(2) one (1) publication if only one (1) newspaper is published;
(3) publication in two (2) newspapers representing the two (2) leading political parties published in the county and having a general circulation in the taxing district if no newspaper is published in the district; or
(4) publication in one (1) newspaper if only one (1) paper is published in the county.
The department of local government finance shall conduct the hearing in the taxing district. After the hearing upon the proposal, the department of local government finance shall certify its approval or disapproval to the county auditor and to the township trustee.
[Pre-2006 Recodification Citation: 21-2-3.2-3.]
As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.526.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-8. Powers; Issuance of Bonds

Sec. 8. (a) Upon approval by the department of local government finance (if required under section 6 of this chapter), the township trustee may, with the consent of the township board, issue and sell the bonds of the civil township in an amount sufficient to pay for the alteration, construction, or addition described in section 6 of this chapter.
(b) The trustee may levy a tax on the taxable property of the township in an amount sufficient to discharge the bonds issued and sold. The bonds may not bear a maturity date more than twenty (20) years from the date of issue.
[Pre-2006 Recodification Citation: 21-2-3.2-4.]
As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.527.
2023 Indiana Code › Title 20. Education › Article 48. Borrowing and Bonds › Chapter 4. Township School Building › 20-48-4-9. Joint Action; Township Trustee; School Township

Sec. 9. In carrying out sections 6 through 8 of this chapter, the township trustee may join with the district in the alteration, construction, or addition, contracting together and joining in the employment of an engineer or architect.
[Pre-2006 Recodification Citation: 21-2-3.2-5.]
As added by P.L.2-2006, SEC.171. Amended by P.L.233-2015, SEC.306.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 1. General Provisions › 20-49-1-2. "Current Adm"

Sec. 2. "Current ADM" has the meaning set forth in IC 20-43-1-10.
[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 1. General Provisions › 20-49-1-3. Repealed

[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.172. Amended by P.L.234-2007, SEC.265; P.L.182-2009(ss), SEC.359. Repealed by P.L.217-2017, SEC.138.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-1. "Advancement"

Sec. 1. As used in this chapter, "advancement" refers to an advance payment to a school corporation under this chapter.
[2006 Recodification Citation: New.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-2. Establishment of Fund

Sec. 2. The veterans memorial school construction fund is established. The state board shall administer the fund.
[Pre-2006 Recodification Citation: 21-1-11-1 part.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-3. Duties; State Board

Sec. 3. (a) The state board shall carry out this chapter.
(b) The secretary of education shall, from funds appropriated for administering this chapter, provide office space and employees to enable the state board to perform the duties required under this chapter.
(c) The state board may adopt rules under IC 4-22-2 necessary for the proper administration of the veterans memorial school construction fund and for carrying out this chapter.
[Pre-2006 Recodification Citation: 21-1-11-1 part.]
As added by P.L.2-2006, SEC.172. Amended by P.L.43-2021, SEC.136.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-4. Powers; Advancements to School Corporations; Purposes

Sec. 4. Subject to this chapter, the state board may order the auditor of state to periodically make an advancement from the state general fund for the construction, remodeling, or repair of school buildings to any school corporation.
[Pre-2006 Recodification Citation: 21-1-11-2(a) part.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-5. Limitation; Total Loans From Fund

Sec. 5. The state board may not order advancements under this chapter during any fiscal year that in total exceed the sum of:
(1) the balance remaining in the veterans memorial school construction fund at the end of the preceding fiscal year; and
(2) all accruals and transfers to the veterans memorial school construction fund.
[Pre-2006 Recodification Citation: 21-1-11-9(b).]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-6. Limitations on Eligibility for Advancement

Sec. 6. A school corporation is not entitled to an advancement under this chapter under the following circumstances:
(1) An advancement may not be made to any organized joint school district or to any school corporation within any organized joint school district when the advancement is to be used in connection with the enlargement or construction of a joint school.
(2) An advancement may not be made to a school corporation whose average resident enrollment in:
(A) grades 1 through 8 is less than thirty (30) per grade; or
(B) grades 9 through 12 is less than two hundred seventy (270);
in the proposed school building to be built.
(3) A school corporation is not entitled to an advancement if:
(A) the school corporation has used the maximum amount allowable under the Constitution of the State of Indiana and Indiana law for the construction of school facilities; and
(B) more than thirty-five percent (35%) of the total cost of the facilities has been to build or enlarge a gymnasium, an auditorium, or an athletic facility.
[Pre-2006 Recodification Citation: 21-1-12-1 part.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-7. Required Compliance With Chapter

Sec. 7. All advancements made by the state board must comply with this chapter.
[Pre-2006 Recodification Citation: 21-1-11-2(b) part.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-8. Limitations on Purposes of Advancements

Sec. 8. An advancement may not be made for:
(1) any purpose other than the construction, remodeling, or repairing of school buildings and classrooms; or
(2) gymnasiums, auditoriums, or any athletic facilities.
[Pre-2006 Recodification Citation: 21-1-11-2(b) part.]
As added by P.L.2-2006, SEC.172.
2023 Indiana Code › Title 20. Education › Article 49. State Management of Common School Funds; State Advances and Loans › Chapter 2. Administration of Veterans Memorial School Construction Fund; School Disaster Loan Fund › 20-49-2-9. Maximum Advancement; Nonemergency

Sec. 9. A nondisaster advancement to any school corporation under section 10 of this chapter may not exceed two hundred fifty thousand dollars ($250,000). However, this dollar limitation is waived if:
(1) the school corporation has an assessed valuation per ADA of less than eight thousand four hundred dollars ($8,400); and
(2) the school corporation's debt service fund tax rate would exceed one dollar ($1) for each one hundred dollars ($100) of assessed valuation without a waiver of the dollar limitation.
[Pre-2006 Recodification Citation: 21-1-11-2(a) part.]
As added by P.L.2-2006, SEC.172. Amended by P.L.182-2009(ss), SEC.360.