Ind. Code § 20-47-4-10

Current through P.L. 171-2024

Section 20-47-4-10 - Deposit of proceeds from sale

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.

IC 20-47-4-10

Pre-2006 Recodification Citation: 21-5-9-6.

Amended by P.L. 244-2017,SEC. 111, eff. 1/1/2019.

As added by P.L. 2-2006, SEC.170.