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.
IC 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.