Restrictions on school corporations designated as distressed

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: (1) Acquire real property for school building purposes. (2) Construct new school buildings or remodel or renovate existing school buildings. (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.