Title 20, TITLE 20. EDUCATION

Sec. 4. As used in this chapter, "seminary land" means land dedicated to the inhabitants of a township by the Northwest Territory Ordinance of 1787 for educational purposes. [Pre-2006 Recodification Citation: 21-2-1-1 part.] As added by P.L.2-2006, SEC.165.

Sec. 5. There is established in any township containing seminary land a fund to be known as the seminary township school fund. [Pre-2006 Recodification Citation: 21-2-1-1 part.] As added by P.L.2-2006, SEC.165.

Sec. 6. The fund consists of all money received before August 18, 1969, from the rental of seminary lands. [Pre-2006 Recodification Citation: 21-2-1-1 part.] As added by P.L.2-2006, SEC.165.

Sec. 7. The administrator of the fund is the trustee of the township in which the seminary lands are located. [Pre-2006 Recodification Citation: 21-2-1-1 part.] As added by P.L.2-2006, SEC.165.

Sec. 8. (a) The fund shall be deposited in a commercial bank or other institution authorized by law to receive public money. (b) The account into which the fund is deposited must be an interest paying account. The trustee shall annually take the interest from the fund and deposit…

Sec. 9. (a) Both: (1) sixty percent (60%) of the annual rental received from seminary lands; and (2) the interest received from the fund created by the proceeds from the lease or sale of seminary lands; shall be paid each year by the trustee to the school corporations in the coun…

Sec. 1. If a computation under this article results in a fraction and a rounding rule is not specified, the fraction shall be rounded as follows: (1) All calculations related to the complexity index shall be computed by rounding to the nearest ten thousandth (0.0001). (2) All tui…

[Pre-2006 Recodification Citation: 21-3-1.7-2(a).] As added by P.L.2-2006, SEC.166. Repealed by P.L.229-2011, SEC.276.

[Pre-2006 Recodification Citation: 21-3-1.7-2(b).] As added by P.L.2-2006, SEC.166. Amended by P.L.146-2008, SEC.484. Repealed by P.L.1-2010, SEC.156.

Sec. 4. (a) This subsection applies to the determination of a school corporation's previous year's revenue for purposes of determining distributions under this article. A school corporation's previous year revenue equals the amount determined using the following formula: STEP ONE…

[Pre-2006 Recodification Citation: 21-3-1.7-5.] As added by P.L.2-2006, SEC.166. Repealed by P.L.146-2008, SEC.807.

[Pre-2006 Recodification Citation: 21-3-1.6-1.1(f).] As added by P.L.2-2006, SEC.166. Repealed by P.L.146-2008, SEC.807.

Sec. 7. (a) This section applies to distributions under this article that are computed in any part based on a count of students under IC 20-43-4-2. (b) If the state board subsequently adjusts under IC 20-43-4-3.5 a count used for a distribution under this article, the department …

Sec. 8. A school corporation's foundation amount is the following: (1) Six thousand five hundred ninety dollars ($6,590) for the state fiscal year beginning July 1, 2023. (2) Six thousand six hundred eighty-one dollars ($6,681) for the state fiscal year beginning July 1, 2024. As…

Sec. 1. As used in this chapter, "fund" refers to a levy excess fund established under IC 20-40-10-2. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.167. Amended by P.L.1-2007, SEC.153.

Sec. 2. As used in this chapter, "levy excess" means that part of the property tax levy actually collected by a school corporation for taxes first due and payable during a particular calendar year that exceeds the school corporation's total levy, as approved by the department of …

Sec. 3. A school corporation's levy excess is valid. [Pre-2006 Recodification Citation: 6-1.1-19-1.7(b) part.] As added by P.L.2-2006, SEC.167. Amended by P.L.146-2008, SEC.491.

Sec. 4. Except as provided in section 9 of this chapter, a school corporation shall deposit its levy excess in a fund to be known as the school corporation's levy excess fund. [Pre-2006 Recodification Citation: 6-1.1-19-1.7(b) part.] As added by P.L.2-2006, SEC.167.

Sec. 5. The department of local government finance shall require a school corporation to include the amount in the school corporation's fund in the school corporation's budget fixed under IC 6-1.1-17. [Pre-2006 Recodification Citation: 6-1.1-19-1.7(d).] As added by P.L.2-2006, SE…

Sec. 6. Except as provided in section 7 of this chapter, a school corporation may not spend money in its fund until the expenditure of the money has been included in a budget that has been approved by the department of local government finance under IC 6-1.1-17. For purposes of f…

Sec. 7. A school corporation may transfer money from its fund to its other funds to reimburse those funds for amounts withheld from the school corporation as a result of refunds paid under IC 6-1.1-26. [Pre-2006 Recodification Citation: 6-1.1-19-1.7(f).] As added by P.L.2-2006, S…

[Pre-2006 Recodification Citation: 6-1.1-19-1.7(g).] As added by P.L.2-2006, SEC.167. Repealed by P.L.233-2015, SEC.302.

Sec. 9. If the amount that would be deposited in the fund of a school corporation for a particular calendar year is less than ten thousand dollars ($10,000), no money shall be deposited in the fund of the school corporation for that year. [Pre-2006 Recodification Citation: 6-1.1-…

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.

Sec. 10. (a) At the hearing, all interested persons have a right to be heard upon the necessity for the execution of the proposed lease and whether the rental to be paid to the lessor corporation under the proposed lease is a fair and reasonable rental for the proposed building. …

Sec. 12. An action to contest the validity of the lease or to enjoin the performance of any of the terms and conditions of the lease may not be instituted at any time later than: (1) thirty (30) days after publication of notice of the execution of the lease by the governing body …

Sec. 13. The lessor corporation shall acquire, own, and hold in fee simple the land on which a school building or buildings are to be erected under this chapter. A school corporation that proposes to lease a school building, either alone or jointly with another school corporation…

Sec. 14. A school corporation that executes a lease under this chapter shall annually appropriate and pay out of the debt service fund an amount sufficient to pay the lease rental required under the lease. The appropriation and rate are reviewable by other bodies vested by law wi…

Sec. 15. School buildings leased by a lessor corporation entering into a lease with a school corporation or corporations under this chapter are exempt from all state, county, and other taxes. However, the rental payments to a lessor corporation under the terms of such a lease are…

application of other laws Sec. 16. 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 or leased under this chapter, it is no…

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 tr…

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…

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…

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 …

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) th…

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 conditi…

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 submitt…

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 le…

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…

Sec. 9. (a) After the lessor corporation and the school corporation or corporations have agreed upon the terms and conditions of a lease proposed to be entered into under this chapter, and before the final execution of the lease, a notice shall be given by publication to all pers…

Sec. 1. This chapter applies only to a school city to which IC 20-25 applies. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.171.

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.

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.

Sec. 4. (a) The board may periodically, as the need arises, borrow money and issue school building bonds to supply the school city with funds: (1) to buy real estate; (2) to erect buildings for school or administrative purposes; (3) to enlarge, remodel, and repair school building…

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 …

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.

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, includ…

Sec. 1. This chapter applies only to money in the fund that is not being held in trust by the several counties under IC 20-42. [Pre-2006 Recodification Citation: 21-1-3-1 part.] As added by P.L.2-2006, SEC.172.

Sec. 10. Except as provided in this chapter, the fund shall be invested in: (1) bonds, notes, certificates, and other valid obligations of the United States; (2) bonds, notes, debentures, and other securities issued by any federal instrumentality and fully guaranteed by the Unite…

school fund Sec. 11. (a) This section applies to a county that: (1) has not elected to surrender custody of any part of the fund to the state; and (2) has an insufficient amount of unloaned money in the fund when added to the amount of unloaned money in the congressional township…