Title 20, EDUCATION

Sec. 4. The fund shall never be diminished in amount. [Pre-2006 Recodification Citation: 21-1-1-1 part.] As added by P.L.2-2006, SEC.165.

Sec. 4.5. (a) A county council may adopt a resolution to: (1) elect to surrender the custody of the fund or any part of the fund; and (2) order the board of county commissioners, the county auditor, and the county treasurer to take all steps necessary to surrender the custody of …

Sec. 5. A county shall be held liable for the: (1) preservation of the part of the fund as is entrusted or has been entrusted to the county; and (2) payment of the annual interest on the fund, at the rate established by law. [Pre-2006 Recodification Citation: 21-1-1-2 part.] As a…

Sec. 6. The payment of annual interest must be full and complete every year. The payment must appear in the county auditor's or treasurer of state's report to the secretary of education. The secretary of education shall, at any time when the secretary of education discovers that …

Sec. 7. The county auditor of each county or the treasurer of state shall, semiannually, on the second Monday of July and on the last Monday in January make apportionment of the amount of the congressional township school revenue belonging to each school corporation. The apportio…

Sec. 8. The county auditor or treasurer of state shall report the amount apportioned to the secretary of education, verified by affidavit. [Pre-2006 Recodification Citation: 21-1-1-54 part.] As added by P.L.2-2006, SEC.165. Amended by P.L.39-2008, SEC.5; P.L.43-2021, SEC.129.

Sec. 9. The income of the fund belonging to any congressional township or part of a congressional township may not be: (1) diminished by an apportionment; or (2) diverted or distributed to another township. [Pre-2006 Recodification Citation: 21-1-1-54 part.] As added by P.L.2-200…

Sec. 1. The department shall distribute the amount appropriated by the general assembly for distribution as state tuition support in accordance with this article. If the appropriations for distribution as state tuition support are more than required under this article, any excess…

Sec. 2. (a) The maximum state distribution for a state fiscal year for all school corporations for the purposes described in section 3 of this chapter is the amount appropriated by the general assembly for those purposes for that state fiscal year. (b) If the budget director, aft…

Sec. 3. In determining the total amount to be distributed for purposes of section 2 of this chapter, distributions: (1) as basic tuition support; (2) for academic performance grants; (3) for special education grants; (4) for career and technical education grants; (5) for choice s…

Sec. 4. The amount of the reduction for a particular school corporation under section 2 of this chapter is equal to the total amount of the excess determined under section 2 of this chapter multiplied by a fraction. The numerator of the fraction is the amount of the distribution …

Sec. 5. If a school corporation operates on a twelve (12) month school year program, as approved by the secretary of education, the distribution of state support for the program shall be made under an adjusted formula to be approved by the secretary of education. The adjustment f…

Sec. 6. (a) If money appropriated in a fiscal year by the general assembly for adult education is insufficient to fund the state adult education distribution formula provided in the rules adopted by the state board, the budget agency may transfer a sufficient amount of money from…

Sec. 7. (a) If the money appropriated in a fiscal year by the general assembly for summer school education is insufficient to fund the state summer school distribution formula provided in the rules adopted by the state board to carry out IC 20-30-7-1, the budget agency may transf…

Sec. 7.5. (a) Before July 1 of each year, the budget agency, with the assistance of the department, shall estimate the amount of the distributions that will be made for choice scholarships for the following state fiscal year. (b) In a state fiscal year beginning after June 30, 20…

Sec. 1. This chapter applies to each school corporation. [Pre-2006 Recodification Citation: 20-23-16-4(a).] As added by P.L.2-2006, SEC.167.

Sec. 2. Each governing body may annually levy the amount of taxes that: (1) in the judgment of the governing body; and (2) after being made a matter of record in the minutes; should be levied to produce income sufficient to conduct and carry on the public schools committed to the…

Sec. 3. The governing body shall annually levy a rate that will produce a sum sufficient to meet all payments of principal and interest as they mature in the year for which the levy is made on the: (1) bonds; (2) notes; or (3) other obligations; of the school corporation. [Pre-20…

Sec. 4. A school corporation may impose a levy for its operations fund, as permitted in IC 20-48-1-7, to repay an emergency loan to the operations fund. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.167. Amended by P.L.244-2017, SEC.92; P.L.214-2025, SEC.202.…

Sec. 5. The school trustee or board of school trustees of Indiana may levy taxes in maintaining a joint school established with a school corporation in an adjacent state under IC 20-23-11 as are otherwise provided by law for maintaining the public schools in Indiana. [Pre-2006 Re…

Sec. 6. The power of the governing body in making tax levies shall be exercised within existing statutory limits. The levies are subject to the review required by law. As added by P.L.2-2006, SEC.167.

Sec. 1. This chapter does not apply to a: (1) school corporation; (2) joint school corporation; or (3) consolidated school corporation; the schools of which do not have a total enrollment of at least two hundred fifty (250) pupils. [Pre-2006 Recodification Citation: 21-5-11-15 pa…

Sec. 10. A school corporation, school corporations, or the public education corporation may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, enter into a lease with a lessor corporation before the actual acquisitio…

Sec. 11. (a) After the lessor corporation and the school corporation, school corporations, or the public education corporation 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 notic…

Sec. 12. (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. 13. (a) If the execution of the lease as originally agreed upon or as modified by agreement is authorized by the governing body or bodies of the school corporation or corporations or the corporation board, the governing body or corporation board shall give notice of the sign…

Sec. 14. 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. 15. (a) Except as provided in subsection (b), 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. (b) The lessor corporation may acquire, own, and hold in fee simple the land…

Sec. 16. (a) A corporation qualifying as a lessor corporation under this chapter may, in furtherance of its corporate purposes, issue and sell stock, bonds, and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property are legal …

Sec. 17. (a) As used in this section, "bonds" includes bonds, debentures, or other evidences of indebtedness. (b) A lessor corporation having outstanding bonds that by their terms are redeemable before their maturities may issue bonds in the manner provided by section 16 of this …

Sec. 18. (a) As used in this section, "bonds" means bonds, debentures, or other evidences of indebtedness. (b) As used in this section, "improvement" or "improvements" means one (1) or more of the following: (1) Construction of a school building. (2) An addition to a school build…

Sec. 19. A school corporation or the public education corporation that decides to exercise an option to purchase a school building under this chapter may issue general obligation bonds to procure funds to pay the cost of acquisition. General obligation bonds issued under this sec…

Sec. 2. As used in this chapter, "capital actually invested" includes the following amounts expended by a lessor corporation: (1) Organization and incorporation expenses. (2) Financing costs. (3) Carrying charges. (4) Legal fees. (5) Architects' fees. (6) Contractors' fees. (7) R…

Sec. 2.5. As used in this chapter, "corporation board" refers to the Indianapolis public education corporation board appointed under IC 20-25.3-3-2. As added by P.L.101-2026, SEC.23.

Sec. 20. A school corporation or the public education corporation that executes a lease under this chapter shall annually appropriate from its debt service fund or operations fund an amount sufficient to pay the lease rental required under the lease. The appropriation is reviewab…

Sec. 21. Property owned by a lessor corporation entering into a lease with a school corporation, school corporations, or the public education school corporation under this chapter, and all stock and other securities (including the interest or dividends) issued by a lessor corpora…

Sec. 22. This chapter shall be construed as being supplemental to all other laws covering the acquisition, use, and maintenance of school buildings by school corporations or the public education corporation. However, as to school buildings constructed, acquired, leased, or purcha…

Sec. 23. (a) Upon the termination of a lease entered into under this chapter, the lessor corporation shall return to the school corporation or the public education corporation any money held by the lessor corporation that exceeds the amount needed to retire bonds issued under thi…

Sec. 3. As used in this chapter, "lessor corporation" means a corporation described in section 6 of this chapter. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.170.

Sec. 3.5. As used in this chapter, "public education corporation" refers to the Indianapolis public education corporation established by IC 20-25.3-3-1. As added by P.L.101-2026, SEC.24.

Sec. 4. As used in this chapter, "school building" means a building used as a part of or in connection with the operation of a school and includes the: (1) site for the building; (2) equipment for the building; and (3) appurtenances to the building, such as heating facilities, wa…

Sec. 5. (a) A school corporation or the public education corporation may lease a school building or buildings for the use of: (1) the school corporation or public education corporation; or (2) a joint or consolidated school district of which the school corporation is a part or to…

Sec. 6. (a) A school corporation, school corporations, or the public education corporation may enter into a lease under this chapter only with a corporation organized under Indiana law solely for the purpose of acquiring a site, erecting a suitable school building or buildings on…

Sec. 7. (a) A lease entered into under this chapter must include the following provisions: (1) An option for the school corporation, school corporations, or the public education corporation to renew the lease for a further term on similar conditions. (2) An option for the school …

Sec. 8. (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. 9. A lease entered into under this chapter may provide that as 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 leas…