20-47-2-22. Statutory Construction; Supplemental Legislation; Limitation of Application of Other Laws
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. However, as to school buildings constructed, acquired, leased, or purchased under this chapter, it is not necessary to comply with other laws concerning the acquisition, use, and maintenance of […]
20-47-2-23. Termination of Lease; Disposition of Surplus Revenues
Sec. 23. (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 corporation. (b) A school corporation shall deposit the […]
20-47-2-21. Exemption of Lessor Corporation Property From Taxes
Sec. 21. Property owned by a lessor corporation entering into a lease with a school corporation or corporations under this chapter, and all stock and other securities (including the interest or dividends) issued by a lessor corporation, are exempt from all state, county, and other taxes, except the financial institutions tax (IC 6-5.5). [Pre-2006 Recodification […]
20-47-2-6. Qualifications of Lessor Corporation; Permissible Interest; Return of Capital; Recovery of Expenses
Sec. 6. (a) A school corporation or corporations 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 that site, leasing the building or buildings to the school corporation or corporations, collecting the […]
20-47-2-7. Required Terms of Lease Agreement
Sec. 7. (a) A lease entered into under this chapter must include the following provisions: (1) An option for the school corporation or corporations to renew the lease for a further term on similar conditions. (2) An option for the school corporation or corporations to purchase the property covered by the lease after six (6) […]
20-47-2-8. Lessor Corporation; Submission of Preliminary Plans
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 submitted to the state department of health, state fire marshal, and other […]
20-47-2-9. Permissible Provisions of Lease; Payment of Taxes; Insurance
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 leased property for the benefit of […]
20-47-2-10. Lease Preceding Acquisition of Land
Sec. 10. 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, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, a lease […]
20-47-2-11. Required Public Hearing; Notice of Lease Terms
Sec. 11. (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 persons interested of a hearing or joint […]
20-47-2-12. Conduct of Public Hearing; Lease Authorization Procedures
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. The hearing may be adjourned […]