Ind. Code § 20-47-3-18
Termination of lease; disposition of surplus revenues
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
Note: This version of section effective until 1-1-2019. See also following version of this section, effective 1-1-2019.
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 corporation.
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 corporation.
(b) A school corporation shall deposit the money received under subsection (a) in its debt service fund or its capital projects fund.
(b) A school corporation shall deposit the money received under subsection (a) in its debt service fund or its operations fund.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.