Ind. Code § 20-47-4-10
Deposit of proceeds from sale
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. 10. A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's capital projects fund and use the proceeds only for:
Sec. 10. A school corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's operations fund and use the proceeds only for:
(1) new construction of school buildings;
(1) new construction of school buildings;
(2) related site acquisition; and
(2) related site acquisition; and
(3) related site development.
(3) related site development.
However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation receives the proceeds must be transferred to the school corporation's debt service fund.
However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation receives the proceeds must be transferred to the school corporation's debt service fund.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.