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Indiana Code Title 20. Education § 20-47-4-10

Current as of January 02, 2024 | Updated by Findlaw Staff

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;

(2) related site acquisition;  and

(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.

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Cite this article: FindLaw.com - Indiana Code Title 20. Education § 20-47-4-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-20-education/in-code-sect-20-47-4-10/

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