2006 Indiana Code - CHAPTER 11. AUTHORITY AND PROCEDURE TO LEASE TO A PUBLIC HOLDING COMPANY

IC 21-5-11
     Chapter 11. Authority and Procedure to Lease to a Public Holding Company

IC 21-5-11-1
Authority to lease; limitations; "school building"; joint leases
     Sec. 1. (a) Any school corporation shall have the power to lease a school building or buildings for the use of such school corporation or of any joint or consolidated school district of which it is a part or to which it contributes. However, no such contract of lease shall be entered into for a period of more than thirty (30) years, nor unless there shall first be filed with the body or bodies vested with control of the school corporation a petition therefor signed by fifty (50) or more patrons of such school corporation, and the board of school trustees, township board, or the body or bodies vested with such control shall have, after investigation, determined that a need exists for such school building and that such school corporation cannot provide the necessary funds to pay the cost or its proportionate share of the cost of the school building or buildings required to meet the present needs.
    (b) The term "school building", as used in this chapter, shall be construed to mean any building used as a part of or in connection with the operation of schools and shall include the site therefor, the equipment thereof, and appurtenances thereto such as heating facilities, water supply, sewage disposal, landscaping, walks, drives, and playgrounds, except that no building shall be constructed under this chapter which is designed for and to be used exclusively for inter-school athletic contests.
    (c) If two (2) or more school corporations propose to enter into such a lease contract jointly, then joint meetings of the boards of school trustees, township boards, or other body or bodies having control may be held, but no action taken shall be binding on any such school corporation unless approved by a majority of the body representing such corporation. Any lease contract executed by two (2) or more school corporations as joint lessees shall set out the amount of the aggregate lease rental to be paid by each, which may be as agreed upon, but there shall be no right of occupancy by any lessee unless the aggregate rental is paid as stipulated in the lease contract. All rights of joint lessees under the lease contract shall be in proportion to the amount of lease rental paid by each.
(Formerly: Acts 1947, c.273, s.1.) As amended by P.L.8-1987, SEC.69; P.L.25-1995, SEC.79.