2017 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 20.3. Distressed Political Subdivisions
6-1.1-20.3-6.9. Gary Community School Corporation; selection of financial specialist by board; consent of governing body of the school corporation; procedure for selection; authorization for the board to take certain actions if financial specialist selected

IC 6-1.1-20.3-6.9 Gary Community School Corporation; selection of financial specialist by board; consent of governing body of the school corporation; procedure for selection; authorization for the board to take certain actions if financial specialist selected

     Sec. 6.9. (a) The board may do the following:

(1) Hold a public hearing to review the budget, tax levies, assessed value, debt service requirements, and other financial information for the Gary Community School Corporation.

(2) After reviewing the information described in subdivision (1) and subject to subdivision (3), the board may, with the consent of the governing body of the Gary Community School Corporation, select a financial specialist to take financial control of the Gary Community School Corporation, who shall act in consultation with the governing body of the Gary Community School Corporation and the city of Gary.

(3) In selecting a financial specialist to take financial control of the Gary Community School Corporation under subdivision (2):

(A) the board shall recommend three (3) persons as potential candidates for the financial specialist position to take financial control of the Gary Community School Corporation; and

(B) the governing body of the Gary Community School Corporation may, within twenty-one (21) days after the board makes the recommendations under clause (A), choose one (1) of the persons recommended by the board under clause (A) that the board may then select as a financial specialist to take financial control of the Gary Community School Corporation as provided in subdivision (2).

If the governing body of the Gary Community School Corporation does not choose a financial specialist as provided in clause (B) from the persons recommended by the board within twenty-one (21) days, the board's authority under this section is terminated.

(4) A financial specialist selected under this section:

(A) shall be paid out of the funds appropriated to the board;

(B) may perform the duties authorized under this section for not more than twenty-four (24) consecutive months; and

(C) may request the Indiana Association of School Business Officials to provide technical consulting services to the financial specialist and the Gary Community School Corporation on the following issues:

(i) Debt management.

(ii) Cash management.

(iii) Facility management.

(iv) Other school business management issues.

The Indiana Association of School Business Officials will determine the appropriate individuals to consult with the financial specialist and the Gary Community School Corporation. Any consulting expenses will be paid out of the funds appropriated to the board.

     (b) The board may do any of the following if the board selects a financial specialist to take financial control of the Gary Community School Corporation under subsection (a):

(1) The board may work jointly with the city of Gary and the financial specialist to develop a financial plan for the Gary Community School Corporation.

(2) The board may delay or suspend, for a period determined by the board, any payments of principal or interest, or both, that would otherwise be due from the Gary Community School Corporation on loans or advances from the common school fund.

(3) The board may recommend to the state board of finance that the state board of finance make an interest free loan to the Gary Community School Corporation from the common school fund. If the board makes a recommendation that such a loan be made, the state board of finance may, notwithstanding IC 20-49, make such a loan for a term of not more than six (6) years.

As added by P.L.213-2015, SEC.81. Amended by P.L.127-2016, SEC.1.

 

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