2017 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 20.3. Distressed Political Subdivisions
6-1.1-20.3-8.7. Restrictions on school corporations designated as distressed
Sec. 8.7. (a) This section applies to the Muncie Community Schools designation under section 7.1 of this chapter only if the board adopts a resolution under section 7.1(f)(2) of this chapter designating the school corporation as a distressed political subdivision.
(b) A school corporation that is designated a distressed political subdivision may not do any of the following without the approval of the board during the period before the board terminates the school corporation's status as a distressed political subdivision:
(1) Acquire real property for school building purposes.
(2) Construct new school buildings or remodel or renovate existing school buildings.
(3) Incur a contractual obligation (except for a maintenance contract or an employment contract for a new employee whose employment replaces the employment of a former employee) that requires an expenditure of more than thirty thousand dollars ($30,000).
(4) Purchase or enter into an agreement to purchase personal property at a cost of more than thirty thousand dollars ($30,000).
(5) Adopt or advertise a budget, tax levy, or tax rate for an ensuing budget year.
As added by P.L.145-2012, SEC.12. Amended by P.L.241-2017, SEC.12.
