2018 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

IC 6-1.1-20.3-8.7 Restrictions on school corporations designated as distressed

     Sec. 8.7. 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; P.L.213-2018(ss), SEC.10.

 

Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.