2019 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.

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