2020 Indiana Code
Title 20. Education
Article 48. Borrowing and Bonds
Chapter 3. Borrowing; Indianapolis Public Schools
20-48-3-8. Maximum Obligation
Sec. 8. (a) The board may not create debt exceeding twenty-five thousand dollars ($25,000) in total, except:
(1) as otherwise provided in IC 20-25-4 or this chapter; or
(2) for debts that exist after March 8, 1931, that are authorized by the general school laws of Indiana, including debt incurred under IC 21-4-20, IC 20-26-1, IC 20-26-2, IC 20-26-3, IC 20-26-4, IC 20-26-5, IC 20-26-7, and IC 20-41-1.
(b) Notwithstanding subsection (a), the board is liable for the board's lawful contracts with persons rendering services and furnishing materials incident to the ordinary current operations of the board's schools if the contracts have been entered into as provided in this chapter and in accordance with law. The obligations of the board to persons rendering services or furnishing materials is not limited or prohibited by IC 20-25-4 or this chapter.
[Pre-2006 Recodification Citations: subsection (a) formerly 20-25-4-10(a); subsection (b) formerly 20-25-4-10(b).]
As added by P.L.2-2006, SEC.171.
