2021 Indiana Code
Title 20. Education
Article 48. Borrowing and Bonds
Chapter 1. Borrowing and Bonds
20-48-1-1. Powers; Conditions and Issuance of Bonds; Improvement of Real Estate
Sec. 1. (a) As used in this section, "improvement of real estate" includes:
(1) construction, reconstruction, remodeling, alteration, or repair of buildings or additions to buildings;
(2) equipment related to activities specified in subdivision (1); and
(3) auxiliary facilities related to activities specified in subdivision (1), including facilities for:
(A) furnishing water, gas, and electricity;
(B) carrying and disposing of sewage and storm and surface water drainage;
(C) housing of school owned buses;
(D) landscaping of grounds; and
(E) construction of walks, drives, parking areas, playgrounds, or facilities for physical training.
(b) Subject to IC 5-1-11.5 and IC 5-3-1-3(h), a school corporation is authorized to issue bonds to pay the:
(1) cost of acquisition and improvement of real estate for school purposes;
(2) funding of judgments;
(3) cost of the purchase of school buses; and
(4) incidental expenses incurred in connection with and on account of the issuance of the bonds.
[Pre-2006 Recodification Citation: 21-2-21-1.]
As added by P.L.2-2006, SEC.171. Amended by P.L.184-2015, SEC.11; P.L.244-2017, SEC.112.
