Sec. 23. (a) Upon the termination of a lease entered into under this chapter, the lessor corporation shall return to the school corporation any money held by the lessor corporation that exceeds the amount needed to retire bonds issued under this chapter and to dissolve the lessor corporation.

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Terms Used In Indiana Code 20-47-2-23

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • lessor corporation: means a corporation described in section 6 of this chapter. See Indiana Code 20-47-2-3
     (b) A school corporation shall deposit the money received under subsection (a) in its debt service fund or operations fund.

[Pre-2006 Recodification Citation: 21-5-11-17.]

As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.109.

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