Indiana Code 20-26-7-1. Sale or exchange of unneeded property
(1) is no longer needed for school purposes; or
Terms Used In Indiana Code 20-26-7-1
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
the governing body may sell or exchange the property in accordance with IC 36-1-11.
(b) Money derived from the sale or exchange of property under this section shall be placed in the school corporation’s operations fund.
(c) A governing body may not enter into a lease agreement or make a covenant that prohibits the sale of real property to another educational institution.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-5-1.]
As added by P.L.1-2005, SEC.10. Amended by P.L.234-2007, SEC.227; P.L.91-2011, SEC.27; P.L.17-2013, SEC.1; P.L.33-2014, SEC.4; P.L.5-2015, SEC.47; P.L.217-2017, SEC.100; P.L.241-2017, SEC.17; P.L.244-2017, SEC.46; P.L.140-2018, SEC.5; P.L.140-2018, SEC.6; P.L.270-2019, SEC.12.