Indiana Code 20-28-8-2.5. Limitations regarding payments to buy out school principal or assistant principal contracts
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 20-28-8-2.5
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 2.5. Unless a provision in a contract between the governing body of a school corporation and a principal or an assistant principal entered into or renewed before July 1, 2019, provides otherwise, the governing body of a school corporation may not pay to a principal or an assistant principal, to buy out a contract entered into between the governing body and the principal or assistant principal, an amount that exceeds an amount equal to the principal’s or assistant principal’s salary for any one (1) year under the contract. The principal’s or assistant principal’s salary under this section does not include benefits or any other forms of compensation that the principal or assistant principal receives as payment under the contract other than the principal’s or assistant principal’s salary.
As added by P.L.152-2019, SEC.2.