Sec. 7. (a) The governing body of a school corporation may do the following:

(1) Accept, receive, and administer any gift, devise, legacy, or bequest of real or personal property, including the income from real estate:

Terms Used In Indiana Code 20-35-4-7

  • Bequest: Property gifted by will.
  • 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.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Legacy: A gift of property made by will.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(A) to or for the benefit of any school, dormitory, or facility for the education of children with disabilities; and

(B) for any of the purposes contemplated under this chapter and not inconsistent with this chapter or Indiana law.

(2) Invest or reinvest any of the funds received under this section in the same kind of securities in which life insurance companies are authorized by law to invest their funds.

     (b) All money received by a school corporation under this section and all money, proceeds, or income realized from any real estate or other investments or property:

(1) shall be kept in a special fund;

(2) may not be commingled with any other fund or funds received from taxation; and

(3) may be expended by the governing body of the school corporation in any manner consistent with the:

(A) purposes of IC 20-35-2 through IC 20-35-6 and IC 20-35-8; and

(B) intention of the donor or donors.

[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-1-6-13.]

As added by P.L.1-2005, SEC.19.

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