Sec. 9. (a) For each school corporation included on the excessive education fund transfer list required under section 6 of this chapter, the department shall, not later than April 1 of each year, submit in both a written and an electronic format a notice to the school corporation’s superintendent, school business officer, and governing body that the school corporation did not meet its education fund transfer target percentage for the previous calendar year.

     (b) If a school corporation’s governing body receives a notice from the department under subsection (a), the school corporation shall do all of the following:

Terms Used In Indiana Code 20-40-2-9

  • 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.
  • education fund transfer target percentage: refers to the threshold maximum education fund transfer percentage set forth in section 6 of this chapter. See Indiana Code 20-40-2-0.3
  • excessive education fund transfer list: refers to the list required by section 6 of this chapter. See Indiana Code 20-40-2-0.5
  • fund: refers to a school corporation's education fund established under section 2 of this chapter. See Indiana Code 20-40-2-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) Publicly acknowledge receipt of the excessive education fund transfer list notice from the department at the governing body’s next public meeting.

(2) Enter into the governing body’s official minutes for that meeting acknowledgment of the notice.

(3) Publish on the school corporation’s Internet web site the department’s notice and any relevant individual reports prepared by the department within thirty (30) days after the public meeting.

As added by P.L.161-2019, SEC.7. Amended by P.L.139-2022, SEC.20.

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