Sec. 5. (a) Money in the fund may be used for any lawful school expenses, including making a transfer to the school corporation‘s education fund (IC 20-40-2) or operations fund (IC 20-40-18).

     (b) Except as provided in IC 20-46-1-21, a school corporation may distribute proceeds of a tax levy collected under IC 20-46-1 that is transferred to the school corporation’s education fund to a charter school, excluding a virtual charter school, that is located within the attendance area of the school corporation.

[Pre-2006 Recodification Citation: 21-2-11.6-3(c) part.]

As added by P.L.2-2006, SEC.163. Amended by P.L.244-2017, SEC.75; P.L.154-2020, SEC.40; P.L.189-2023, SEC.28.

Terms Used In Indiana Code 20-40-3-5

  • 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.
  • fund: refers to an operating referendum tax levy fund established under section 3 of this chapter. See Indiana Code 20-40-3-1
  • levy: refers to a property tax levy imposed under IC 20-46-1 for the fund. See Indiana Code 20-40-3-2
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