Indiana Code 20-40-9-6. Uses; payment of debt and lease expenses
(1) All debt and other obligations arising out of funds borrowed or advanced for school buildings when purchased from the proceeds of a bond issue for capital construction.
Terms Used In Indiana Code 20-40-9-6
- 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.
- debt service: includes bonds and coupons, civil bond obligations, lease rental contracts, and interest cost on emergency and temporary loans. See Indiana Code 20-40-9-1
- fund: refers to a debt service fund established under section 4 of this chapter. See Indiana Code 20-40-9-2
- 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
(3) Interest on emergency and temporary loans.
(4) All debt and other obligations arising out of funds borrowed or advanced for the purchase or lease of school buses when purchased or leased from the proceeds of a bond issue, or from money obtained from a loan made under IC 20-27-4-5, for that purpose.
(5) All debt and other obligations arising out of funds borrowed to pay judgments against the school corporation.
(6) All debt and other obligations arising out of funds borrowed to purchase equipment.
[Pre-2006 Recodification Citation: 21-2-4-2 part.]
As added by P.L.2-2006, SEC.163. Amended by P.L.257-2013, SEC.38; P.L.85-2017, SEC.82; P.L.244-2017, SEC.80.