Indiana Code 20-40-9-8. Uses; lease rentals; prohibition on lease payments from the education fund
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Sec. 8. (a) Lease rental obligations on account of leases entered into under IC 21-5-11 (before its repeal), IC 20-47-2, IC 21-5-12 (before its repeal), or IC 20-47-3 may be paid by a school corporation from the debt service fund.
(c) The payment of lease rental obligations from the education fund is prohibited.
(b) Payments described in subsection (a) must be provided for in the annual budget for the fund from which the payment is made.
Terms Used In Indiana Code 20-40-9-8
- 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
[Pre-2006 Recodification Citation: 21-5-8-1.]
As added by P.L.2-2006, SEC.163. Amended by P.L.244-2017, SEC.82.