Sec. 14. After May 15, 2007, the department of local government finance may not approve under section 9 of this chapter a school corporation‘s proposed:

(1) bond issue that does not provide for payments toward the principal of the bonds on at least an annual basis in the amount determined under the rules or guidelines adopted by the department of local government finance;

Terms Used In Indiana Code 20-46-7-14

  • 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 the debt service fund. See Indiana Code 20-46-7-1
  • 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
(2) lease rental agreement that does not provide for repayments toward the present asset value of the lease at its inception on at least an annual basis in the amount determined under the rules or guidelines adopted by the department of local government finance; or

(3) debt service fund loan to purchase school buses that does not provide for payments toward the principal of the loan on at least an annual basis in the amount determined under the rules or guidelines adopted by the department of local government finance.

As added by P.L.224-2007, SEC.119.

  Previous section
Next section  
 Chapter 7 Contents