Indiana Code 20-46-7-4. Duty; levy
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Sec. 4. (a) The governing body of each school corporation shall establish a levy in every calendar year sufficient to pay all obligations.
(b) This subsection applies to a school corporation that consolidates under IC 20-23-6-12.5. The governing body shall establish a levy for each subunit (as defined in IC 20-23-6-0.5) in each calendar year sufficient to pay the debts and obligations that the particular subunit incurred before consolidating with one (1) or more school corporations under IC 20-23-6-12.5.
[Pre-2006 Recodification Citation: 21-2-4-3 part.]
As added by P.L.2-2006, SEC.169. Amended by P.L.169-2017, SEC.9.
Terms Used In Indiana Code 20-46-7-4
- 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.
- levy: refers to a levy imposed under this chapter. See Indiana Code 20-46-7-2
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5