Indiana Code 20-46-7-8. School bus purchases or leases; exemptions from restrictions
(1) Bonds or lease rental agreements for which a school corporation:
Terms Used In Indiana Code 20-46-7-8
- 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.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(B) in the case of bonds or lease rental agreements not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the bonds or lease rental agreement after June 30, 2008.
(2) Repayment from the debt service fund of loans made after June 30, 2008, for the purchase of school buses under IC 20-27-4-5.
(b) A school corporation must file a petition requesting approval from the department of local government finance to:
(1) incur bond indebtedness;
(2) enter into a lease rental agreement; or
(3) repay from the debt service fund loans made for the purchase of school buses under IC 20-27-4-5;
not later than twenty-four (24) months after the first date of publication of notice of a preliminary determination under IC 6-1.1-20-3.1(b)(2), unless the school corporation demonstrates that a longer period is reasonable in light of the school corporation’s facts and circumstances.
(c) A school corporation must obtain approval from the department of local government finance before the school corporation may:
(1) incur the indebtedness;
(2) enter into the lease agreement; or
(3) repay the school bus purchase loan.
(d) This restriction does not apply to property taxes that a school corporation levies to pay or fund bond or lease rental indebtedness created or incurred before July 1, 1974. In addition, this restriction does not apply to a lease agreement or a purchase agreement entered into between a school corporation and the Indiana bond bank for the lease or purchase of a school bus under IC 5-1.5-4-1(a)(5), if the lease agreement or purchase agreement conforms with the school corporation’s school bus replacement plan.
(e) This section does not apply to school bus purchase loans made by a school corporation that will be repaid solely from the operations fund of the school corporation.
[Pre-2006 Recodification Citations: subsections (a), (b), (c) formerly 6-1.1-19-8(a); subsection (d) formerly 6-1.1-19-8(e).]
As added by P.L.2-2006, SEC.169. Amended by P.L.192-2006, SEC.11; P.L.224-2007, SEC.116; P.L.146-2008, SEC.509; P.L.246-2017, SEC.10; P.L.244-2017, SEC.104; P.L.140-2018, SEC.21.