Indiana Code 20-47-2-19. Option to purchase; bonds to fund purchase
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Terms Used In Indiana Code 20-47-2-19
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- school building: means a building used as a part of or in connection with the operation of a school and includes the:
Indiana Code 20-47-2-4
Sec. 19. A school corporation that decides to exercise an option to purchase a school building under this chapter may issue general obligation bonds to procure funds to pay the cost of acquisition. General obligation bonds issued under this section must be authorized, issued, and sold in the manner provided for the authorization, issuance, and sale of bonds by school corporations for school building purposes.
[Pre-2006 Recodification Citation: 21-5-11-12.]
As added by P.L.2-2006, SEC.170.