Indiana Code 20-47-3-18. Termination of lease; disposition of surplus revenues
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Sec. 18. (a) Upon the termination of a lease entered into under this chapter, the lessor corporation shall return to the school corporation any money held by the lessor corporation that exceeds the amount needed to retire bonds issued under this chapter and to dissolve the lessor corporation.
(b) A school corporation shall deposit the money received under subsection (a) in its debt service fund or its operations fund.
[Pre-2006 Recodification Citation: 21-5-12-13.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.110.
Terms Used In Indiana Code 20-47-3-18
- 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.
- 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