Indiana Code 20-47-3-3. Powers; lease of school building; maximum term of lease; required terms of joint lease involving more than one school corporation
(1) the school corporation; or
Terms Used In Indiana Code 20-47-3-3
- 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.
- Joint meeting: An occasion, often ceremonial, when the House and Senate each adopt a unanimous consent agreement
- 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
- school building: means a building used as part of or in connection with the operation of schools and includes the:
Indiana Code 20-47-3-2
for a term not to exceed fifty (50) years.
(b) A school corporation may not enter into a lease under this section unless the governing body, after investigation, determines that a need exists for the school building.
(c) If two (2) or more school corporations propose to jointly enter into a lease under this section, joint meetings of the governing bodies of the school corporations may be held, but action taken at a joint meeting is not binding on any of those school corporations unless approved by a majority of the governing body of each of those school corporations. A lease executed by two (2) or more school corporations as joint lessees must:
(1) set out the amount of the total lease rental to be paid by each lessee, which may be as agreed upon; and
(2) provide that:
(A) there is no right of occupancy by any lessee unless the total rental is paid as stipulated in the lease; and
(B) all rights of joint lessees under the lease are in proportion to the amount of lease rental paid by each lessee.
[Pre-2006 Recodification Citation: 21-5-12-1 part.]
As added by P.L.2-2006, SEC.170. Amended by P.L.233-2015, SEC.305.