Indiana Code
Chapter 2. Public Holding Companies
20-47-2-10. Lease Preceding Acquisition of Land

Sec. 10. A school corporation or corporations may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, a lease entered into under this section may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The contractor must furnish to the lessor corporation a bond satisfactory to the lessor corporation conditioned upon the final completion of the building or buildings within the period specified in the contract.
[Pre-2006 Recodification Citation: 21-5-11-6.]
As added by P.L.2-2006, SEC.170.

Structure Indiana Code

Indiana Code

Title 20. Education

Article 47. Related Entities; Holding Companies; Lease Agreements

Chapter 2. Public Holding Companies

20-47-2-1. Application

20-47-2-2. "Capital Actually Invested"

20-47-2-3. "Lessor Corporation"

20-47-2-4. "School Building"

20-47-2-5. Powers; Lease of School Building

20-47-2-6. Qualifications of Lessor Corporation; Permissible Interest; Return of Capital; Recovery of Expenses

20-47-2-7. Required Terms of Lease Agreement

20-47-2-8. Lessor Corporation; Submission of Preliminary Plans

20-47-2-9. Permissible Provisions of Lease; Payment of Taxes; Insurance

20-47-2-10. Lease Preceding Acquisition of Land

20-47-2-11. Required Public Hearing; Notice of Lease Terms

20-47-2-12. Conduct of Public Hearing; Lease Authorization Procedures

20-47-2-13. Notice of Signing of Lease; Appeal

20-47-2-14. Limitation on Time to File Appeal

20-47-2-15. Acquisition of Land for Building Site; Sale to Lessor Corporation

20-47-2-16. Lessor Corporation; Sale of Bonds and Securities; Mortgage Bonds

20-47-2-17. Refunding of Outstanding Bonds; Appeal

20-47-2-18. Issuance of Bonds; Use of Proceeds to Refund Outstanding Bonds and Make Improvements; Appeal

20-47-2-19. Option to Purchase; Bonds to Fund Purchase

20-47-2-20. Required Levy; Payment of Obligations

20-47-2-21. Exemption of Lessor Corporation Property From Taxes

20-47-2-22. Statutory Construction; Supplemental Legislation; Limitation of Application of Other Laws

20-47-2-23. Termination of Lease; Disposition of Surplus Revenues