Sec. 23. (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 operations fund.
[Pre-2006 Recodification Citation: 21-5-11-17.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.109.
Structure Indiana Code
Article 47. Related Entities; Holding Companies; Lease Agreements
Chapter 2. Public Holding Companies
20-47-2-2. "Capital Actually Invested"
20-47-2-3. "Lessor Corporation"
20-47-2-5. Powers; Lease of School Building
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
20-47-2-19. 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
20-47-2-23. Termination of Lease; Disposition of Surplus Revenues