Indiana Code
Chapter 3. Private Holding Companies
20-47-3-3. Powers; Lease of School Building; Maximum Term of Lease; Required Terms of Joint Lease Involving More Than One School Corporation

Sec. 3. (a) A school corporation may lease a school building or buildings for the use of:
(1) the school corporation; or
(2) a joint or consolidated school district of which the school corporation is a part or to which it contributes;
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.

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