Ind. Code ch. 20-47-4

Ind. Code ch. 20-47-4
in effect

Ind. Code § 20-47-4-1 Application

Sec. 1. This chapter applies to the lease by a school corporation or the public education corporation of an existing school building or improved school building under IC 20-47-2 or IC 20-47-3. [Pre-2006 Recodification Citation: 21-5-9-1.] As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.56.

Ind. Code § 20-47-4-2 "Existing school building"

Sec. 2. As used in this chapter, "existing school building": (1) includes a: (A) school building; or (B) building that after acquisition will be used as a school building; and (2) may include more than one (1) building. The term does not include a portable or relocatable building or classroom. [Pre-2006 Recodification Citation: 21-5-9-2(c).] As added by P.L.2-2006, SEC.170.

Ind. Code § 20-47-4-3 "Improved school building"

Sec. 3. As used in this chapter, "improved school building" means an existing school building as improved, renovated, remodeled, or expanded by a lessor corporation. [Pre-2006 Recodification Citation: 21-5-9-2(d).] As added by P.L.2-2006, SEC.170.

Ind. Code § 20-47-4-3.5 "Public education corporation"

Sec. 3.5. As used in this chapter, "public education corporation" refers to the Indianapolis public education corporation established by IC 20-25.3-3-1. As added by P.L.101-2026, SEC.57.

Ind. Code § 20-47-4-4 "School building"

Sec. 4. As used in this chapter, "school building" has the meaning set forth in IC 20-47-2-4 or IC 20-47-3-2. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.170.

Ind. Code § 20-47-4-5 Powers; lessor corporation; acquisition and financing of existing or improved school building

Sec. 5. A lessor corporation qualified or formed to acquire a site, erect a school building on the site, and lease the school building to a school corporation or the public education corporation under IC 20-47-2 or IC 20-47-3 may: (1) be qualified or formed to acquire, improve, or expand an existing school building; (2) acquire, improve, or expand an existing school building; (3) finance an existing school building or improved school building; and (4) lease an existing school building or improved school building to a school corporation or the public education corporation under applicable law. [Pre-2006 Recodification Citation: 21-5-9-2(a).] As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.58.

Ind. Code § 20-47-4-6 Powers; acquisition and financing of existing school building; compliance with other laws

Sec. 6. (a) A lessor corporation may acquire and finance an existing school building, other than as provided in section 5 of this chapter, and lease the existing school building to a school corporation or the public education corporation. A school corporation or the public education corporation shall comply with: (1) IC 20-47-2 or IC 20-47-3; (2) the petition and remonstrance provisions under IC 6-1.1-20 (if required); and (3) the local public question provisions under IC 6-1.1-20 (if required). (b) A lease made under this section may provide for the payment of lease rentals by the school corporation or public education corporation for the use of the existing school building. (c) Lease rental payments made under the lease do not constitute a debt of the school corporation or public education corporation for purposes of the Constitution of the State of Indiana. (d) A new school building may be substituted for the existing school building under the lease if the substitution was included in the notices given under IC 20-47-2, IC 20-47-3, and IC 6-1.1-20. A new school building must be substituted for the existing school building upon completion of the new school building. [Pre-2006 Recodification Citation: 21-5-9-2(b) part.] As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.521; P.L.101-2026, SEC.59.

Ind. Code § 20-47-4-7 Limitation on payment of legal or other professional fee

Sec. 7. A school corporation or the public education corporation may not pay a legal or other professional fee as the result of an exchange or a substitution under section 5 or 6 of this chapter. [Pre-2006 Recodification Citation: 21-5-9-2(b) part.] As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.60.

Ind. Code § 20-47-4-8 Compliance with other laws

Sec. 8. (a) Except as provided in subsection (b), the lease or contract of lease of an existing school building or improved school building to a school corporation or the public education corporation as authorized by this chapter must comply with all applicable terms of IC 20-47-2 or IC 20-47-3, including: (1) the notice of hearing on the lease; (2) public hearing; (3) notice of execution of lease; and (4) the submission of plans and specifications for the improvement or expansion of the existing school building for approval by the state agencies designated in IC 20-47-2 or IC 20-47-3 or otherwise required by law or rule. (b) If a school corporation or the public education corporation is occupying and using an existing school building during the renovation, remodeling, or expansion of the building, the lease or contract of lease may provide for the payment of lease rental by the school corporation or public education corporation for the use of the building during renovation, remodeling, or expansion. [Pre-2006 Recodification Citation: 21-5-9-3.] As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.61.

Ind. Code § 20-47-4-9 Sales price; compliance with other laws

Sec. 9. The sale price of an existing school building must be determined under the provisions of IC 20-47-2 or IC 20-47-3 relating to the sale of land to a lessor corporation. Except as provided in this section, IC 20-26-7 and any other law relating to the sale of the property of school corporations or the public education corporation or other public property do not apply to the sale of an existing school building to a lessor corporation under this chapter. [Pre-2006 Recodification Citation: 21-5-9-5.] As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.62.

Ind. Code § 20-47-4-10 Deposit of proceeds from sale

Sec. 10. A school corporation or the public education corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's or the public education corporation's operations fund and use the proceeds only for: (1) new construction of school buildings; (2) related site acquisition; and (3) related site development. However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation or public education corporation receives the proceeds must be transferred to the school corporation's or public education corporation's debt service fund. [Pre-2006 Recodification Citation: 21-5-9-6.] As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.111; P.L.101-2026, SEC.63.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/20Fetched: 10/17/2026

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