Sec. 7. (a) If the department of local government finance makes a determination under section 6(c) of this chapter, the department:
(1) may prohibit a township from:
(A) acquiring real estate;
(B) making a lease or incurring any other contractual obligation calling for an annual outlay by the township exceeding ten thousand dollars ($10,000);
(C) purchasing personal property for a consideration greater than ten thousand dollars ($10,000); and
(D) adopting or advertising a budget, tax levy, or tax rate for any calendar year;
until the township school has made all required payments under section 6(a)(1) of this chapter and filed all required reports under section 6(a)(3) of this chapter; and
(2) shall certify to the treasurer of state the amount of arrears determined under section 6(a)(2) of this chapter.
(b) Upon being notified of the amount of arrears certified under subsection (a)(2), the treasurer of state shall make payments from the funds of state to the extent, but not in excess, of any amounts appropriated by the general assembly for distribution to the township school, deducting the payments from any amount distributed to the township school.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-4-57-8.]
As added by P.L.1-2005, SEC.7. Amended by P.L.182-2009(ss), SEC.313.