Sec. 1. (a) Except as otherwise provided in IC 20-26-7.1, if a governing body of a school corporation determines that any real or personal property:
(1) is no longer needed for school purposes; or
(2) should, in the interests of the school corporation, be exchanged for other property;
the governing body may sell or exchange the property in accordance with IC 36-1-11.
(b) Money derived from the sale or exchange of property under this section shall be placed in the school corporation's operations fund.
(c) A governing body may not enter into a lease agreement or make a covenant that prohibits the sale of real property to another educational institution.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-5-1.]
As added by P.L.1-2005, SEC.10. Amended by P.L.234-2007, SEC.227; P.L.91-2011, SEC.27; P.L.17-2013, SEC.1; P.L.33-2014, SEC.4; P.L.5-2015, SEC.47; P.L.217-2017, SEC.100; P.L.241-2017, SEC.17; P.L.244-2017, SEC.46; P.L.140-2018, SEC.5; P.L.140-2018, SEC.6; P.L.270-2019, SEC.12.