Termination of Lease; Disposition of Surplus Revenues

Checkout our iOS App for a better way to browser and research.

Sec. 18. (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 its operations fund.

[Pre-2006 Recodification Citation: 21-5-12-13.]

As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.110.


Download our app to see the most-to-date content.