IC 20-47-3-3 — Powers; lease of school building; maximum term of lease; required terms of joint lease involving more than one school corporation
Chapter 3. Private Holding Companies
Bills amending this section
Section text
Sec. 3. (a) A school corporation or the public education corporation may lease a school building or buildings for the use of: (1) the school corporation or public education 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 or the public education corporation may not enter into a lease under this section unless the governing body or corporation board, 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.
As added by P.L.2-2006, SEC.170. Amended by P.L.233-2015, SEC.305; P.L.101-2026, SEC.43.
Source: official publisher (2026 edition)