1. (a) On the later of:

   1. (1) July 1, 2024; or

   2. (2) the date on which the school corporation's status as a distressed political subdivision is terminated;

      the governing body appointed under section 2 of this chapter assumes all the powers, rights, duties, and obligations of a community school corporation as set forth in IC 20-23-4-26 .

2. (b) For the purposes of annual budgeting, IC 6-1.1-17-20 does not apply to the governing body. The governing body is considered a governing body with the majority of members elected for the purposes of annual budgeting.

As added by P.L.184-2023, SEC.42.