1. (a) If the territory of a third class city is in a part of the territory of a consolidated school corporation, the third class city may lease to the consolidated school corporation a building and the property the building is on that is owned by the city for school purposes for a period of at least five (5) consecutive years.

2. (b) The common council of the city shall authorize a lease under subsection (a) and the authorization may be made:

   1. (1) without appraisement;
   2. (2) without compensation; or
   3. (3) upon terms agreed upon.

3. (c) The possession and use of a specified part of property that a city leases under this section may be reserved by the city for city use. A lease made under this section shall be in the form of a deed or other written instrument that may be recorded. The grant must state that if the property is no longer needed for school purposes, the property reverts back to the city. A consolidated school corporation acting through its board of school trustees may accept a lease:

   1. (1) without appraisement;
   2. (2) without compensation; or

   3. (3) upon agreed upon terms;

      by its board of school trustees.

4. (d) This section, being necessary and intended to remedy deficiencies in laws existing on June 30, 1955, relating to powers of certain municipal corporations and of certain school corporations, does not repeal the provisions of those laws governing corporations but supplements and clarifies those laws, and to that end shall be liberally construed.

   [Pre-2005 Elementary and Secondary Education Recodification Citations: 20-4-13-1; 20-4-13-2.]

As added by P.L.1-2005, SEC.7. Amended by P.L.1-2006, SEC.316.