1. (a) This section is in addition to any other requirement imposed on a charter school with respect to the closure of a charter school, including the payment of any outstanding debts.
2. (b) At the time of the closure of a charter school, the charter school shall return any money remaining unexpended from any distribution of property tax revenue received from a levy referred to in sections 6.1 and 6.2 of this chapter to the school corporation that made the distribution. A charter school that closes is not entitled to any future distributions of property tax revenue from a levy referred to in sections 6.1 and 6.2 of this chapter.

3. (c) If a charter school has outstanding debt at the time of the closure, the charter school must satisfy the outstanding debt in accordance with the following:

   1. (1) If the charter school owns the building but did not purchase the building under IC 20-26-7.1 , the charter school must first sell the building and apply the proceeds received from the sale to pay off the outstanding debt.
   2. (2) If subdivision (1) does not apply, the charter school must satisfy the debt by means of any other revenue source legally available to the charter school.

4. (d) A charter school that closes must notify the county auditor of the county in which the charter school is located of the closure and provide the county auditor with a copy of the:

   1. (1) charter school authorizer's decision;
   2. (2) charter school's governing body's vote determining; or

   3. (3) minutes of the meeting at which the charter school's governing body made the decision;

      to close the charter school.

As added by P.L.68-2025, SEC.206.