1. (a) The governing bodies of participating school corporations may pay into a joint fund, known as the joint operations fund, an amount set forth in the written agreement under section 3 of this chapter. Each governing body shall budget and appropriate funds for the joint program from the school corporation's operations fund in accordance with laws governing the use of the operations fund.

2. (b) The joint operations fund shall be held by the governing body of the school corporation designated in the written agreement to administer and supervise the joint program. The designated governing body shall receive, disburse, and maintain an account for the fund in the same manner as prescribed for other funds of the governing body and under the written agreement but without any further or additional appropriation of the funds. The designated governing body shall:

   1. (1) make a complete and detailed financial report of all receipts and disbursements not later than thirty (30) days after the end of each school year; and

   2. (2) furnish copies of the report to the governing bodies of all other participating school corporations.

      The reports required under this section are supplementary to and do not supersede or repeal the requirements for publication of annual reports of certain school corporations as provided by IC 5-3-1 .

      [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-11-4.]

As added by P.L.1-2005, SEC.10. Amended by P.L.2-2006, SEC.129; P.L.244-2017, SEC.49.