A school corporation may purchase a school bus or special purpose bus to furnish transportation for students. The school corporation may purchase:

1. (1) both the body and the chassis of a school bus; or

2. (2) either the body or the chassis.

   A purchase may be made for cash or under the terms of a security agreement.

   [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-6-1.]

As added by P.L.1-2005, SEC.11.