Note: This version of section effective until 1-1-2019. See also following repeal of this chapter, effective 1-1-2019.

Sec. 7. (a) Before the last Thursday in August in the year preceding the first school year in which a proposed contract commences, the governing body of a school corporation may elect to designate a part of a:

1. (1) transportation contract (as defined in IC 20-27-2-12 );
2. (2) fleet contract (as defined in IC 20-27-2-5 ); or

3. (3) common carrier contract (as defined in IC 20-27-2-3 );

   as an expenditure payable from the fund.

4. (b) An election under this section must be made in a transportation plan approved by the department of local government finance under this chapter. The election applies throughout the term of the contract.
5. (c) The amount that may be paid from the fund in a school year is equal to the fair market lease value in the school year of each school bus, school bus chassis, or school bus body used under the contract, as substantiated by invoices, depreciation schedules, and other documented information available to the school corporation.

6. (d) The allocation of costs under this section to the fund must comply with the allocation guidelines adopted by the department of local government finance and the accounting standards prescribed by the state board of accounts.

   [Pre-2006 Recodification Citation: 21-2-11.5-2(e).]

As added by P.L.2-2006, SEC.163.