1. (a) This section applies only to an obligation subject to section 8 of this chapter. This section does not apply to bonded indebtedness or lease rental agreements for which a school corporation:

   1. (1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5 ; or
   2. (2) in the case of bonds or lease rental agreements not subject to IC 6-1.1-20-3.1 , IC 6-1.1-20-3.5 , or IC 6-1.1-20-5 , adopts a resolution or ordinance authorizing the bonds or lease rental agreement after June 30, 2008.

2. (b) The department of local government finance may:

   1. (1) approve;
   2. (2) disapprove; or

   3. (3) modify then approve;

      a school corporation's proposed lease rental agreement, bond issue, or school bus purchase loan. Before the department of local government finance approves or disapproves a proposed lease rental agreement, bond issue, or school bus purchase loan, the department of local government finance may seek the recommendation of the tax control board.

3. (c) The department of local government finance shall render a decision not more than three (3) months after the date the department of local government finance receives a request for approval under section 8 of this chapter. However, the department of local government finance may extend this three (3) month period by an additional three
4. (3) months if, at least ten (10) days before the end of the original three

5. (3) month period, the department of local government finance sends notice of the extension to the executive officer of the school corporation.

   [Pre-2006 Recodification Citations: subsections (a), (b) formerly 6-1.1-19-8(b); subsection (c) formerly 6-1.1-19-8(c) part.]

As added by P.L.2-2006, SEC.169. Amended by P.L.224-2007, SEC.117; P.L.146-2008, SEC.511.