1. (a) After the lessor corporation and the school corporation, school corporations, or the public education corporation have agreed upon the terms and conditions of a lease proposed to be entered into under this chapter, and before the final execution of the lease, a notice shall be given by publication to all persons interested of a hearing or joint hearing to be held before the governing body or governing bodies of the school corporation or corporations or the corporation board authorized to approve the lease. The hearing must be not earlier than:

   1. (1) ten (10) days after publication of the notice, if new construction is proposed; or
   2. (2) thirty (30) days after publication of the notice, if improvement or expansion is proposed.

2. (b) The notice required by subsection (a) must:

   1. (1) be published one (1) time in:

      1. (A) a newspaper of general circulation printed in the English language in the school corporation;
      2. (B) a newspaper described in clause (A) in each school corporation if the proposed lease is a joint lease; or
      3. (C) if no such paper is published in the school corporation, in any newspaper of general circulation published in the county;
   2. (2) name the date, time, and place of the hearing; and

   3. (3) set forth a brief summary of the principal terms of the lease agreed upon, including the:

      1. (A) location of the property to be leased;
      2. (B) name of the proposed lessor corporation;
      3. (C) character of the property to be leased;
      4. (D) rental to be paid; and

      5. (E) number of years the lease is to be in effect.

         The cost of publishing the notice shall be borne by the lessor corporation.

3. (c) The proposed lease, drawings, plans, specifications, and estimates for the school building or buildings must be available for inspection by the public during the ten (10) day or thirty (30) day period described in subsection (a) and at the hearing under section 12 of this chapter.

   [Pre-2006 Recodification Citation: 21-5-11-7(a).]

As added by P.L.2-2006, SEC.170. Amended by P.L.101-2026, SEC.29.