1. (a) If the execution of the lease as originally agreed upon or as modified by agreement is authorized by the governing body or bodies of the school corporation or corporations or the corporation board, the governing body or corporation board shall give notice of the signing of the lease by publication one (1) time in:

   1. (1) a newspaper of general circulation printed in the English language in the school corporation;
   2. (2) a newspaper described in subdivision (1) in each school corporation if the proposed lease is a joint lease; or
   3. (3) if no such newspaper is published in the school corporation, in any newspaper of general circulation published in the county.

2. (b) This subsection does not apply to a lease for which a school corporation or the public education corporation 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, in the case of a lease 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 lease after June 30, 2008. Within thirty (30) days after the publication of notice under subsection (a), fifty (50) or more taxpayers in the school corporation or corporations who:

   1. (1) will be affected by the proposed lease; and

   2. (2) are of the opinion that:

      1. (A) necessity does not exist for the execution of the lease; or

      2. (B) the proposed rental provided for in the lease is not a fair and reasonable rental;

         may file a petition in the office of the county auditor of the county in which the school corporation or corporations are located. The petition must set forth the taxpayers' objections to the lease and facts showing that the execution of the lease is unnecessary or unwise or that the lease rental is not fair and reasonable, as the case may be.

3. (c) Upon the filing of a petition under subsection (b), the county auditor shall immediately certify a copy of the petition, together with any other data that is necessary to present the questions involved, to the department of local government finance. Upon receipt of the certified petition and data, if any, the department of local government finance shall fix a time, date, and place for the hearing of the matter, which may not be less than five (5) nor more than thirty (30) days thereafter. The department of local government finance shall:

   1. (1) conduct the hearing in the school corporation or corporations, in the county where the school corporation or corporations are located, or through electronic means; and

   2. (2) give notice of the hearing to the members of the governing body or bodies of the school corporation or corporations or the corporation board and to the first fifty (50) taxpayers who signed the petition under subsection (b) by a letter signed by the commissioner or deputy commissioner of the department of local government finance and enclosed with full prepaid postage addressed to the taxpayer petitioners at their usual place of residence, at least five (5) days before the hearing.

      The decision of the department of local government finance on the appeal upon the necessity for the execution of the lease and as to whether the rental is fair and reasonable, is final.

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

As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.515; P.L.38-2021, SEC.67; P.L.101-2026, SEC.31.