A school corporation or the public education corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's or the public education corporation's operations fund and use the proceeds only for:

1. (1) new construction of school buildings;
2. (2) related site acquisition; and

3. (3) related site development.

   However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation or public education corporation receives the proceeds must be transferred to the school corporation's or public education corporation's debt service fund.

   [Pre-2006 Recodification Citation: 21-5-9-6.]

As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.111; P.L.101-2026, SEC.63.