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

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 receives the proceeds must be transferred to the school corporation's debt service fund.

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

Sec. 10. A school 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 capital projects fund and use the proceeds only for:

As added by P.L.2-2006, SEC.170.