1. (a) A lessor corporation may acquire and finance an existing school building, other than as provided in section 5 of this chapter, and lease the existing school building to a school corporation or the public education corporation. A school corporation or the public education corporation shall comply with:

   1. (1) IC 20-47-2 or IC 20-47-3 ;
   2. (2) the petition and remonstrance provisions under IC 6-1.1-20 (if required); and
   3. (3) the local public question provisions under IC 6-1.1-20 (if required).
2. (b) A lease made under this section may provide for the payment of lease rentals by the school corporation or public education corporation for the use of the existing school building.
3. (c) Lease rental payments made under the lease do not constitute a debt of the school corporation or public education corporation for purposes of the Constitution of the State of Indiana.

4. (d) A new school building may be substituted for the existing school building under the lease if the substitution was included in the notices given under IC 20-47-2 , IC 20-47-3 , and IC 6-1.1-20 . A new school building must be substituted for the existing school building upon completion of the new school building.

   [Pre-2006 Recodification Citation: 21-5-9-2(b) part.]

As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.521; P.L.101-2026, SEC.59.