Before January 1 of a school year, each school corporation may report to the department the following information concerning major equipment purchases:

1. (1) The school corporation's anticipated requirements for purchase of a particular major equipment item for the following school year under a price contract.

2. (2) Any special requirements or specifications for the major equipment item the school corporation wishes to purchase, including the special requirements or specifications for the particular major equipment item:

   1. (A) required by law; or
   2. (B) that an entity authorized or required by law establishes.

3. (3) The cost of the major equipment items that will be purchased in each of the following categories:

   1. (A) By cash.
   2. (B) Under a security agreement.
4. (4) Other information requested by the department.

As added by P.L.49-1997, SEC.10.