A school corporation that is designated a distressed political subdivision may not do any of the following without the approval of the board during the period before the board terminates the school corporation's status as a distressed political subdivision:

1. (1) Acquire real property for school building purposes.
2. (2) Construct new school buildings or remodel or renovate existing school buildings.
3. (3) Incur a contractual obligation (except for a maintenance contract or an employment contract for a new employee whose employment replaces the employment of a former employee) that requires an expenditure of more than thirty thousand dollars ($30,000).
4. (4) Purchase or enter into an agreement to purchase personal property at a cost of more than thirty thousand dollars ($30,000).
5. (5) Adopt or advertise a budget, tax levy, or tax rate for an ensuing budget year.

As added by P.L.145-2012, SEC.12. Amended by P.L.241-2017, SEC.12; P.L.213-2018(ss), SEC.10.