Section 6-1.1-20.3-8.7 - Restrictions on school corporations designated as distressed 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) Acquire real property for school building purposes.(2) Construct new school buildings or remodel or renovate existing school buildings.(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) Purchase or enter into an agreement to purchase personal property at a cost of more than thirty thousand dollars ($30,000).(5) Adopt or advertise a budget, tax levy, or tax rate for an ensuing budget year.Amended by P.L. 213-2018SP1,SEC. 10, eff. 7/1/2018.Amended by P.L. 241-2017,SEC. 12, eff. 4/28/2017.Added by P.L. 145-2012, SEC. 12, eff. 3/19/2012.