IC 20-23-19-5: Payment of existing debts and liabilities of the dissolving school corporation

Sec. 5. (a) The governing body of the Union School Corporation shall use any unencumbered funds and assets, including buses or other personal property, owned or held by the Union School Corporation to pay existing debts or liabilities of the Union School Corporation.

(b) If funds and assets described in subsection (a) are insufficient to pay all the existing debts or liabilities of the Union School Corporation, there is appropriated on June 1, 2027, to the Union School Corporation from the state general fund an amount sufficient to pay off all existing debts of the Union School Corporation.