IC 20-25.3-5-5: Corporation assumes powers and duties of school city; operating referendum tax levy; distribution or use of revenue

Sec. 5. (a) Except as provided in subsections (b) and (c), after March 31, 2026, the school city may not take any action under the procedures set forth in IC 20-46-1 and instead the corporation shall assume the powers and duties of the school city under IC 20-46-1 in the territory of the school city.

(b) Notwithstanding subsection (a), property tax revenue received from an operating referendum tax levy that is approved by the voters after March 31, 2026, shall be distributed to the school city and applicable charter schools in the manner provided under IC 20-46-1.

(c) An operating referendum tax levy that is approved by the voters before April 1, 2026, shall continue to be imposed after March 31, 2026, through the end of the term and the school city shall continue to use the revenue from the operating referendum tax levy for the same purposes for which it was originally approved by the voters through the end of the term of the referendum.