IC 20-47-3-4: Qualifications of lessor corporation

Sec. 4. A school corporation, school corporations, or the public education corporation may enter into a lease or lease with option to purchase under this chapter only with:

(1) a corporation organized under Indiana law or admitted to do business in Indiana; or

(2) a religious organization (or the organization's agent) that is exempt from federal income taxation under Section 501 of the Internal Revenue Code.