{"data":{"id":"us-in/ic-20-47-3-3","jurisdiction":"us-in","citation":"IC 20-47-3-3","heading":"Powers; lease of school building; maximum term of lease; required terms of joint lease involving more than one school corporation","body":"Sec. 3. (a) A school corporation or the public education corporation may lease a school building or buildings for the use of:\n(1) the school corporation or public education corporation; or\n(2) a joint or consolidated school district of which the school corporation is a part or to which it contributes;\nfor a term not to exceed fifty (50) years.\n(b) A school corporation or the public education corporation may not enter into a lease under this section unless the governing body or corporation board, after investigation, determines that a need exists for the school building.\n(c) If two (2) or more school corporations propose to jointly enter into a lease under this section, joint meetings of the governing bodies of the school corporations may be held, but action taken at a joint meeting is not binding on any of those school corporations unless approved by a majority of the governing body of each of those school corporations. A lease executed by two (2) or more school corporations as joint lessees must:\n(1) set out the amount of the total lease rental to be paid by each lessee, which may be as agreed upon; and\n(2) provide that:\n(A) there is no right of occupancy by any lessee unless the total rental is paid as stipulated in the lease; and\n(B) all rights of joint lessees under the lease are in proportion to the amount of lease rental paid by each lessee.","path":["TITLE 20. EDUCATION","ARTICLE 47. RELATED ENTITIES; HOLDING COMPANIES; LEASE AGREEMENTS","Chapter 3. Private Holding Companies"],"source_url":"https://iga.in.gov/ic/2026/Title_20.html#20-47-3-3","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-01T01:34:30Z","sha256":"8d542b8c94086d68d75a3b7bf1c086738bf7bde08a436423af2d6d8e6f432f7f","source_id":"us-in","stale":false,"prev":"us-in/ic-20-47-3-2","next":"us-in/ic-20-47-3-4"},"notice":"GroundRules: Original legal text. Not legal advice."}