Money in the debt service fund may be used for payment of the following:(1) All debt and other obligations arising out of funds borrowed or advanced for school buildings when purchased from the proceeds of a bond issue for capital construction.(2) A lease to provide capital construction.(3) Interest on emergency and temporary loans.(4) All debt and other obligations arising out of funds borrowed or advanced for the purchase or lease of school buses when purchased or leased from the proceeds of a bond issue, or from money obtained from a loan made under IC 20-27-4-5, for that purpose.(5) All debt and other obligations arising out of funds borrowed to pay judgments against the school corporation.(6) All debt and other obligations arising out of funds borrowed to purchase equipment.[Pre-2006 Recodification Citation: 21-2-4-2 part.]As added by P.L.2-2006, SEC.163. Amended by P.L.257-2013, SEC.38; P.L.85-2017, SEC.82; P.L.244-2017, SEC.80.
Indiana Legal Code