Indiana § 20-23-19-6 - Division and transfer of any remaining unencumbered funds
Full text of Indiana Indiana Code § 20-23-19-6 — Division and transfer of any remaining unencumbered funds, with citation guidance and answers to common questions.
§ 20-23-19-6. Division and transfer of any remaining unencumbered funds
Sec. 6. (a) If the Union School Corporation has any remaining unencumbered funds or assets after all debts of the Union School Corporation are paid, the remaining unencumbered funds or assets must be divided for transfer to the Blue River Valley Schools School Corporation and the Monroe Central School Corporation as follows:
STEP ONE: Determine the total assessed value of all property subject to taxation by the Union School Corporation.
STEP TWO: Determine the total assessed value of all property subject to taxation by the Union School Corporation that is located in Henry County.
STEP THREE: Determine the total assessed value of all property subject to taxation by the Union School Corporation that is located in Randolph County.
STEP FOUR: Calculate the quotient of:
(A) STEP TWO; divided by
(B) STEP ONE.
STEP FIVE: Calculate the quotient of:
(A) STEP THREE; divided by
(B) STEP ONE.
STEP SIX: Determine the product of:
(A) the amount or value of any remaining unencumbered funds or assets of the Union School Corporation; multiplied by
(B) STEP FOUR.
STEP SEVEN: Determine the product of:
(A) the amount or value of any remaining unencumbered funds or assets of the Union School Corporation; multiplied by
(B) STEP FIVE.
(b) The governing body of the Union School Corporation shall do the following:
(1) Determine the amount of the fair market value of each remaining unencumbered asset owned by the Union School Corporation.
(2) Transfer the following not later than June 30, 2027:
(A) The amount of any funds plus assets, as applicable, that is equal to the product determined under STEP SIX of subsection (a) to the Blue River Valley Schools School Corporation.
(B) The amount of any funds plus assets, as applicable, that is equal to the product determined under STEP SEVEN of subsection (a) to the Monroe Central School Corporation.
As added by P.L.68-2025, SEC.200.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-23-19-6
What does Indiana Code § 20-23-19-6 cover?
Section 20-23-19-6 ("Division and transfer of any remaining unencumbered funds") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 20-23-19-6?
A common citation format is "Indiana Code § 20-23-19-6" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 20-23-19-6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.