Indiana § 20-24-7-17 - Financial and notification requirements upon the closure of a charter school

§ 20-24-7-17. Financial and notification requirements upon the closure of a charter school

Sec. 17. (a) This section is in addition to any other requirement imposed on a charter school with respect to the closure of a charter school, including the payment of any outstanding debts.

(b) At the time of the closure of a charter school, the charter school shall return any money remaining unexpended from any distribution of property tax revenue received from a levy referred to in sections 6.1 and 6.2 of this chapter to the school corporation that made the distribution. A charter school that closes is not entitled to any future distributions of property tax revenue from a levy referred to in sections 6.1 and 6.2 of this chapter.

(c) If a charter school has outstanding debt at the time of the closure, the charter school must satisfy the outstanding debt in accordance with the following:

(1) If the charter school owns the building but did not purchase the building under IC 20-26-7.1, the charter school must first sell the building and apply the proceeds received from the sale to pay off the outstanding debt.

(2) If subdivision (1) does not apply, the charter school must satisfy the debt by means of any other revenue source legally available to the charter school.

(d) A charter school that closes must notify the county auditor of the county in which the charter school is located of the closure and provide the county auditor with a copy of the:

(1) charter school authorizer's decision;

(2) charter school's governing body's vote determining; or

(3) minutes of the meeting at which the charter school's governing body made the decision;

to close the charter school.

As added by P.L.68-2025, SEC.206.

IC 20-24-7.5Chapter 7.5. RepealedRepealed by P.L.205-2013, SEC.236.

IC 20-24-8Chapter 8. Charter School Powers and Exemptions

20-24-8-1Powers of charter schools 20-24-8-2Prohibited acts 20-24-8-3Compliance with laws, charter, and state constitution 20-24-8-4Statutes, rules, and regulations not applicable 20-24-8-5Applicable statutes, rules, and guidelines 20-24-8-6Bureau of Apprenticeship and Training apprenticeship programs 20-24-8-7Financial reports and audits 20-24-8-8Federal or state aid for students with disabilities 20-24-8-9Establishment of charter school compact