Indiana § 20-47-3-8 - Lease preceding acquisition of land
Full text of Indiana Indiana Code § 20-47-3-8 — Lease preceding acquisition of land, with citation guidance and answers to common questions.
§ 20-47-3-8. Lease preceding acquisition of land
Sec. 8. (a) Except as provided in subsection (b), a school corporation, school corporations, or the public education corporation may, in anticipation of the acquisition of a site and the construction and erection of a school building or buildings, and, subject to the approval of the department of local government finance, enter into a lease with a lessor corporation before the actual acquisition of the site and the construction and erection of the building or buildings. However, the lease entered into by the school corporation, school corporations, or public education corporation may not provide for the payment of any lease rental by the lessee or lessees until the building or buildings are ready for occupancy, at which time the stipulated lease rental may begin. The lessor corporation shall furnish a bond to the approval of the lessee or lessees conditioned on the final completion of the building or buildings within a period not to exceed one (1) year from the date of the execution of the lease, unavoidable delays excepted.
(b) In the case of a lease for which a school corporation or the public education corporation:
(1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5; or
(2) in the case of a lease not subject to IC 6-1.1-20-3.1, IC 6-1.1-20-3.5, or IC 6-1.1-20-5, adopts a resolution or ordinance authorizing the lease after June 30, 2008;
the approval of the department of local government finance is not required.
[Pre-2006 Recodification Citation: 21-5-12-6.]
As added by P.L.2-2006, SEC.170. Amended by P.L.146-2008, SEC.518; P.L.101-2026, SEC.46.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-47-3-8
What does Indiana Code § 20-47-3-8 cover?
Section 20-47-3-8 ("Lease preceding acquisition of land") 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 § 20-47-3-8?
A common citation format is "Indiana Code § 20-47-3-8" (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 § 20-47-3-8 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.