Indiana § 20-47-4-10 - Deposit of proceeds from sale
Full text of Indiana Indiana Code § 20-47-4-10 — Deposit of proceeds from sale, with citation guidance and answers to common questions.
§ 20-47-4-10. Deposit of proceeds from sale
Sec. 10. A school corporation or the public education corporation that sells an existing school building under section 6 of this chapter shall deposit the proceeds of the sale in the school corporation's or the public education corporation's operations fund and use the proceeds only for:
(1) new construction of school buildings;
(2) related site acquisition; and
(3) related site development.
However, any amount of the proceeds of the sale that are not used for a purpose described in subdivisions (1) through (3) within one (1) year after the school corporation or public education corporation receives the proceeds must be transferred to the school corporation's or public education corporation's debt service fund.
[Pre-2006 Recodification Citation: 21-5-9-6.]
As added by P.L.2-2006, SEC.170. Amended by P.L.244-2017, SEC.111; P.L.101-2026, SEC.63.
IC 20-47-5Chapter 5. Payment of Rent by Annexed School Corporation
20-47-5-1Existing lease; obligation of annexing school corporation 20-47-5-2Property interest in lease; annexing school corporation; termination of obligations of annexed school corporation
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-47-4-10
What does Indiana Code § 20-47-4-10 cover?
Section 20-47-4-10 ("Deposit of proceeds from sale") 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 § 20-47-4-10?
A common citation format is "Indiana Code § 20-47-4-10" (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 § 20-47-4-10 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.