CHAPTER 11. REPAIR AND REPLACEMENT FUND
IC 20-40-11
Chapter 11. Repair and Replacement Fund
IC 20-40-11-1
"Fund"
Sec. 1. As used in this chapter, "fund" refers to a repair and
replacement fund established under section 2 of this chapter.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-2
Establishment of fund
Sec. 2. The governing body of each school corporation may
establish a repair and replacement fund under this chapter.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-3
Resolution governing fund
Sec. 3. (a) The procedure for establishing a fund is the same as the
procedure to be used in making an additional appropriation under
IC 6-1.1-18-5.
(b) The resolution of the governing body must be in the form
prescribed by the department of local government finance and must
contain at least the following:
(1) The annual amount permitted to be expended from the fund
each year.
(2) The duration of the fund, which may not exceed five (5)
years.
(3) That the sources for the fund for each year must be from
either the general fund or the capital projects fund, or both.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-4
Source of fund balances
Sec. 4. The fund consists of:
(1) any balance in the fund at the beginning of the year; and
(2) any transfers into the fund from the capital projects fund or
the general fund.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-5
Transfer to fund; required appropriation
Sec. 5. A transfer to the fund from the general fund or capital
projects fund may be made without appropriation.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-6
Uses
Sec. 6. The fund shall be used solely for the repair of buildings
and the repair and replacement of building fixtures that are:
(1) owned or leased by the school corporation; and
(2) of a type constituting loss capable of being covered by
casualty insurance.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-7
Expenditures; required appropriation
Sec. 7. Expenditures from the fund may be made only after
appropriation in the school corporation's annual budget or by an
additional appropriation under IC 6-1.1-18-5.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-8
Balance; nonreverting
Sec. 8. Any balance remaining in the fund at the end of a year
does not revert to the general fund.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-9
Investment
Sec. 9. Any balance in the fund may be invested in the manner
provided for investment of general fund money and the net proceeds
from the investment become a part of the fund.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-10
Duration
Sec. 10. The fund may extend for a specified number of years, not
to exceed five (5), and for a specified annual amount permitted to be
expended during each year.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-11
Termination or reduction in balance of fund
Sec. 11. (a) The fund may be reduced or rescinded before its
expiration by resolution of the governing body of the school
corporation.
(b) Not later than August 1 of any year, ten (10) or more taxpayers
in a taxing district in which the school corporation is located may file
with the county auditor of the county in which the taxing district is
located a petition for reduction or rescission of the fund. The petition
must set forth the taxpayers' objections to the fund. The petition shall
be certified to the department of local government finance.
(c) Upon receipt of a petition under subsection (b), the department
of local government finance shall, within a reasonable time, fix a
date for a hearing on the petition. The hearing must be held in the
county in which the taxing district is located. Notice of the hearing
shall be given to the executive officer of the school corporation and
to the first ten (10) taxpayers whose names appear on the petition.
The notice must be in the form of a letter signed by the commissioner
or deputy commissioner of the department of local government
finance, sent by mail with full prepaid postage to the executive
officer and the taxpayers at their usual places of residence at least
five (5) days before the date fixed for the hearing.
(d) After the hearing under subsection (c), the department of local
government finance shall approve, disapprove, or modify the request
for reduction or rescission of the fund and shall certify that decision
to the county auditor of the county in which the taxing district is
located.
(e) If the fund is rescinded under this section, any balance
remaining shall be transferred to the school corporation's capital
projects fund.
As added by P.L.2-2006, SEC.163.
IC 20-40-11-12
Levy prohibited
Sec. 12. This chapter does not authorize an additional levy
increase.
As added by P.L.2-2006, SEC.163.