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 andreplacement 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 mayestablish 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 theprocedure to be used in making an additional appropriation underIC 6-1.1-18-5.
    (b) The resolution of the governing body must be in the formprescribed by the department of local government finance and mustcontain at least the following:
        (1) The annual amount permitted to be expended from the fundeach 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 fromeither 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 orthe 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 capitalprojects 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 buildingsand 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 bycasualty 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 afterappropriation in the school corporation's annual budget or by anadditional 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 yeardoes 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 mannerprovided for investment of general fund money and the net proceedsfrom 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, notto exceed five (5), and for a specified annual amount permitted to beexpended 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 itsexpiration by resolution of the governing body of the schoolcorporation.
    (b) Not later than August 1 of any year, ten (10) or more taxpayersin a taxing district in which the school corporation is located may filewith the county auditor of the county in which the taxing district islocated a petition for reduction or rescission of the fund. The petitionmust set forth the taxpayers' objections to the fund. The petition shallbe certified to the department of local government finance.
    (c) Upon receipt of a petition under subsection (b), the departmentof local government finance shall, within a reasonable time, fix adate for a hearing on the petition. The hearing must be held in thecounty in which the taxing district is located. Notice of the hearingshall be given to the executive officer of the school corporation andto the first ten (10) taxpayers whose names appear on the petition.The notice must be in the form of a letter signed by the commissioneror deputy commissioner of the department of local government

finance, sent by mail with full prepaid postage to the executiveofficer and the taxpayers at their usual places of residence at leastfive (5) days before the date fixed for the hearing.
    (d) After the hearing under subsection (c), the department of localgovernment finance shall approve, disapprove, or modify the requestfor reduction or rescission of the fund and shall certify that decisionto the county auditor of the county in which the taxing district islocated.
    (e) If the fund is rescinded under this section, any balanceremaining shall be transferred to the school corporation's capitalprojects 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 levyincrease.
As added by P.L.2-2006, SEC.163.