CHAPTER 3. SEMINARY TOWNSHIP SCHOOL FUND

IC 20-42-3
    Chapter 3. Seminary Township School Fund

IC 20-42-3-1
Application
    Sec. 1. This chapter applies in a county that has a seminarytownship school fund.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-2
"Account"
    Sec. 2. As used in this chapter, "account" refers to the seminarylands school account established under section 8 of this chapter.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-3
"Fund"
    Sec. 3. As used in this chapter, "fund" refers to a seminarytownship school fund established under section 5 of this chapter.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-4
"Seminary land"
    Sec. 4. As used in this chapter, "seminary land" means landdedicated to the inhabitants of a township by the Northwest TerritoryOrdinance of 1787 for educational purposes.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-5
Establishment of fund
    Sec. 5. There is established in any township containing seminaryland a fund to be known as the seminary township school fund.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-6
Source of fund balance
    Sec. 6. The fund consists of all money received before August 18,1969, from the rental of seminary lands.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-7
Administrator
    Sec. 7. The administrator of the fund is the trustee of the townshipin which the seminary lands are located.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-8
Deposit; public depository
    Sec. 8. (a) The fund shall be deposited in a commercial bank orother institution authorized by law to receive public money.    (b) The account into which the fund is deposited must be aninterest paying account. The trustee shall annually take the interestfrom the fund and deposit the interest into a separate bank accountknown as the seminary lands school account maintained by thetrustee for purposes of this chapter.
    (c) The trustee shall also deposit in the account:
        (1) forty percent (40%); or
        (2) two thousand five hundred dollars ($2,500);
whichever is greater, each year of the annual rental received fromseminary lands.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-9
Distribution of revenue; school corporations
    Sec. 9. (a) Both:
        (1) sixty percent (60%) of the annual rental received fromseminary lands; and
        (2) the interest received from the fund created by the proceedsfrom the lease or sale of seminary lands;
shall be paid each year by the trustee to the school corporations inthe county in which seminary lands are located.
    (b) The amount paid each year under this section shall be creditedon a pro rata basis to the school property tax obligations of theowners of land in the township containing the seminary land. Theschool property tax obligation of the owners of land shall be reducedeach year on a pro rata basis by the amount of the payment.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-10
Uses; educational purposes
    Sec. 10. The trustee, with the advice and consent of the townshipboard, shall use the account for the following educational purposes:
        (1) Each year the trustee shall pay to the parent or legalguardian of any child whose residence is within the township,the initial cost for the rental of textbooks used in anyelementary or secondary school that has been accredited by thestate. The reimbursement for the rental of textbooks shall be forthe initial yearly rental charge only. Textbooks subsequentlylost or destroyed may not be paid for from this account.
        (2) Students who are residents of the township for the last two(2) years of their secondary education and who still residewithin the township are entitled to receive financial assistancein an amount not to exceed an amount determined by the trusteeand the township board during an annual review ofpostsecondary education fees and tuition costs of education atany accredited postsecondary educational institution. Amountsto be paid to each eligible student shall be set annually after thisreview. The amount paid each year must be:
            (A) equitable for every eligible student without regard torace, religion, creed, sex, disability, or national origin; and            (B) based on the number of students and the amount of fundsavailable each year.
        (3) A person who has been a permanent resident of thetownship continuously for at least two (2) years and who needseducational assistance for job training or retraining may applyto the trustee of the township for financial assistance. Thetrustee and the township board shall review each applicationand make assistance available according to the need of eachapplicant and the availability of funds.
        (4) If all the available funds are not used in any one (1) year, theunused funds shall be retained in the account by the trustee foruse in succeeding years.
As added by P.L.2-2006, SEC.165. Amended by P.L.2-2007,SEC.239; P.L.234-2007, SEC.132; P.L.3-2008, SEC.121.

IC 20-42-3-11
Bond
    Sec. 11. The bond required by law for the trustee shall beincreased by an amount equal to the sum of the fund and the averageannual rental income from the seminary lands.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-12
Audit
    Sec. 12. All funds and accounts provided in this chapter and theaccumulation of the funds and accounts shall be periodically auditedand examined in the same manner provided by law for public money.
As added by P.L.2-2006, SEC.165.

IC 20-42-3-13
Duty to maintain seminary lands
    Sec. 13. All expenditures and payments made under this chaptershall be made only after necessary expenditures to protect andmaintain the seminary lands in a good and safe condition are firstmade from the annual rental income.
As added by P.L.2-2006, SEC.165.