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 seminary
township 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 seminary
lands 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 seminary
township 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 land
dedicated to the inhabitants of a township by the Northwest Territory
Ordinance 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 seminary
land 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 township
in 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 or
other institution authorized by law to receive public money.
(b) The account into which the fund is deposited must be an
interest paying account. The trustee shall annually take the interest
from the fund and deposit the interest into a separate bank account
known as the seminary lands school account maintained by the
trustee 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 from
seminary 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 from
seminary lands; and
(2) the interest received from the fund created by the proceeds
from the lease or sale of seminary lands;
shall be paid each year by the trustee to the school corporations in
the county in which seminary lands are located.
(b) The amount paid each year under this section shall be credited
on a pro rata basis to the school property tax obligations of the
owners of land in the township containing the seminary land. The
school property tax obligation of the owners of land shall be reduced
each 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 township
board, shall use the account for the following educational purposes:
(1) Each year the trustee shall pay to the parent or legal
guardian of any child whose residence is within the township,
the initial cost for the rental of textbooks used in any
elementary or secondary school that has been accredited by the
state. The reimbursement for the rental of textbooks shall be for
the initial yearly rental charge only. Textbooks subsequently
lost 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 reside
within the township are entitled to receive financial assistance
in an amount not to exceed an amount determined by the trustee
and the township board during an annual review of
postsecondary education fees and tuition costs of education at
any accredited postsecondary educational institution. Amounts
to be paid to each eligible student shall be set annually after this
review. The amount paid each year must be:
(A) equitable for every eligible student without regard to
race, religion, creed, sex, disability, or national origin; and
(B) based on the number of students and the amount of funds
available each year.
(3) A person who has been a permanent resident of the
township continuously for at least two (2) years and who needs
educational assistance for job training or retraining may apply
to the trustee of the township for financial assistance. The
trustee and the township board shall review each application
and make assistance available according to the need of each
applicant and the availability of funds.
(4) If all the available funds are not used in any one (1) year, the
unused funds shall be retained in the account by the trustee for
use 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 be
increased by an amount equal to the sum of the fund and the average
annual 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 the
accumulation of the funds and accounts shall be periodically audited
and 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 chapter
shall be made only after necessary expenditures to protect and
maintain the seminary lands in a good and safe condition are first
made from the annual rental income. As added by P.L.2-2006, SEC.165.
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 seminary
township 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 seminary
lands 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 seminary
township 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 land
dedicated to the inhabitants of a township by the Northwest Territory
Ordinance 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 seminary
land 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 township
in 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 or
other institution authorized by law to receive public money.
(b) The account into which the fund is deposited must be an
interest paying account. The trustee shall annually take the interest
from the fund and deposit the interest into a separate bank account
known as the seminary lands school account maintained by the
trustee 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 from
seminary 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 from
seminary lands; and
(2) the interest received from the fund created by the proceeds
from the lease or sale of seminary lands;
shall be paid each year by the trustee to the school corporations in
the county in which seminary lands are located.
(b) The amount paid each year under this section shall be credited
on a pro rata basis to the school property tax obligations of the
owners of land in the township containing the seminary land. The
school property tax obligation of the owners of land shall be reduced
each 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 township
board, shall use the account for the following educational purposes:
(1) Each year the trustee shall pay to the parent or legal
guardian of any child whose residence is within the township,
the initial cost for the rental of textbooks used in any
elementary or secondary school that has been accredited by the
state. The reimbursement for the rental of textbooks shall be for
the initial yearly rental charge only. Textbooks subsequently
lost 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 reside
within the township are entitled to receive financial assistance
in an amount not to exceed an amount determined by the trustee
and the township board during an annual review of
postsecondary education fees and tuition costs of education at
any accredited postsecondary educational institution. Amounts
to be paid to each eligible student shall be set annually after this
review. The amount paid each year must be:
(A) equitable for every eligible student without regard to
race, religion, creed, sex, disability, or national origin; and
(B) based on the number of students and the amount of funds
available each year.
(3) A person who has been a permanent resident of the
township continuously for at least two (2) years and who needs
educational assistance for job training or retraining may apply
to the trustee of the township for financial assistance. The
trustee and the township board shall review each application
and make assistance available according to the need of each
applicant and the availability of funds.
(4) If all the available funds are not used in any one (1) year, the
unused funds shall be retained in the account by the trustee for
use 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 be
increased by an amount equal to the sum of the fund and the average
annual 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 the
accumulation of the funds and accounts shall be periodically audited
and 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 chapter
shall be made only after necessary expenditures to protect and
maintain the seminary lands in a good and safe condition are first
made from the annual rental income. As added by P.L.2-2006, SEC.165.
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 seminary
township 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 seminary
lands 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 seminary
township 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 land
dedicated to the inhabitants of a township by the Northwest Territory
Ordinance 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 seminary
land 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 township
in 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 or
other institution authorized by law to receive public money.
(b) The account into which the fund is deposited must be an
interest paying account. The trustee shall annually take the interest
from the fund and deposit the interest into a separate bank account
known as the seminary lands school account maintained by the
trustee 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 from
seminary 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 from
seminary lands; and
(2) the interest received from the fund created by the proceeds
from the lease or sale of seminary lands;
shall be paid each year by the trustee to the school corporations in
the county in which seminary lands are located.
(b) The amount paid each year under this section shall be credited
on a pro rata basis to the school property tax obligations of the
owners of land in the township containing the seminary land. The
school property tax obligation of the owners of land shall be reduced
each 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 township
board, shall use the account for the following educational purposes:
(1) Each year the trustee shall pay to the parent or legal
guardian of any child whose residence is within the township,
the initial cost for the rental of textbooks used in any
elementary or secondary school that has been accredited by the
state. The reimbursement for the rental of textbooks shall be for
the initial yearly rental charge only. Textbooks subsequently
lost 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 reside
within the township are entitled to receive financial assistance
in an amount not to exceed an amount determined by the trustee
and the township board during an annual review of
postsecondary education fees and tuition costs of education at
any accredited postsecondary educational institution. Amounts
to be paid to each eligible student shall be set annually after this
review. The amount paid each year must be:
(A) equitable for every eligible student without regard to
race, religion, creed, sex, disability, or national origin; and
(B) based on the number of students and the amount of funds
available each year.
(3) A person who has been a permanent resident of the
township continuously for at least two (2) years and who needs
educational assistance for job training or retraining may apply
to the trustee of the township for financial assistance. The
trustee and the township board shall review each application
and make assistance available according to the need of each
applicant and the availability of funds.
(4) If all the available funds are not used in any one (1) year, the
unused funds shall be retained in the account by the trustee for
use 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 be
increased by an amount equal to the sum of the fund and the average
annual 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 the
accumulation of the funds and accounts shall be periodically audited
and 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 chapter
shall be made only after necessary expenditures to protect and
maintain the seminary lands in a good and safe condition are first
made from the annual rental income. As added by P.L.2-2006, SEC.165.
