Ind. Code § 5-1-11.5-3
This is the official text of Ind. Code § 5-1-11.5-3, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Application to certain school corporations
Official statutory text
Sec. 3. (a) This section applies only to a school corporation that has an ADM of more than fifteen thousand (15,000) for the school corporation's most recent fall count. Notwithstanding any other law, a school corporation subject to this section may not issue bonds after August 15, 2020, unless the school corporation has for its preceding budget year prepared an annual financial report using the modified accrual basis of accounting in accordance with generally accepted accounting principles. However, upon request of a school corporation to the state examiner, the state examiner may waive the requirement under this section if the state examiner determines that a waiver is in the best interest of the school corporation.
(b) If a school corporation described in subsection (a) uses the accounting described in subsection (a), the school corporation may not be required to use another form of accounting.
As added by P.L.244-2017, SEC.2. Amended by P.L.74-2026, SEC.1.
(b) If a school corporation described in subsection (a) uses the accounting described in subsection (a), the school corporation may not be required to use another form of accounting.
As added by P.L.244-2017, SEC.2. Amended by P.L.74-2026, SEC.1.
Status: in_force · Read it on the official government site
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