HB 1016 Summary

• Permits school corporations to transfer money between the general fund, transportation fund, capital projects fund, and school bus replacement fund for the purposes of the receiving fund, effective July 1, 2010.

• Requires school corporations to adopt a resolution specifying the transfer amount, funds involved, transfer date, and general purpose before making any inter-fund transfer.

• Mandates that school corporations publish notice of any proposed transfer one time in conformity with IC 5-3-1 before the transfer occurs.

• Prohibits school corporations from increasing property tax levies under fuel adjustment or school bus replacement fund provisions to replace money transferred under this chapter.

• Exempts from inter-fund transfers any money pledged for debt or lease payments, money restricted by loan or grant agreements, or money levied to pay advances from the state or common school fund.