Section 20-27-4-6 - Manner of purchase(a) The purchase of a school bus shall be made in the same manner as provided by law for the purchase of school supplies by a school corporation.(b) If a school bus is purchased under a security agreement, the required notice to bidders or solicitation of bids must set:(1) the length of time the security agreement shall run; and(2) the terms of the security agreement, including the security agreement price and interest rate.(c) The low bid for a security agreement shall be determined by adding to each bidding price the net interest cost and then comparing the totals of the price and interest on each bid. A separate statement of each price shall be made to enable the governing body to determine the advisability of purchasing a school bus under a security agreement.Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-6-6.
Amended by P.L. 233-2015, SEC. 182, eff. 7/1/2015.As added by P.L. 1-2005, SEC.11.