Gary Community School Corporation.

Terminates the Gary Community School Corporation's (school corporation) status as a distressed political subdivision on June 30, 2024. Provides that the members of the governing body of the school corporation shall be elected at the municipal general election held on November 7, 2023, and take office upon taking the oath required by the Constitution of the State of Indiana not later than November 14, 2023. Requires the governing body to select a superintendent not later than February 1, 2024. Requires the emergency manager and chief financial officer to consistently inform the superintendent of the school corporation regarding the day to day operations of the school corporation. Requires the emergency manager to provide monthly financial and academic reports to the governing body. Provides that the current emergency manager's appointment terminates on June 30, 2024. Provides that the elected governing body assumes all powers, rights, duties, and obligations of the school corporation on July 1, 2024. Provides that, before the governing body sells real property, a building, or another structure owned by the school corporation, the governing body shall: (1) provide written notice to the mayor of the city of Gary at least 30 days before selling the real property, building, or other structure; and (2) provide public notice and hold at least one public hearing within the geographic boundaries of the school corporation to hear public testimony on the proposed sale. Transfers, not later than July 1, 2023, to the common school fund from the state general fund an amount sufficient to pay off all debts from advances and loans that were made to the school corporation from the common school fund. Removes or repeals provisions regarding the establishment and use of a school improvement fund.