§ 20-24-12-10 — Conditions applying to loan

Indiana § 20-24-12-10

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 24: CHARTER SCHOOLS
• Ch. 12: Charter School Facilities Assistance Program

Text

The following apply to a loan from the fund
to a charter school under this chapter:
(1) A loan may not exceed the maximum amount set by the
department.
(2) The term of the loan may not exceed fifteen (15) years after
the date of the loan.
(3) A charter school may receive multiple loans from the fund as
long as the total amount outstanding on all loans granted to the
charter school from the fund does not exceed the maximum
amount set by the department.
(4) The department shall determine the interest rate and other
terms for the loan, subject to the approval of the state board of
finance.
(5) A charter school must enter into a loan agreement with the
department before receiving a loan from the fund.

Legislative History

As added by P.L.91-2011, SEC.25. Amended by P.L.6-2012, SEC.130.