§ 20-42-1-12 — Form of loan agreement

Indiana § 20-42-1-12

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 42: FIDUCIARY FUNDS AND ACCOUNTS
• Ch. 1: Administration of Common School Fund by County

Text

(a) If a county council borrows funds under
this chapter, the county council shall adopt an ordinance specifying the
amount of the funds to be borrowed and specify the time for which the
loan will be made. The board of county commissioners shall execute to
the state of Indiana for the use of the funds a written obligation,
executed by the board of county commissioners and attested by the
county auditor, that specifies the following:
(1) The facts under which the written obligation is executed.
(2) The sum of money borrowed.
(3) The time when the money will be repaid to the fund by the
county.
(b) The obligation must be deposited with the county auditor of the
county. The county auditor shall retain the obligation and record entries
concerning the loans. The provisions of IC 6-1.1-20 concerning the
loan to the county from the school funds apply to this section.
[Pre-2006 Recodification Citation: 21-1-7-4.]

Legislative History

As added by P.L.2-2006, SEC.165.