§ 20-46-7-12 — Maximum term of bonds

Indiana § 20-46-7-12

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 46: LEVIES OTHER THAN GENERAL FUND LEVIES
• Ch. 7: Debt Service Levy

Text

(a) Except as provided by IC 5-1-14-10 and
subsection (c), the maximum term or repayment period for bonds
issued by a school corporation for a school building construction
project may not exceed twenty (20) years after the date of the issuance
of the bonds.
(b) If a school corporation is an eligible school corporation under IC 5-1-5-2.5, the school corporation may extend the repayment period
beyond the maximum repayment period that applied to the bond, loan,
or lease at the time the obligation was incurred as provided by IC 5-1-5-2.5.
(c) Except as provided by IC 5-1-14-10, the maximum term or
repayment period for bonds issued by a school corporation for a school
building construction project and to repay loans made or guaranteed by
a federal agency may not exceed forty (40) years after the date of the
issuance of the bonds.
[Pre-2006 Recodification Citation: 6-1.1-19-4.6.]

Legislative History

As added by P.L.2-2006, SEC.169. Amended by P.L.146-2008, SEC.514; P.L.229-2011, SEC.220; P.L.159-2020, SEC.63.