Indiana § 20-46-7-14 Payments toward principal required on at least annual basis

Indiana Statutes

§ 20-46-7-14 — Payments toward principal required on at least annual basis

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

After May 15, 2007, the department of local government finance may not approve under section 9 of this chapter a school corporation's proposed:

(1)bond issue that does not provide for payments toward the principal of the bonds on at least an annual basis in the amount determined under the rules or guidelines adopted by the department of local government finance;

(2)lease rental agreement that does not provide for repayments toward the present asset value of the lease at its inception on at least an annual basis in the amount determined under the rules or guidelines adopted by the department of local government finance; or

(3)debt service fund loan to purchase school buses that does not provide for payments toward the principal of the loan on at least an annual basis in the amount determ

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After May 15, 2007, the department of local
government finance may not approve under section 9 of this chapter a
school corporation's proposed:
(1) bond issue that does not provide for payments toward the
principal of the bonds on at least an annual basis in the amount
determined under the rules or guidelines adopted by the
department of local government finance;
(2) lease rental agreement that does not provide for repayments
toward the present asset value of the lease at its inception on at
least an annual basis in the amount determined under the rules or
guidelines adopted by the department of local government
finance; or
(3) debt service fund loan to purchase school buses that does not
provide for payments toward the principal of the loan on at least
an annual basis in the amount determined under the rules or
guidelines adopted by the department of local government
finance.

Indiana § 20-46-7-14 (Payments toward principal required on at least annual basis) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.