§ 20-48-1-9 — Anticipation warrants

Indiana § 20-48-1-9

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 48: BORROWING AND BONDS

Text

(a) If the governing body of a school
corporation finds and declares that an emergency exists to borrow
money with which to pay current expenses from a particular fund
before the receipt of revenues from taxes levied or state tuition support
distributions for the fund, the governing body may issue warrants in
anticipation of the receipt of the revenues.
(b) The principal of warrants issued under subsection (a) is payable
solely from the fund for which the taxes are levied or from the school
corporation's education fund in the case of anticipated state tuition
support distributions. However, the interest on the warrants may be
paid from the debt service fund, from the operations fund, or the
education fund in the case of anticipated state tuition support
distributions. A governing body may not increase the debt service fund
levy to pay for the interest on the warrants unless the warrants have
been authorized by the governing body in a resolution adopted at a
public meeting in the year immediately preceding the year in which the
warrants will be issued.
(c) The amount of principal of temporary loans maturing on or
before June 30 for any fund may not exceed eighty percent (80%) of
the amount of taxes and state tuition support distributions estimated to
be collected or received for and distributed to the fund at the June
settlement.
(d) The amount of principal of temporary loans maturing after June
30 and on or before December 31 may not exceed eighty percent (80%)
of the amount of taxes and state tuition support distributions estimated
to be collected or received for and distributed to the fund at the
December settlement.
(e) The county auditor or the auditor's deputy shall determine the
estimated amount of taxes and state tuition support distributions to be
collected or received and distributed. The warrants evidencing a loan
in anticipation of tax revenue or state tuition support distributions may
not be delivered to the purchaser of the warrant and payment may not
be made on the warrant before January 1 of the year the loan is to be
repaid. However, the proceedings necessary for the loan may be held
and carried out before January 1 and before the approval. The loan may
be made even though a part of the last preceding June or December
settlement has not been received.
(f) Proceedings for the issuance and sale of warrants for more than
one (1) fund may be combined. Separate warrants for each fund must
be issued, and each warrant must state on the face of the warrant the
fund from which the warrant's principal is payable. An action to contest
the validity of a warrant may not be brought later than fifteen (15) days
after the first publication of notice of sale.
(g) An issue of tax or state tuition support anticipation warrants may
not be made if the total of all tax or state tuition support anticipation
warrants exceeds twenty thousand dollars ($20,000) until the issuance
is advertised for sale, bids are received, and an award is made by the
governing body as required for the sale of bonds, except that the
publication of notice of the sale is not necessary:
(1) outside the county; or
(2) more than ten (10) days before the date of sale.
[Pre-2006 Recodification Citation: 21-2-21-8.]

Legislative History

As added by P.L.2-2006, SEC.171. Amended by P.L.146-2008, SEC.524; P.L.244-2017, SEC.116; P.L.38-2021, SEC.71; P.L.136-2021, SEC.8; P.L.165-2021, SEC.169.