Indiana § 20-49-10-12 Security interest; procedure to redetermine security interest; limitation

Indiana Statutes

§ 20-49-10-12 — Security interest; procedure to redetermine security interest; limitation

Indiana·Title 20 EDUCATION·Art. 49 STATE MANAGEMENT OF COMMON SCHOOL·Ch. 10 Advancement From Common School Fund;

A charter school may provide the state
board with an adequate security interest for the repayment of an
advance made to the charter school under this chapter, in the form and
amount determined by the Indiana department of administration. If the
school operator sells its equity interest in the school facility, the state
board shall redetermine the adequacy of its security interest and may
hold a public hearing to determine whether any tax dollar equity funded
with the advance should be paid to the state. The state board may not
approve the disbursement of an advance made under this chapter to a
charter school until the charter school provides the state board with an
adequate security interest for the repayment of the advance in the
manner prescribed by this section.

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A charter school may provide the state
board with an adequate security interest for the repayment of an
advance made to the charter school under this chapter, in the form and
amount determined by the Indiana department of administration. If the
school operator sells its equity interest in the school facility, the state
board shall redetermine the adequacy of its security interest and may
hold a public hearing to determine whether any tax dollar equity funded
with the advance should be paid to the state. The state board may not
approve the disbursement of an advance made under this chapter to a
charter school until the charter school provides the state board with an
adequate security interest for the repayment of the advance in the
manner prescribed by this section.

Indiana § 20-49-10-12 (Security interest; procedure to redetermine security interest; limitation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.