Indiana § 20-49-10-14 Sale, transfer, or liquidation of agreements

Indiana Statutes

§ 20-49-10-14 — Sale, transfer, or liquidation of agreements

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

(a)Upon request of the treasurer of state, the state board of finance may periodically sell, transfer, or liquidate agreements, in whole or in part, including without limitation the sale, transfer, or liquidation of all or any part of the principal or interest to be received at any time under one (1) or more agreements that evidence the right of the state to make deductions from state tuition support to pay advances under this chapter under the terms and conditions that the state board of finance considers necessary and appropriate.

(b)Each sale, transfer, or liquidation under this section is subject to the following conditions:

(1)Each sale, transfer, or liquidation may be made only to a department, an agency, a commission, an instrumentality, or a public body of the state, including t

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(a) Upon request of the treasurer of state,
the state board of finance may periodically sell, transfer, or liquidate
agreements, in whole or in part, including without limitation the sale,
transfer, or liquidation of all or any part of the principal or interest to
be received at any time under one (1) or more agreements that evidence
the right of the state to make deductions from state tuition support to
pay advances under this chapter under the terms and conditions that the
state board of finance considers necessary and appropriate.
(b) Each sale, transfer, or liquidation under this section is subject to
the following conditions:
(1) Each sale, transfer, or liquidation may be made only to a
department, an agency, a commission, an instrumentality, or a
public body of the state, including the Indiana bond bank.
(2) Each sale, transfer, or liquidation of agreements may be made
only for cash.
(3) Payments under the sale, transfer, or liquidation must be made
to the treasurer of state for the fund and reported to the state board
of finance.
(4) The total amount of cash received by the fund from the sale
may not be less than the outstanding principal amount of all or a
part of the agreements sold plus accrued interest owed.
(5) If necessary to facilitate a sale, transfer, or liquidation, the
state board or the state board of finance may agree to act on
behalf of an entity described in subdivision (1) by collecting
payment on advances that are:
(A) received directly from a school corporation, if any direct
payments are received; or
(B) deducted from amounts appropriated and made available
for state tuition support.
An agreement by the state board or the state board of finance
under this subdivision is a valid and an enforceable contractual
obligation but is not a debt of the state within the meaning of the
limitation against indebtedness under the Constitution of the State
of Indiana.
(6) Each proposed sale, transfer, or liquidation must be reviewed
by the budget committee and approved by the budget agency.
(c) The state board of finance shall notify the state board and the
department of any action that the state board of finance takes under this
section.

Indiana § 20-49-10-14 (Sale, transfer, or liquidation of agreements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.