§ 20-49-10-7 — Terms and conditions of an advance

Indiana § 20-49-10-7

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 49: STATE MANAGEMENT OF COMMON SCHOOL
• Ch. 10: Advancement From Common School Fund

Text

The following apply to an advance under this
chapter:
(1) A school corporation or charter school (or coalition of public
schools filing jointly) must pay interest on the advance. The state
board of finance shall periodically establish the rate or rates of
interest payable on advances made under this chapter as long as
the established interest rate or rates are not less than one percent
(1%) and do not exceed four percent (4%).
(2) The state board may provide that the advances made under
this chapter are prepayable at any time.
(3) The term of the advance may not exceed ten (10) years after
the date of the advance.
(4) A school corporation or charter school (or a coalition of public
schools applying jointly) must enter into an advance agreement
with the state board before receiving an advance from the fund.
The terms of the agreement must include a provision allowing the
state board to withhold funds due to a school corporation or
charter school to which an advance is made until the advance is
paid.

Legislative History

As added by P.L.211-2018(ss), SEC.13.