§ 20-49-2-15 — Repayment of advancement; state tuition support

(a) An advancement under this chapter is not
an obligation of the school corporation within the meaning of the
limitation against indebtedness under the Constitution of the State of
Indiana. This chapter does not relieve the governing body of a school
corporation of any obligation under Indiana law to qualify the school
corporation for state tuition support. The school corporation must
perform all the acts necessary to obtain state tuition support payments.
(b) A school corporation receiving an advancement under this
chapter shall agree to have the total amount of the money advanced
plus one percent (1%) of the outstanding balance deducted from the
distribution of state tuition support:
(1) for a period not to exceed twenty (20) years; or
(2) until all the money advanced plus one percent (1%) has been
deducted.
(c) The state board shall reduce the amount of each distribution of
state tuition support to any school corporation that has received an
advancement under this chapter in an amount to be agreed upon
between the state board and the school corporation. The amount must
include one percent (1%) on the balance of the advancement. However,
if a school corporation:
(1) has received an advancement or advancements to replace a
building or buildings under this chapter; and
(2) has not abandoned the building or buildings for classroom
purposes upon completion of the classrooms for which the
application for funds has been made;
the state board may amend the amount of the deductions. The amended
deduction may include all state tuition support payable to the school
corporation.
(d) If an advancement:
(1) has been previously made under this chapter; and
(2) was to be repaid within a period of less than twenty (20) years;
the receiving school corporation and the state board may renegotiate
the agreement for repayment. The new agreement may provide any
period of repayment by the receiving school corporation as long as the
period does not exceed twenty (20) years from the date of the original
advancement.
[Pre-2006 Recodification Citation: 21-1-11-7.]

Legislative History

As added by P.L.2-2006, SEC.172.