§ 20-49-4-16 — Maximum term of advance; educational technology program; prepayment; interest rate

Indiana § 20-49-4-16

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 49: STATE MANAGEMENT OF COMMON SCHOOL
• Ch. 4: Advancement From Common School Fund; Buildings

Text

(a) Money advanced to a school corporation
or charter school for an educational technology program may be for a
period not exceeding five (5) years. The school corporation or charter
school to which an advance is made shall pay interest on the advance.
Advances for educational technology programs may be prepaid at any
time.
(b) The state board of finance shall periodically establish the rate or
rates of interest payable on advances for educational technology
programs as long as the established interest rate or rates:
(1) are not less than one percent (1%); and
(2) do not exceed four percent (4%).
[Pre-2006 Recodification Citation: 21-1-5-5(b).]

Legislative History

As added by P.L.2-2006, SEC.172. Amended by P.L.189-2023, SEC.51.