Indiana § 20-49-4-17 Statutory construction; advance not treated as debt of school
corporation

Indiana Statutes

§ 20-49-4-17 — Statutory construction; advance not treated as debt of school corporation

Indiana § 20-49-4-17

Title 20EDUCATION

Art. 49STATE MANAGEMENT OF COMMON SCHOOL

Ch. 4Advancement From Common School Fund; Buildings;

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Bluebook

Ind. Code § 20-49-4-17 (2026).

Text

(a)An advance is not an obligation of the school corporation within the meaning of the limitation on or prohibition against indebtedness under the Constitution of the State of Indiana. Nothing in this chapter relieves the governing body of a school corporation or charter school receiving an advance of any obligation under Indiana law to qualify the school corporation or charter school for state tuition support. The school corporation or charter school shall continue to perform all acts necessary to obtain these funds.

(b)Notwithstanding any bankruptcy, reorganization, or other insolvency proceedings with respect to a charter school, an advance to a charter school under this chapter is a preferred claim and has priority over all other claims. [Pre-2006 Recodification Citation: 21-1-5-7(a)

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(a) An advance is not an obligation of the
school corporation within the meaning of the limitation on or
prohibition against indebtedness under the Constitution of the State of
Indiana. Nothing in this chapter relieves the governing body of a school
corporation or charter school receiving an advance of any obligation
under Indiana law to qualify the school corporation or charter school
for state tuition support. The school corporation or charter school shall
continue to perform all acts necessary to obtain these funds.
(b) Notwithstanding any bankruptcy, reorganization, or other
insolvency proceedings with respect to a charter school, an advance to
a charter school under this chapter is a preferred claim and has priority
over all other claims.
[Pre-2006 Recodification Citation: 21-1-5-7(a) part.]