§ 20-49-5-4 — Conditions of advance; certification; repayment agreement

Indiana § 20-49-5-4

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 49: STATE MANAGEMENT OF COMMON SCHOOL
• Ch. 5: Advancement From the Common School Fund for

Text

(a) To qualify for an advance, a school
corporation shall do the following:
(1) Certify to the state board the information described in section
3 of this chapter.
(2) Request from the state board the anticipated amount of
transfer tuition not to exceed the amount described in section 3 of
this chapter.
(3) Guarantee full repayment of the advance by agreeing to have:
(A) one-half (1/2) of the amount of the advance deducted from
the monthly distribution of state tuition support received by the
school corporation six (6) months after the advancement is
made, with interest at the rate of four percent (4%); and
(B) the balance of the amount of the advancement deducted
from the monthly distribution of state tuition support received
by the school corporation twelve (12) months after the
advancement is made, with interest at the rate of four percent
(4%).
(b) The deducted amounts shall be transferred by the state board to
the fund.
[Pre-2006 Recodification Citation: 21-1-5.1-3.]

Legislative History

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