Indiana § 21-34-7-1 Written contract for grants

Indiana Statutes

§ 21-34-7-1 — Written contract for grants

Indiana·Title 21 HIGHER EDUCATION·Art. 34 STATE EDUCATIONAL INSTITUTIONS:·Ch. 7 Grant Anticipation Loans

(a)The board of trustees of a state educational institution that has entered into a written contract for a grant, pending the receipt of the grant, but within the limitations set forth in section 2 of this chapter, may:

(1)borrow from any person; and

(2)evidence the debt by a note or a series of notes of equal or unequal amounts containing the terms and conditions that the board of trustees of the state educational institution prescribes.

(b)Any note may pledge, for the payment of the principal and interest of the note:

(1)the proceeds of the grant; and

(2)any revenue that may be derived from the building facility being constructed, acquired, renovated, or improved by the proceeds of the note or notes. [Pre-2007 Higher Education Recodification Citation: 20-12-6-8.5(a).]

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(a) The board of trustees of a state educational
institution that has entered into a written contract for a grant, pending
the receipt of the grant, but within the limitations set forth in section 2
of this chapter, may:
(1) borrow from any person; and
(2) evidence the debt by a note or a series of notes of equal or
unequal amounts containing the terms and conditions that the
board of trustees of the state educational institution prescribes.
(b) Any note may pledge, for the payment of the principal and
interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility
being constructed, acquired, renovated, or improved by the
proceeds of the note or notes.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-8.5(a).]

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