Indiana § 21-34-7-2 Maximum amount of grant anticipation loan; sources of payment

Indiana Statutes

§ 21-34-7-2 — Maximum amount of grant anticipation loan; sources of payment

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

A grant anticipation loan may not exceed the
estimated aggregate amount of the grant or grants in anticipation of
which the loan is made. The grant anticipation note must be structured
to amortize and to pay principal of and interest on the loan in
accordance with anticipated receipts of the grant or grants. A grant
anticipation note may also be payable from other revenues or amounts
available for pledge under IC 21-34-6-2.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-8.5(b).]

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A grant anticipation loan may not exceed the
estimated aggregate amount of the grant or grants in anticipation of
which the loan is made. The grant anticipation note must be structured
to amortize and to pay principal of and interest on the loan in
accordance with anticipated receipts of the grant or grants. A grant
anticipation note may also be payable from other revenues or amounts
available for pledge under IC 21-34-6-2.
[Pre-2007 Higher Education Recodification Citation:
20-12-6-8.5(b).]

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