Indiana § 6-1.1-21.4-3 Eligible school corporation; maximum loan; loan terms

Indiana Statutes

§ 6-1.1-21.4-3 — Eligible school corporation; maximum loan; loan terms

Indiana § 6-1.1-21.4-3

Art. 1.1PROPERTY TAXES

Ch. 21.4Rainy Day Fund Loans for Eligible School

This text of Indiana § 6-1.1-21.4-3 (Eligible school corporation; maximum loan; loan terms) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-1.1-21.4-3 (2026).

Text

(a)An eligible school corporation may apply to the board for a loan from the counter-cyclical revenue and economic stabilization fund.

(b)Subject to subsections (c) and (d) and section 3.5 of this chapter, an eligible school corporation described in section 2(2) of this chapter may apply to the board for a loan. The maximum amount of a loan that the board may approve for the eligible school corporation is the lesser of the following:

(1)Five million dollars ($5,000,000).

(2)The product of:

(A)one thousand dollars ($1,000); multiplied by

(B)the school corporation's 2012 ADM.

(c)At the time the distressed unit appeal board designates a school corporation as a distressed political subdivision under IC 6-1.1-20.3 or recommends under IC 6-1.1-20.3-8.3 that a loan from the fund be approve

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(a) An eligible school corporation may apply
to the board for a loan from the counter-cyclical revenue and economic
stabilization fund.
(b) Subject to subsections (c) and (d) and section 3.5 of this chapter,
an eligible school corporation described in section 2(2) of this chapter
may apply to the board for a loan. The maximum amount of a loan that
the board may approve for the eligible school corporation is the lesser
of the following:
(1) Five million dollars ($5,000,000).
(2) The product of:
(A) one thousand dollars ($1,000); multiplied by
(B) the school corporation's 2012 ADM.
(c) At the time the distressed unit appeal board designates a school
corporation as a distressed political subdivision under IC 6-1.1-20.3 or
recommends under IC 6-1.1-20.3-8.3 that a loan from the fund be
approved for a school corporation, the distressed unit appeal board may
also recommend to the state board of finance that a loan from the fund
to the school corporation be contingent upon any of the following:
(1) The sale of specified unused property by the school board.
(2) The school corporation modifying one (1) or more specified
contracts entered into by the school corporation.
(d) In making a loan from the fund to a school corporation, the state
board of finance may make the loan contingent upon any condition
recommended by the distressed unit appeal board under subsection (c).
(e) This subsection applies only to an eligible school corporation
described in section 2(3) of this chapter. The board shall make the loan
to the eligible school corporation. The following apply to a loan made
under this subsection:
(1) The maximum amount of a loan set forth in subsection (b).
(2) Sections 3.5 through 7 of this chapter.
In addition, an eligible school corporation receiving a loan under this
subsection shall sell any unimproved land owned by the eligible school
corporation that on April 1, 2014, is not contiguous to the grounds of
any school.