Indiana § 6-1.1-21.4-4 Board determination of loan amount; disbursement of funds; loan
repayment; no excessive levy; deposit of payments received

Indiana Statutes

§ 6-1.1-21.4-4 — Board determination of loan amount; disbursement of funds; loan repayment; no excessive levy; deposit of payments received

Indiana § 6-1.1-21.4-4

Art. 1.1PROPERTY TAXES

Ch. 21.4Rainy Day Fund Loans for Eligible School

This text of Indiana § 6-1.1-21.4-4 (Board determination of loan amount; disbursement of funds; loan repayment; no excessive levy; deposit of payments received) 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 § 6-1.1-21.4-4 (2026).

Text

(a)The board, after review by the budget committee, shall determine the terms of any loan made under this chapter. The interest rate on the loan is the interest rate established by the commissioner of the department of state revenue under IC 6-8.1-10-1 minus two percent (2%), but in no case shall the interest rate be less than one percent (1%).

(b)The total amount of loans under this chapter may not exceed the following:

(1)Six million dollars ($6,000,000) for all calendar years ending before January 1, 2012.

(2)The sum of the amounts approved under section 3(b) of this chapter for all calendar years beginning after December 31, 2011, plus the outstanding balance of all loans that were made under this chapter before 2012.

(c)An eligible school corporation receiving a loan under this c

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(a) The board, after review by the budget
committee, shall determine the terms of any loan made under this
chapter. The interest rate on the loan is the interest rate established by
the commissioner of the department of state revenue under IC 6-8.1-10-1 minus two percent (2%), but in no case shall the interest
rate be less than one percent (1%).
(b) The total amount of loans under this chapter may not exceed the
following:
(1) Six million dollars ($6,000,000) for all calendar years ending
before January 1, 2012.
(2) The sum of the amounts approved under section 3(b) of this
chapter for all calendar years beginning after December 31, 2011,
plus the outstanding balance of all loans that were made under
this chapter before 2012.
(c) An eligible school corporation receiving a loan under this
chapter must repay the loan within seventy-two (72) months after the
date on which the loan is made.
(d) The board may disburse in installments the proceeds of a loan
made under this chapter.
(e) An eligible school corporation may repay a loan made under this
chapter from any sources of revenue.
(f) The obligation to repay a loan made under this chapter is not a
basis for an eligible school corporation to obtain an excessive tax levy
under IC 6-1.1-19.
(g) Whenever the board receives a payment on a loan made under
this chapter, the board shall deposit the amount paid in the
counter-cyclical revenue and economic stabilization fund.