Sec. 11. In a county where the total amount in the:
(1) fund; or
(2) congressional township school fund;
accumulates to the amount of at least one thousand dollars ($1,000), a county may borrow and use the funds or any part of the funds for any lawful purpose for a period not exceeding five (5) years.
[Pre-2006 Recodification Citation: 21-1-7-3.]
As added by P.L.2-2006, SEC.165. Amended by P.L.162-2006, SEC.40.
Structure Indiana Code
Article 42. Fiduciary Funds and Accounts
Chapter 1. Administration of Common School Fund by County
20-42-1-4. Prohibition on Reducing Principal of Fund
20-42-1-5. Transfer of Fund Balance to Debt Service Fund and to the Operations Fund
20-42-1-6. Transfer of Custody of Fund Balance to State
20-42-1-7. County Liability for Fund
20-42-1-8. Deposit of Interest in Fund
20-42-1-9. Required Transfer of Revenue to State
20-42-1-10. Loans; Required Interest Rate
20-42-1-11. Minimum Balance; Loans; Maximum Term
20-42-1-12. Form of Loan Agreement
20-42-1-13. Distribution of Loaned Amount From Fund
20-42-1-15. Receipts for Payment of Principal or Interest on Loan