Sec. 12. (a) If a county council borrows funds under this chapter, the county council shall adopt an ordinance specifying the amount of the funds to be borrowed and specify the time for which the loan will be made. The board of county commissioners shall execute to the state of Indiana for the use of the funds a written obligation, executed by the board of county commissioners and attested by the county auditor, that specifies the following:
(1) The facts under which the written obligation is executed.
(2) The sum of money borrowed.
(3) The time when the money will be repaid to the fund by the county.
(b) The obligation must be deposited with the county auditor of the county. The county auditor shall retain the obligation and record entries concerning the loans. The provisions of IC 6-1.1-20 concerning the loan to the county from the school funds apply to this section.
[Pre-2006 Recodification Citation: 21-1-7-4.]
As added by P.L.2-2006, SEC.165.
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