Sec. 9. (a) This section does not apply to a fund entrusted to a county before November 1, 1851.
(b) Loans may not be made of the principal of the common school funds held in trust by the several counties of the state. Each county auditor and treasurer shall forward semiannually all payments made and all interest collected on any loan made before March 7, 1953, by any county from the fund, to the treasurer of state. The amount transferred to the treasurer of state must be held under IC 20-49-3.
[Pre-2006 Recodification Citation: 21-1-10-1.]
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