Sec. 6. The payment of annual interest must be full and complete every year. The payment must appear in the county auditor's or treasurer of state's report to the secretary of education. The secretary of education shall, at any time when the secretary of education discovers that there is a deficit in the amount collected, direct the attention of the board of county commissioners and the county auditor to the fact. The board of commissioners shall provide for the deficit in the commissioners' respective counties.
[Pre-2006 Recodification Citation: 21-1-1-2 part.]
As added by P.L.2-2006, SEC.165. Amended by P.L.39-2008, SEC.3; P.L.43-2021, SEC.128.
Structure Indiana Code
Article 42. Fiduciary Funds and Accounts
Chapter 2. County Administration of Congressional Township School Fund
20-42-2-4. Prohibition on Reducing Principal of Fund
20-42-2-4.5. Transfer of Custody of Fund Balance to State
20-42-2-5. County Liability for Fund
20-42-2-6. Deposit of Interest in Fund
20-42-2-7. Annual Distribution of Balance to School Corporations
20-42-2-8. Report to Secretary of Education
20-42-2-9. Distributions Proportional to Balance Deposited in Fund From Township
20-42-2-10. Loans; Required Interest Rate
20-42-2-11. Minimum Balance; Loans; Maximum Term
20-42-2-12. Form of Loan Agreement
20-42-2-13. Distribution of Loaned Amount From Fund
20-42-2-15. Receipts for Payment of Principal or Interest on Loan