Sec. 16. (a) Money advanced to a school corporation for an educational technology program may be for a period not exceeding five (5) years. The school corporation to which an advance is made shall pay interest on the advance. Advances for educational technology programs may be prepaid at any time.
(b) The state board of finance shall periodically establish the rate or rates of interest payable on advances for educational technology programs as long as the established interest rate or rates:
(1) are not less than one percent (1%); and
(2) do not exceed four percent (4%).
[Pre-2006 Recodification Citation: 21-1-5-5(b).]
As added by P.L.2-2006, SEC.172.
Structure Indiana Code
Article 49. State Management of Common School Funds; State Advances and Loans
Chapter 4. Advancement From Common School Fund; Buildings; Technology Programs
20-49-4-1. Application; Reorganized Schools
20-49-4-2. Exemption for Procedures; Loss From Disaster
20-49-4-5. "Educational Technology Program"
20-49-4-7. "School Building Construction Program"
20-49-4-8. Power; State Board; Advance; Eligibility
20-49-4-9. Priority of Advances; School Building Construction Programs
20-49-4-10. Priority of Advances; Educational Technology Programs
20-49-4-12. Condition of Advance; Capital Projects Operations Fund
20-49-4-13. Maximum Advance; School Building Construction Program
20-49-4-14. Maximum Advance; Educational Technology Programs
20-49-4-15. Maximum Term of Advance; School Building Construction Program; Prepayment; Interest Rate
20-49-4-16. Maximum Term of Advance; Educational Technology Program; Prepayment; Interest Rate
20-49-4-17. Statutory Construction; Advance Not Treated as Debt of School Corporation
20-49-4-18. Repayment of Advance; Terms; State Tuition Support
20-49-4-19. Terms of Agreement; Right to Offset Advance Against State Tuition Support
20-49-4-20. Statutory Construction; Advance Not Treated as Debt of State