Sec. 19. A school corporation receiving an advance shall agree to have the money advanced, together with the interest on the advance, deducted from the distribution of state tuition support until all the money advanced, together with the interest on the advance, has been paid. The state board and the state board of finance shall reduce each distribution of state tuition support to each school corporation to which an advance is made in an amount to be agreed upon by the state and the school corporation. If an advance is made to a school corporation career and technical education school described in IC 20-37-1-1, the reduction for a payment obligation for the advance shall be allocated as provided in section 18 of this chapter.
[Pre-2006 Recodification Citation: 21-1-5-7(a) part.]
As added by P.L.2-2006, SEC.172. Amended by P.L.40-2014, SEC.12.
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