Sec. 5. A school corporation receiving an advance shall notify the school corporation or auditor of state from which the school corporation receives transfer tuition under IC 20-26-11 for students described in IC 20-26-11-8(a) or IC 20-26-11-8(b) of the amount of interest withheld under section 4 of this chapter. The school corporation or auditor of state shall reimburse the school corporation for the interest expense at the same time the transfer tuition is paid.
[Pre-2006 Recodification Citation: 21-1-5.1-4.]
As added by P.L.2-2006, SEC.172. Amended by P.L.65-2012, SEC.5; P.L.160-2012, SEC.55.
Structure Indiana Code
Article 49. State Management of Common School Funds; State Advances and Loans
Chapter 5. Advancement From the Common School Fund for Transfer Tuition Costs
20-49-5-3. State Board; Advance; Purposes; Maximum Advance
20-49-5-4. Conditions of Advance; Certification; Repayment Agreement
20-49-5-5. Reimbursement of Interest; Notice Between School Corporations