20-20-37.4-1. “Fund”

Sec. 1. As used in this chapter, “fund” refers to the geothermal conversion revolving fund established by section 3 of this chapter. As added by P.L.99-2009, SEC.2.

20-20-37.4-2. “Geothermal Heating and Cooling System”

Sec. 2. As used in this chapter, “geothermal heating and cooling system” means a heating and cooling system that uses the natural temperature of the earth to generate heating and cooling. As added by P.L.99-2009, SEC.2.

20-20-37.4-3. Establishment and Purpose of the Fund

Sec. 3. The geothermal conversion revolving fund is established for the purpose of making loans to school corporations that: (1) install a geothermal heating and cooling system in a new facility; or (2) install a geothermal heating and cooling system that replaces a conventional heating and cooling system. As added by P.L.99-2009, SEC.2.

20-20-37.4-4. Administration of the Fund

Sec. 4. (a) The fund shall be administered by the Indiana bond bank. The expenses of administering the fund shall be paid from money in the fund. (b) The fund consists of the following: (1) Money appropriated by the general assembly. (2) The repayment proceeds of loans made to school corporations from the fund. (3) […]

20-20-37.4-5. Authority to Make Geothermal Conversion Loans

Sec. 5. Subject to the requirements of this chapter, the Indiana bond bank may loan money from the fund to a school corporation to assist the school corporation in paying for: (1) the installation of a geothermal heating and cooling system in a new facility; or (2) the installation of a geothermal heating and cooling […]

20-20-37.4-6. Requirement for a Written Procedure

Sec. 6. (a) The Indiana bond bank shall establish a written procedure for providing loans from the fund to school corporations. The written procedure must include at least the following: (1) An application procedure. (2) A procedure to identify projects that may qualify for a loan. (3) Criteria for establishing the priority of projects for […]

20-20-37.4-7. Loan Constraints and Conditions

Sec. 7. The following apply to a loan from the fund to a school corporation under this chapter: (1) The loan may not exceed the difference between: (A) the cost of installing a geothermal heating and cooling system; minus (B) the cost of installing a conventional heating and cooling system. (2) The Indiana bond bank […]

20-20-37.4-8. Loan Repayment

Sec. 8. A school corporation receiving a loan under this chapter shall repay the loan from the school corporation’s operations fund. As added by P.L.99-2009, SEC.2. Amended by P.L.244-2017, SEC.21.

20-20-37.4-9. Annual Report

Sec. 9. The Indiana bond bank shall annually present a report to the budget committee that describes the projects funded with loans under this chapter. As added by P.L.99-2009, SEC.2.