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Home » US Law » 2022 Indiana Code » Title 20. Education » Article 42. Fiduciary Funds and Accounts » Chapter 1. Administration of Common School Fund by County

20-42-1-1. Application

Sec. 1. This chapter applies to a county that has not: (1) transferred the money in the county’s fund to the debt service funds of the school corporations in the county under section 5 of this chapter, IC 21-2-4-5 (before its repeal), or a predecessor law; or (2) surrendered the money in the county’s fund […]

20-42-1-1. Application

Sec. 1. This chapter applies to a county that has not: (1) transferred the money in the county’s fund to the debt service funds of the school corporations in the county under section 5 of this chapter, IC 21-2-4-5 (before its repeal), or a predecessor law; or (2) surrendered the money in the county’s fund […]

20-42-1-10. Loans; Required Interest Rate

Sec. 10. Subject to section 9 of this chapter, the: (1) principal belonging to a fund; and (2) accumulations to the principal of a fund held by a county; must be loaned at four percent (4%) per annum. Loans made before June 1, 1943, with a rate of interest higher than four percent (4%) per […]

20-42-1-10. Loans; Required Interest Rate

Sec. 10. Subject to section 9 of this chapter, the: (1) principal belonging to a fund; and (2) accumulations to the principal of a fund held by a county; must be loaned at four percent (4%) per annum. Loans made before June 1, 1943, with a rate of interest higher than four percent (4%) per […]

20-42-1-11. Minimum Balance; Loans; Maximum Term

Sec. 11. In a county where the total amount in the: (1) fund; or (2) congressional township school fund; accumulates to the amount of at least one thousand dollars ($1,000), a county may borrow and use the funds or any part of the funds for any lawful purpose for a period not exceeding five (5) […]

20-42-1-11. Minimum Balance; Loans; Maximum Term

Sec. 11. In a county where the total amount in the: (1) fund; or (2) congressional township school fund; accumulates to the amount of at least one thousand dollars ($1,000), a county may borrow and use the funds or any part of the funds for any lawful purpose for a period not exceeding five (5) […]

20-42-1-12. Form of Loan Agreement

Sec. 12. (a) If a county council borrows funds under this chapter, the county council shall adopt an ordinance specifying the amount of the funds to be borrowed and specify the time for which the loan will be made. The board of county commissioners shall execute to the state of Indiana for the use of […]

20-42-1-12. Form of Loan Agreement

Sec. 12. (a) If a county council borrows funds under this chapter, the county council shall adopt an ordinance specifying the amount of the funds to be borrowed and specify the time for which the loan will be made. The board of county commissioners shall execute to the state of Indiana for the use of […]

20-42-1-13. Distribution of Loaned Amount From Fund

Sec. 13. After the obligation is deposited with the county auditor under section 12 of this chapter, the county auditor shall issue a warrant to the county treasurer, to be paid to the county for the amount of money specified in the ordinance and obligation. When the warrant is presented to the county treasurer, the […]

20-42-1-13. Distribution of Loaned Amount From Fund

Sec. 13. After the obligation is deposited with the county auditor under section 12 of this chapter, the county auditor shall issue a warrant to the county treasurer, to be paid to the county for the amount of money specified in the ordinance and obligation. When the warrant is presented to the county treasurer, the […]

20-42-1-14. Investments

Sec. 14. (a) If the funds remain in the county treasury of the county for four (4) months without having been loaned under this chapter, upon the request of the county auditor, the board of county commissioners may, by an order entered of record, direct the county treasurer to invest the funds in: (1) bonds, […]

20-42-1-14. Investments

Sec. 14. (a) If the funds remain in the county treasury of the county for four (4) months without having been loaned under this chapter, upon the request of the county auditor, the board of county commissioners may, by an order entered of record, direct the county treasurer to invest the funds in: (1) bonds, […]

20-42-1-15. Receipts for Payment of Principal or Interest on Loan

Sec. 15. (a) All payments of principal or interest must be paid to the county treasurer. The: (1) county treasurer shall file a receipt with the county auditor; and (2) county auditor shall give the payor a receipt and record the payment. (b) The county auditor may accept payment of principal or interest if the […]

20-42-1-15. Receipts for Payment of Principal or Interest on Loan

Sec. 15. (a) All payments of principal or interest must be paid to the county treasurer. The: (1) county treasurer shall file a receipt with the county auditor; and (2) county auditor shall give the payor a receipt and record the payment. (b) The county auditor may accept payment of principal or interest if the […]

20-42-1-2. “Fund”

Sec. 2. As used in this chapter, “fund” refers to a common school fund administered by a county. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.165.

20-42-1-2. “Fund”

Sec. 2. As used in this chapter, “fund” refers to a common school fund administered by a county. [2006 Recodification Citation: New.] As added by P.L.2-2006, SEC.165.

20-42-1-3. Sources of Fund

Sec. 3. The funds that: (1) before March 6, 1865, were: (A) known and designated as the surplus revenue funds; (B) appropriated to common schools; (C) known and designated as the saline fund; (D) known and designated as the bank-tax fund; (E) derived from the sale of county seminaries and property belonging to county seminaries […]

20-42-1-3. Sources of Fund

Sec. 3. The funds that: (1) before March 6, 1865, were: (A) known and designated as the surplus revenue funds; (B) appropriated to common schools; (C) known and designated as the saline fund; (D) known and designated as the bank-tax fund; (E) derived from the sale of county seminaries and property belonging to county seminaries […]