6-1.1-21.4-0.5. “Adm”
Sec. 0.5. As used in this chapter, “ADM” refers to a school corporation’s average daily membership as determined under IC 20-43-4-2. As added by P.L.145-2012, SEC.15.
6-1.1-21.4-1. “Board”
Sec. 1. As used in this chapter, “board” refers to the state board of finance. As added by P.L.131-2008, SEC.5.
6-1.1-21.4-2. “Eligible School Corporation”
Sec. 2. As used in this chapter, “eligible school corporation” refers to any of the following: (1) A school corporation located in a county in which distributions of property tax revenue for 2007 or 2008 to the taxing units (as defined in IC 6-1.1-1-21) of the county: (A) have not been made; or (B) were […]
6-1.1-21.4-3. Eligible School Corporation; Maximum Loan; Loan Terms
Sec. 3. (a) An eligible school corporation may apply to the board for a loan from the counter-cyclical revenue and economic stabilization fund. (b) Subject to subsections (c) and (d) and section 3.5 of this chapter, an eligible school corporation described in section 2(2) of this chapter may apply to the board for a loan. […]
6-1.1-21.4-3.5. Termination of Authority to Make Loans
Sec. 3.5. The board may not approve a loan under this chapter after December 31, 2017. As added by P.L.145-2012, SEC.18.
6-1.1-21.4-4. Board Determination of Loan Amount; Disbursement of Funds; Loan Repayment; No Excessive Levy; Deposit of Payments Received
Sec. 4. (a) The board, after review by the budget committee, shall determine the terms of any loan made under this chapter. The interest rate on the loan is the interest rate established by the commissioner of the department of state revenue under IC 6-8.1-10-1 minus two percent (2%), but in no case shall the […]
6-1.1-21.4-5. Effects on Levy Excess Funds
Sec. 5. The proceeds of a loan received by an eligible school corporation under this chapter are not considered to be part of the ad valorem property tax levy actually collected by the eligible school corporation for taxes first due and payable during a particular calendar year for the purpose of calculating levy excess. As […]
6-1.1-21.4-6. Loan Is Not Bonded Indebtedness
Sec. 6. A loan under this chapter is not bonded indebtedness for purposes of IC 6-1.1-18.5 or IC 6-1.1-20. As added by P.L.131-2008, SEC.5. Amended by P.L.145-2012, SEC.20.
6-1.1-21.4-7. Failure to Repay Loan
Sec. 7. Upon the failure of a school corporation to repay any of the school corporation’s obligations under this chapter during a calendar year when due, the treasurer of state, upon being notified of the failure by the board, shall pay the unpaid obligations that are due from money in the possession of the state […]