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.

Terms Used In Indiana Code 20-20-37.4-6

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • fund: refers to the geothermal conversion revolving fund established by section 3 of this chapter. See Indiana Code 20-20-37.4-1
  • geothermal heating and cooling system: means a heating and cooling system that uses the natural temperature of the earth to generate heating and cooling. See Indiana Code 20-20-37.4-2
(2) A procedure to identify projects that may qualify for a loan.

(3) Criteria for establishing the priority of projects for which loans will be made.

(4) Procedures for selecting projects for which loans will be made.

     (b) To apply for a loan from the fund, a school corporation must submit an application that contains at least the following information:

(1) A description of the geothermal heating and cooling system that the school corporation proposes to install.

(2) An estimate of the cost of the geothermal heating and cooling system.

(3) An estimate of the amount by which the cost of installing the geothermal heating and cooling system exceeds the cost of installing a conventional heating and cooling system.

(4) Any other information required by the Indiana bond bank in accordance with the written procedures established under this section.

As added by P.L.99-2009, SEC.2.

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