Indiana Code 20-24-12-10. Conditions applying to loan
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Sec. 10. The following apply to a loan from the fund to a charter school under this chapter:
(2) The term of the loan may not exceed fifteen (15) years after the date of the loan.
(1) A loan may not exceed the maximum amount set by the department.
Terms Used In Indiana Code 20-24-12-10
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(3) A charter school may receive multiple loans from the fund as long as the total amount outstanding on all loans granted to the charter school from the fund does not exceed the maximum amount set by the department.
(4) The department shall determine the interest rate and other terms for the loan, subject to the approval of the state board of finance.
(5) A charter school must enter into a loan agreement with the department before receiving a loan from the fund.
As added by P.L.91-2011, SEC.25. Amended by P.L.6-2012, SEC.130.