Indiana Code 20-49-10-11. Advance not a constitutional debt
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Terms Used In Indiana Code 20-49-10-11
- advance: refers to an advance from the fund under this chapter. See Indiana Code 20-49-10-1
- charter school: refers to a school established under IC 20-24. See Indiana Code 20-49-10-2
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 11. An advance under this chapter to a school corporation or charter school is not an obligation of the school corporation or charter school within the meaning of a constitutional limitation on or prohibition against indebtedness.
As added by P.L.211-2018(ss), SEC.13.